Are you trying to repay your loan after graduation from school? Or in search of a company to help you with that. Not to worry, Great Lakes is the right federal student loan servicing agency for you. This post will give detailed information on the full Great Lakes student loan review.
Great Lakes Higher Education Corp would be one of a handful of organizations in the US responsible for the repayment of student loans if you obtained a federal student loan to complete your higher education in the United States.
The company is a federal loan repayment agency with a relatively long history of satisfactory services. Great Lake is the second largest loan repayment agency, and unlike other agencies, the company records only a few complaints from borrowers annually.
Although the company has recorded a few cases of a lawsuit in the past, Great Lakes remains the best, provided student loans are a concern. Read on to learn more about the company; the possible problems borrowers encounter, and the several loan repayment plans by the company.
Before you continue, you can quickly navigate the table of contents to see what the article entails.
Table of contents
Great Lakes Student Loans Review
Great Lakes Corp was founded in 1967 as a federal loan servicing agency. Please note that the company doesn’t give you a loan. The company only works with you to obtain student loans. It monitors your financial proceedings during your schooling period and comes up with the best plans to repay your loan after your education.
The company is rated the best loan repayment agency in the United States, according to the Consumer Financial Protection Bureau (CFPB) data.
Great Lakes, the second-largest loan repayment agency, receives far fewer complaints from borrowers when compared to other large loan repayment agencies in the US. The company has a rating of A+ by the Bureau, making it the best in the country.
Although, there have been concerns about the company’s services in recent months after Great Lakes Corp was acquired by another loan servicing agency called Nelnet in 2018.
Nelnet is widely known to have a high percentage of complaints per borrower, and it is widely touted that the impeccable services of Great Lakes may take a nosedive in the coming years.
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Some Facts about Great Lakes
- The company is a loan servicing agency that works with students, graduates, parents, and lenders for the best interests of all parties involved – lenders and borrowers. Great Lakes guides you on servicing your loan through the best repayment plan.
- Great Lakes does not determine the terms of your loans. i.e. it does not set the limit of loans obtainable by students. The company only functions as a middleman to mediate repayment plans. The company comes on board after you have agreed with your lender.
- Great Lakes has one of the best customer care reps. Do you have questions about loan repayment? You can speak to the company’s customer care rep to get advice on the best repayment plans when you are confused about the loan repayment plan to choose,
- The company has a loan repayment planner tool to determine the best repayment method for the duration. How long do you wish to service your loan? What payment method do you wish to subscribe to? To get the best answers, visit Great Lakes to make the best repayment strategy.
- Best customer service. The company was rated the best loan agency in the United States after receiving the highest consumer satisfaction rating in 2015.
Repayment With Great Lakes Student Loans Review
There are several ways to repay your student loan, but the standard repayment plan has always been the best option.’ This is a simple repayment option where borrowers service their loan over 10 years by paying a small percentage of their monthly salaries.
If the standard repayment plan is not feasible, you can select another repayment option where you pay back your loan for an extended period. Student loans are repayable for up to 30 years. The repayment plan you choose often depends on how much income you make.
Borrowers who earn high incomes are often encouraged to select a repayment plan that would see them pay back their loan for a short period. In contrast, borrowers who earn relatively low income are advised to select the standard repayment plan or other plans that would see them service their loan for an extended period.
Also, in cases where you have genuine reasons for not being able to service your loan, you are advised to apply for deferment or forbearance.
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Methods of Repayment
Great Lakes accept various ways of repayment. Borrowers can repay their loans online or pay over the phone. You can also pay by mail. The company also has an app you can download from iOS or Play Store. The app is easy to use, and you can pay through the Great Lakes app.
The best way to repay has always been the auto-payment method, where a set amount of money is deducted from your bank account every month for a set period. This method is great because you don’t have to remember or forget about repayment.
Also, there are other benefits of paying with the automatic method. Enrolling on the auto-payment method will save a 0.25% discount on your interest rate. Auto-payment is the best way to go for people who can afford it.
Repayment Planner Tool
One of the best features of the Great Lakes is its repayment planner tool. The tool helps you see how the different repayment options affect you every month and for a lifetime. With this in mind, you will select the best repayment strategy with input from the company’s experienced staff.
Loan consolidation services
Great Lakes loan consolidation services are another great feature of the company. The company has an excellent plan to help you cover many payments immediately if you obtain a loan from different sources. This feature is so great that it consolidates the different interest rates into one, and the company doesn’t charge you a consolidation fee.
Mobile loan management
You can manage your account anywhere in the world through the company’s Mobile loan management. The company can be accessed through your phones or tablets, and you can view your account regardless of location. The app also has a reminder feature reminding you to pay. This feature is good for borrowers who are not on the auto-repayment plan.
Conclusion
Great Lakes Student Loan Review has a long-standing history of excellent services, as confirmed by several ratings. However, since the company was acquired by Nelnet in 2018, a few eyebrows have been raised about the company. We are certain to keep you updated about Great Lakes as well as other loan servicing agencies.
Frequently Asked Questions
Great Lakes Student Loans is a federal student loan servicer that manages and collects payments on federal student loans on behalf of the U.S. Department of Education.
You cannot apply directly for a Great Lakes Student Loan. Instead, you apply for federal student loans through the Free Application for Federal Student Aid (FAFSA), and Great Lakes may be assigned as your loan servicer.
Great Lakes services federal student loans, including Direct Loans, Federal Family Education Loans (FFEL), and Perkins Loans.
You can contact Great Lakes Student Loans by phone, email, or website. Their customer service number is 1-800-236-4300.
Great Lakes offers loan servicing, which includes processing payments, managing loan accounts, and assisting borrowers with repayment options.
Great Lakes does not offer student loan refinancing, but they do offer assistance with loan consolidation.
References
- wikipedia.org – Great Lakes Higher Education Corporation
- investopedia.com – Great Lakes Educational Loan Services Review
- bankrate.com – What Great Lakes Educational Loan Services borrowers need to know
Editor’s Recommendation
