Great lakes Higher Education Services is usually also known as “Great Lakes” provides the federal Student Loans services. Since 1967 Great lakes has been helping students & Parents to complete their Higher Education. Great Lakes & its Affiliates work hard to match eligible borrowers with lenders who can provides the loans they need to cover the costs of college Tuition of Students.
Great Lakes is the most popular & Largest Loan Servicer in the United States of America. Great lakes owns the federally guaranteed Students Loan Services of United Student Aid Funds. Great Lakes offers standard payment Plans, where you Pay a set dollar Amount each month as well as Income based repayment Plans, where your Monthly Payment differ according to your recent Income. There are various ways to pay including online, or by Phone or through the Company’s Mobile Apps.
If you are not aware about Federal Student Loans and are not sure what is the best Repayment Strategy is best for you. then great lakes is the Online service for you. Also there is a Knowledge Center where you can find answers of your Common question regarding Student Loans and its Repayment Planner can you help to determine the smartest payment Schedule for you. And if you have any problem You can Contact Great lakes from Monday to Friday and its expert will solve your problem.
Great lakes Primary service and its Important Function is to giving you access to your Student Loan Account. As a guarantor of the Federal Student Loan, Great lakes has obligation to both you and the Government. Great lakes has partnered with with a large no of Lenders, both private & public which provide the low cost education Loans to college going Students. Great lakes Education Loan Service specializes in managing the Backend of Loan process. They Act as the Direct Contact between Students and Lenders throughout the Life of a college Loan. Great lakes help Student Borrowers with all aspects of their Education Loan, making payment, monitoring the outstanding balance, & tracking occurring interest. Also Great lakes help Students to take Advantage of potential Tax benefits and Apply for Student Loan Consolidation programs & more.
Great Lakes Student Loan Services-
Many students have taken out federal Student loans recommended to them by their school’s financial aid office without understanding exactly what types of loans they’re using, or why those loans rather than others were chosen for them. The Student Loans section gives a little introduction to the Direct loans which most students receive, explaining the differences among subsidized, unsubsidized, and PLUS loans.
There’s an explanation of when you must pay the interest on your loan and several paragraphs on changes in loan status that trigger required repayment. In general, enrollment of at least half-time means repayment is not mandatory, although if your loan is unsubsidized choosing not to pay interest will add that interest to the principal balance of your loan. You can find more on types of federal loans here.
Great Lakes Student Loan Reviews-
Great lakes is the Loan Servicer Works with Students, Graduates, Parents, & lenders to Ensure Successful Student Loan Repayment. Great lakes offers the various options for that you want to Pay Back your Student Loan. The Standard Repayment Plan Charges you a monthly Payment over a 10 year Period. But if it not work for you then there are other options are available for you. Income driven repayment provides you to Pay Less when you have low monthly Income and more when your Income is High. For those who forget Payment frequently and looking for save little, enrolling in automatic payments will result in a 0.25% Interest rate deduction and Save your money in Long Run.
|Price||Varies by loan amount, interest rate, etc.|
|Best For||Anyone looking to take out a student loan|
|Not For||People who don’t need a student loan|
|Loan Terms||10 – 30 years|
|Repayment Options||Standard, Income-Driven, Deference, Forbearance|
|Better Business Bureau Rating||A+|
|In Business Since||1967|
|Standout Features||Extensive educational resources
Discounts for auto-paying
Flexible payment options
Great Lakes Student Loan Cost & Its Payment-
The cost of a student loan differ and depending on how much you borrow, your interest rate, repayment terms, and in some cases, your credit score. The only way to know how much it’s going to cost you is to explore multiple options before making any decisions. If your loan has been assigned to Great Lakes, use its Repayment Planner tool to help you determine which option best fits into your lifestyle. Don’t just look for the minimum monthly payment, though, unless that’s all you can afford. Paying more than the minimum is going to help you pay off your loan faster, and it’ll lessen the amount of interest you’ll have to pay overall. Look at how much you’ll pay out over the lifetime of the loan and choose the option that costs the least, while still keeping the monthly payments affordable.
Great Lakes Student Loan Login-
If You’ve Great lakes Student Loan, then the easiest way to make Payments is through their Online Portal at www.mygreatlakes.org. You Can Start by creating mygreatlakes Account online for that you need to share your Social Security Number & Date of Birth so You can Retrieve your Loan Information. then you have to create your Username & Password in order to Login to make Payments.
Great Lakes Student Loan Deferment-
Great lakes Student Loan Deferments are available for a variety of situations, including when you’re:
- Back in school at least half-time.
- Unemployed, or working less than 30 hours a week and looking for full-time work.
- Temporarily having difficulty making ends meet.
- Actively serving in the U.S. military during a war, military operation, or national emergency.
- Actively serving in the Peace Corps or AmeriCorps.
- In a graduate fellowship program or rehabilitation training.
To qualify for a deferment, you must meet certain requirements; however, once you meet the requirements, you can’t be turned down.
Great Lakes Student Loan Consolidation-
Consolidation gives you the opportunity to choose one of the U.S. Department of Education’s consolidation servicers (of which, Great Lakes is one) to complete and service your Direct Consolidation loan. The U.S. Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.