Planning for the higher education? then you don’t need to borrow money for college. Now you can easily take out a student loan to finance your higher education. you are already familiar about Great Lakes Higher Education Corporation or “Great Lakes” in short.
A Student Loan is a type of loan designed to help for Parents & Students to pay for post secondary education (higher education) and associate fee such as tuition, books & supplies and Living expenses. A Student Loans are differ from the other types of Loans in that the interest rate my be substantially lower and repayment schedule may be deferred while the student is still in School.
Great lakes Education Loan Service Corp is the largest loan service non profit organization dedicated to guide you about loan options designed for the students. “Great Lakes” is headquarters in Madison, Wisconsin with operating centers around the country.
Great Lakes has been in business since 1967 and pride themselves on giving back to their community with a Company Slogan ‘Doing what’s Right to Charge Lives for the Better’. As a Loan servicer Great Lakes is neither a private nor a federal Loan. So the types of Loan you have won’t change once you start paying it off with Great lakes.
Great Lakes Student Loans-
Great Lakes is the Student Loan Servicer which provides you with the tool & resources you need to successfully manage your Loan – Also lets you keep a check on payment due dates, make payments and keep a track of your loan history. At Great Lakes servicing role includes:
- Keeping you up-to-date with information about your student loans.
- Monitoring your school enrollment & Status while you’re in school.
- Assisting you as you pay back your loans.
- Helping you to find the best repayment plan for your budget.
- If consolidation is right for you, guiding you to complete the application where you’ll be asked to choose one of the U.S. Department of Education’s consolidation servicers, of which, Great Lakes is the best one of them.
GREAT LAKES AT A GLANCE-
- Second-largest federal student loan servicer as of December 2015
- Auto-debt interest rate reduction
- Provides useful articles on managing loans and repayment options
- Only services federal loans
- Phone number: 800-236-4300, staffed weekdays from 7 a.m. to 9 p.m. Central time
- You can also contact Great Lakes on its website, Facebook and Twitter
- Email: firstname.lastname@example.org, or submit a web form here.
- Fax: Toll-free (800) 375-5288, or (608) 246-1608 for local/international faxes
- Mail: General correspondence address is below. If you’re mailing in a payment, you’ll need to find the right mailing address, which you can access in your online account.Great Lakes
PO Box 7860
Madison, WI 53707-7860
www.mygreatlakes.org: MyGreatLakes Loan-
Are you Great Lakes borrowers? If you have recently apply for Great Lakes Student Loans then you need to Register & Login to your mygreatlakes Loan Account through using the Step at www.mygreatlakes.org. Here in this Article we will provide the mygreatlakes Account Registration/Sign Up, mygreatlakes Login and other myGreatLakes Account’s online service such as great lakes student loans, great lakes borrower information, great lakes borrowing great lakes loans number.
mygreatlakes is the online service where you can make payments in easiest way. Start by creating an account, you’ll need to share your social security number and date of birth so you can retrieve your loan Information. Then you’ll create Username & Password in order to Login to make Payments. the complete details about how to Create mygreatlakes Account is provided in another section.
MyGreatLakes Loan Account Registration & Login Process:
mygreatlakes is the country’s biggest Student Loan Servicers. mygreatlakes provides the federal loans to million of students, working with 6000 Schools and 1100 Lenders. So If you’re Student and Planning to Buy Student Loan through MyGreatlakes then you need to visit the website www.mygreatlakes.org, and If you don’t have an Account the you need to create one to know everything want to know about Loan. here is the Complete procedure and Step by Step guide to create the MyGreatlakes Account.
- Before Creating myGreatLakes Account make sure you have Internet Collection Available Now go to your trusted browser and visit the mygreatlakes URL/hyperlink (www.mygreatlakes.org) to open the myGreatLakes Loan Account Login page.
- Once the myGreatLakes Loan Account Login page is displayed on your screen find the “Sign Up” and press the button to make your Account on the first time.
- Now there will be myGreatLakes Loan Account Login registration form Displayed.
- Then enter the following credentials like your complete Social Security Number and set the month, day and year of your date of birth.
- Now Click the “Continue” Button and do all the steps so that you can finish registering for myGreatLakes Loan Login Account
- When the whole registration is done go back to the main page and type in your myGreatLakes Loan Login Account User ID in its assigned space and then press “Continue”
- If you have given a valid user ID the following page will ask you to type in your password or might give an automatic access without a password
- In case you cannot remember your myGreatLakes Loan Account Login password click “Trouble Accessing your Account” link to access instructions for password retrieval.
MyGreatLakes Login Step by Step Process:
mygreatlakes login is easy process and if you have already created your mygreatlakes Loan Account then you need to follow the given procedure :
- Visit the mygreatlakes URL/hyperlink (www.mygreatlakes.org) to open the myGreatLakes Loan Account page.
- Once the page loads, Find the “login” click on the ‘Login’ link provided at the top right corner of the homepage.
- Now Enter your complete account details.
- You’ll be able to Login by providing your User ID and clicking the ‘Continue’ bottom at the end, you will be able to access your Loan Account.
- If have faced any problem in login. Then need to click on “Trouble Accessing Your Account?”
- After clicking on that you need to follow the procedure to solve the login problem.
Great Lakes Student Loan Repayment Options –
The Great Lakes Student repayment options are depends upon your fiances and your Loan type i.e Private or Federal Loan. Great Lakes doesn’t Actually Play a role in determining repayment options but rather makes sure the borrower is being charged the appropriated selected Plan. The Private Student Loans by Great lakes may have different repayment options for that you need to contact your lenders.
If you’re repaying for Great lakes Federal Loans then you’ll have to access to Federal Income based Repayment options including Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), as well as federal loan consolidation. And if you don’t choose any alternate plan then Standard repayment Plans for federal Loans will charged fixed payment over the next 10 years.
When it comes to making a payment, Great Lakes borrowers can set up auto-pay and receive a .25% interest reduction on their Direct Loans. Borrowers can also pay through the website, mobile app, over the phone, or through traditional mail. The company’s website also provides useful articles on managing loans and repayment options.
Federal Student Loans And The FAFSA-
FAFSA or The Free Application for Federal Student Aid is the Application used by virtually all four year or two year colleges/Universities & Career Schools for Awarding Federal, State and College Funded Student Aid Programs. All the Students & their Parents, if the Student is considered a dependent Student must File the FAFSA through www.fafsa.ed.gov . To be eligible for this benefits you must fulfill the following Criteria, given below:
- You must be the U.S. citizen or eligible non-citizen
- You must have your valid Social Security Number (unless you are from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau)
- You have to be Register with Selective Service if you are a male and 18 to 25 years of age. you need to visit The Selective Service System website for more information regarding this.
- You have a High School Diploma or a General Education Development (GED) Certificate or need to be pass an exam approved by the U.S. Department of Education.
- You need to be enrolled or accepted for Enrollment as a Regular Student working toward a Degree or the Certificate in an Eligible Programs at a School that participates in the Federal Student Aid Programs (FAFSA).
- You don’t have a drug conviction for an offense that occurred while you were receiving Federal Student Aid (such as grants, loans, or work-study)
- Other requirements may apply. You need to be contact your School’s Financial Aid Office for more Details & information related This.
Different Types of College Loans/Student Loans-
The Federal and State Government, College and Private Organizations all provide College Loans/Student Loans to Students & Parents. there are various options are available for Student who need Loans to Attend College and the most important thing is that they Find the Student Loans that are right for them and their unique situation. by knowing all types of College Loans Student can make the right choice according to their needs so you can checkout below the Complete Reviews related to Student Loans and their Types:
- Federal Perkins Loans- Federal Perkins Loans are the Loans Guaranteed by the US Government & Department of Education which is available for Graduate & Undergraduate Students. Perkins Loans are for the Low income families with great needs which have the fixed rate of interest and made for college & other Institution.
- Federal Direct Subsidized Loans- Federal Direct Subsidized Loans are interest-free while you’re in college and have a borrowing limit that increases for each year of school you complete.
- Federal Direct Unsubsidized Loans- charge interest, but allow you to add the interest fees to the amount you borrow until after graduation. However, doing this means you’ll actually end up owing more.
- Federal Direct PLUS Loans- allow parents (or graduate students) to borrow the total cost of college, minus any financial aid received. these Loans are based on Individuals Credit Score, and are usually the Low Interest Loans. To Qualify for Federal Direct PLUS Loans Student must have enrolled at least half-time at an Approved Educational Institution.
To learn about college loans that may be available from your state, use the contact information on the U.S. Department of Education’s list of state higher-education agencies.
Private Loans are Loans that Individuals take out through their Banks or the Credit Unions. These Loans are not Provided by US Government and usually require the Student have some credit history or the Co-Signer. In general, Private Loans are not Subsidized or Need-based. They also often require a cosigner — someone who promises to repay the money if the student fails to do so. The interest rates of private loans vary are following:
- Banks and other financial institutions usually have the highest interest rates.
- Some private organizations and foundations offer lower interest rates. Use our Scholarship Search tool to find these.
- Some colleges offer loans with relatively low interest rates.
Keep in mind that it’s important to understand all the terms of any loan before you accept it. Some private loans might offer relatively low interest rates, but their other terms might not be as favorable as those of a federal loan. For example, federal loans generally offer flexible terms — if you don’t have a job or become disabled, you might be able to adjust your payments — while private loans may not be as flexible.
Frequently Asked Questions (FAQ):
#1. I’m having trouble logging in. What should I do?
Don’t worry – it happens to all of us at one time or another. If you forgot your user ID, password, or PIN, or if you’re receiving an error message, follow the steps on Trouble Accessing Your Account.
#2. What is a student loan guarantor?
A student loan guarantor‘s primary mission is to manage the Federal Family Education Loan Program (FFELP) on behalf of the federal government. Duties range from enforcing federal student loan rules and regulations to counseling student loan borrowers who may be unable to make their payments.
This guarantee allows lenders to be reimbursed for loans that may default. (Federal student loans default when borrowers do not make any payments on their loans for 270-360 days and do not make special arrangements with their lender to get a deferment, forbearance, or other form of payment relief.)
#3. What is a student loan servicer?
A student loan servicer provides you with the tools and resources you need to successfully manage your loan – from the point your first loan amount is disbursed (delivered) through your school, to the point you’ve entirely paid off your loans. At Great Lakes, our servicing role includes:
- Keeping you up-to-date with information about your student loans.
- Monitoring your school enrollment and status while you’re in school.
- Assisting you as you pay back your loans.
- Helping you find the best repayment plan for your budget.
- If consolidation is right for you, guiding you to complete the application where you’ll be asked to choose one
- of the U.S. Department of Education’s consolidation servicers, of which, Great Lakes is one of them.
- Get to Know Great Lakes and How We Help
Through a rigorous application process, the U.S. Department of Education (ED) selected Great Lakes and a few others to service federal student loans. You can find out which organizations are servicing your federal student loans by visiting the National Student Loan Data System.
#4. What is a student loan originator?
A student loan originator assists with your loan application. Great Lakes has been one of the largest and most respected originators in the country. In this role, we’ve helped millions of students successfully apply for, and receive, student loans.
Through a rigorous application process, the U.S. Department of Education (ED) approved Great Lakes to originate Direct Consolidation loans. If consolidation is a good solution for you, we can guide you to:
- Information to help you make an informed decision.
- Gather important application information from mygreatlakes.org and the National Student Loan Data System.
Complete the application on ED’s website, where you’ll be asked to choose one of the U.S. Department of Education’s consolidation servicers.
- Stay informed about your application’s progress using your mygreatlakes.org account.
- Once the application is completed and approved, for loans serviced by Great Lakes, we’ll become your servicer.
- You’ll begin making payments toward your new loan, and we’ll provide you with the tools and resources needed to successfully manage your loan.
#5. What is the difference between a Direct and a FFELP student loan, and which types of loans does Great Lakes service?
As one of the nation’s leading student loan servicers, Great Lakes services Federal Family Education Loan Program (FFELP) loans, Federal Direct Loan Program (Direct Lending) loans, and private loans. FFELP loans were funded by private lenders, such as banks or credit unions, and are guaranteed by the federal government. This guarantee allows lenders to be reimbursed for loans that may subsequently default. FFELP loans are sometimes called lender-held or commercially-held loans.
Direct Lending loans are funded by the federal government and do not need a guarantor. The federal student loan program shifted from FFELP loans to Direct loans in July 2010. Since then, all federal loans have been made through Direct Lending. The U.S. Department of Education (ED) lends the money, disburses (delivers) it to you through your school, and your servicer helps you manage the loan.
Direct loans are sometimes called federally-held loans. Private student loans are funded by private lenders, such as banks or credit unions. There are no federal forms to complete and eligibility can depend on your credit score. They are sometimes called alternative education loans.
#6. What’s the difference between subsidized and unsubsidized federal student loans?
The main difference between subsidized and unsubsidized loans is who is responsible to pay the interest on the loan while you are enrolled in school at least half-time. With subsidized loans, the federal government pays the interest on the loan while you’re in school at least half-time and during a deferment. With unsubsidized loans, the borrower is responsible to pay the interest on the loan.
#7. Do I need to pay interest while I’m in school?
No. You are not required to pay interest while you’re enrolled in school at least half-time. If you borrowed: Subsidized loans. The government pays the interest on the loan while you’re in school or in a deferment (postponement).
Unsubsidized loans. You aren’t required to pay interest while you’re in school or in a deferment (postponement). But interest will accrue and capitalize. If you pay the interest while you’re in school, it will save you money in the long run. Parent PLUS loans.
You aren’t required to pay interest if you deferred (postponed) the payments while the student is enrolled at least half-time. But interest will accrue and capitalize. Log in to mygreatlakes.org, if you haven’t already, and find out what types of loans you borrowed and if interest is accruing while you’re in school.
#8. How do I make a payment?
Great Lakes offers many free payment methods, including one-time electronic payments (Pay Online), automatic monthly electronic payments (Auto Pay), payments by phone, and check or money order payments by mail. To make a payment or find out more about each payment method, log in to mygreatlakes.org, if you haven’t already, and select the option that works best for you.
#9. How do I view or change my monthly payment amount?
To view your monthly payment amount, log in to mygreatlakes.org, if you haven’t already, and choose Account Summary from the My Accounts menu. If you are required to make a payment, the amount displays. To change your monthly payment amount, log in to mygreatlakes.org,
if you haven’t already, and choose Repayment Plans from the My Repayment Plan menu. Here, you’ll find an overview of your repayment options and an estimate of what your monthly payment amount could be under each repayment plan. Once you’ve decided which plan is right for you, we’ll guide you through the steps to change your plan.
#10. How do I change the date that my payment is due?
As long as your account is not past due, log in to mygreatlakes.org, if you haven’t already, to select a new payment due date for your eligible Great Lakes loans. If your account is past due, contact us for more information.
#11. How do I view my billing statement?
You can easily access your three most recent billing statements on mygreatlakes.org. To view your detailed statements, click Billing Statement.
#12. How can I see my payment history?
Your payment history is available on mygreatlakes.org. Select Payment History from the Payments menu to view recent transaction activity for all your Great Lakes-serviced student loans. Here, you can also see how your past payments were applied to your principal and interest balances.
If you’ve more quarries or Confusions regarding MyGreatLakes or Great lakes Students Loans then you can Click here.