So, here you are. After completing your secondary education, you have sorted a plan for higher studies. At this point, someone breaks the disheartening news to you. The education you are pursuing is rather expensive, entirely beyond your affordability to be precise. But, there is a glimmer of ray amidst the darkness. You can get student loans which can help fulfill your dreams. However, this is easier said than done. The services of a good loan servicer is needed to establish contact between the lender and the borrower. The Great Lakes student loans in such situations can offer help.
An overview of the Great Lakes Higher Education Corporation
The Great Lakes Company is a federal loan servicer and is a non-profit organisation. The company works as an intermediary between the lender and the borrower. The great lakes student loans will do all that is needed to manage your loans. Additionally, they can suggest the various repayment options to simplify the procedure. As you can understand, the Great lakes loans right now are the best option for you. It becomes imperative for you to know more about them. Read on to know more about the great lakes borrowing and their services.
Great Lakes help for the students
The corporation has been extending their helpful services for more than forty years. In this period, millions of students have been getting the necessary funds for completing their post-secondary studies. Great Lakes along with its affiliates do their best in arranging an appropriate lender for the students. The Great Lakes student loans are the best for valid reasons. Let us take a look.
The Great Lakes Corporation presently is one of the leading guarantors or loan servicers regarding student loans for all the right reasons. Till date, the corporation has been working with students who require education loans, colleges and universities, thousands of private and public lenders and the U.S. Department of education. Great Lakes Corporation always emphasises on securing the education loans for students. Additionally, they also go one step further and help these greatlakes borrowing students to manage the loans properly. We now take a detailed look at the all-around services of the Great Lakes Higher Education Corporation.
Students aim for federal loans as these are comparatively low-cost than all the existing ones. However, individual efforts may not always yield the best results. Students or their parents have limited knowledge regarding the sources from where such low-cost loans are available. The credibility of Great Lakes lies here, and undoubtedly the services of Great Lakes become indispensable. The corporation has an excellent network of private and public lenders. Great Lakes can do the needful in introducing the prospective lender with the student borrower. They also shoulder the responsibility of managing the back end of the entire loan formalities. The students can be free of worries as great lakes takes care of all the related factors that include payments, keeping track of the outstanding balances and much more. Great Lakes also helps the students to get potential tax benefits if any and introduce loan consolidation programs.
Student Loan services
MyGreatlakes – As already mentioned, Great Lakes has an enormous database of prospective lenders. They can secure the loan for students from the Federal government, state government and private lenders. The Great Lakes official website is very user-friendly. It has all the details which make it easy for the student borrowers in calculating the total loan cost and the helpful resources available on the website make the students responsible borrowers.
Debt management of the loan
Understandably, without a proper debt management, students can soon end up in a mess with their mortgages. Students only need to use the great lakes login to gain access to mygreatlakes. After that, the company helps them in debt management right from the onset of the loan till they end up repaying the loan amount. Great Lakes ensures that students do not fall victims to the complications involved in such student loans. They regularly offer valuable tips. Thus, the borrowers become aware of all the aspects related to the loan that includes setting up the initial application for securing the loan, limiting the loan amount, steps to ensure the interest rates do not elevate and the repayment of the loan amount. Periodically, Great Lakes works with the students in finding loan consolidation and loan refinance programs to ease the pressure.
Ensuring students do not become loan defaulters
Students are inexperienced about managing the loans. Thus, the representatives of the Great Lakes Corporation work round the clock to guide them. There is every possibility that the students for some reason become loan defaulters. A loan default can have a negative impact on the life of the student. Being a loan defaulter will affect the future credit score and have a devastating effect on the income of the student. With Great Lakes by their side, they can be sure of avoiding this jinx. Representatives of Great Lakes regularly work with the lenders and the borrowers to renegotiate the loan payment dates. This ultimately helps the cause of both the lenders and the students.
The loan repayment options from Great Lakes
Many students take these student loans for granted. Thus, not many of them think of applying for a different repayment plan. Great Lakes will automatically enrol the students in the Standard Repayment Plan. By doing this, the students will be able to make fixed payments for ten years. Individuals who can afford this program can save precious money on the interest amount.
It may happen that a student is unable to shoulder the pressure of the loan. The present income of the student is insufficient for the credit amount to be repaid. For the sake of such people, great lakes suggests that the student go for the IDR (income-driven) plan to control the proceedings at the student’s end. Managing the loan will become easier this way. The loan servicer, in this case, can extend the repayment conditions, much to the relief of the students. But, IDR plans will require the students to pay more interest in the long run as the tenure of the loan period also gets an extension.
In order to complete their post-secondary education successfully, a student loan is inevitable for many. There are thousands of students who may not be able to pursue their dreams of a bright future without a student loan. Great Lakes offer them help in every step. Their advice and support ensure that students can manage their loans properly for the entire period of their college life.
Paying the loan amount
Great Lakes has some attractive propositions for the students. The borrowers can quickly set up an auto-pay which will make them eligible for getting a .25% discount on their loans. There are several ways with the help of which you can make the payment, and these include the Great Lakes website, mobile application, over the phone or through the conventional ways.
Advantages of using the Great Lakes student loan
By now, you already know the reasons that make the great lakes student loans the best option. Here, we precisely highlight the points which should make you better informed about their services.
- The Great Lakes student loan services are operational for more than forty years.
- The facility of auto-debt interest reduction is unique. You will seldom find such programs with any other loan servicer companies.
- The Great Lakes website has tons of information related to loan management and the ways of repaying it. Thus, the students have all the information on their fingertips regarding loan management.
- The exclusive loan repayment planner introduces the student borrowers to all the possible obstacles they may encounter with the loan and how to overcome them. Additionally, they can get information on the length of the repayment and the rates involved in making such payments.
- Quite obviously, there are certain times when students find it hard to cope with the burden of the loan. They can instantly ask for help from the social media pages of Great Lakes. You will find them on Facebook and Twitter. Typically, the Great Lakes representatives are always ready for answering various queries from their social media pages.
- With Great Lakes, you will be able to make the loan payments while you are still in school. Students can pay low amounts for their benefits. Eventually, as a student, you can spend a lesser interest, and the loan amount can be reduced.
Student borrowers should not mix up the Great Lakes Crossing with this Great Lakes student loans. The former is entirely different; it is a shopping mall and has nothing to do with student loan programs.
Student loan forgiveness
Student borrowers are undoubtedly aware of the student loan forgiveness programs. Needless to mention, everyone will be eager to get it. But, it is not easy to get your loan forgiven. There are several conditions which one has to take into account, to make a student eligible for the loan forgiveness. There are three possible ways to get this, and these are, the career chosen by the student, the second criteria will be calculating the years a student has made timely payments which in turn qualified the student for a repayment plan and third criteria is the toughest. Here, the student can get his loan forgiven under a set of extraordinary circumstances. Generally, the student loan forgiveness is available for federal loans only. In rare cases, the private or public lenders forgive the loan. The most common loan forgiveness types are as follows:
- Teacher loan forgiveness: Individuals have to teach full-time for five years consecutively in a low-income elementary school to qualify.
- Public service loan forgiveness: Those who secure a job at a non-profit or a government organisation and repay their loans depending on their present income stand to qualify for the forgiveness program.
- Total and Permanent Disability Discharge: As the name suggests, in case, you become partially or totally disabled, you may qualify for the program.
- The Closed School Discharge: Certain conditions make an individual eligible for this program. Your school may close as soon as you enrolled or it may so happen when you have just withdrawn. In these circumstances, you become eligible for loan forgiveness.
About the Great Lakes Corporation
The Great Lakes Higher Education Corporation came into existence in the year 1967. The corporation which is a non-profit organisation has its headquarters in Madison, WI. They service federal loans for students. At the present day, the Great Lakes Corporation is working with more than 7000 schools and 1100 lenders. The slogan of the company “Doing What’s Right” is aptly justified. So far, great lakes has provided more than $200 million in grants, scholarships and college advising services.
For the sake of the student borrowers, the company has a user-friendly website. Additionally, moving with time, they have also come up with a mobile application. These features have made it super easy for the borrowers to know in-depth about their loan and to make timely payments.
This year itself, another student loan company Nelnet has purchased the Great Lakes Corporation. However, there is no reason to panic despite the acquisition described above. Both these companies are operating differently at the present time, and they have a common goal. Together, they are working out on finding newer platforms to service loan for students. They plan to enhance the user experience and simplify the procedure of getting a student loan.
Now, that you know about the services of the Great Lakes Corporation, you do not have to take the initiative for searching lenders offering student loans. Contact Great Lakes Corporation for help, and they will be more than happy to help you.
Contact or Support Details
Apart from scheduling a personal appointment, there are numerous ways to get in touch with Great Lakes representatives. The office hours is Monday-Friday 7AM-9PM. You can call them at 800-236-4300 or fax them at 800-375-5288 or send an Email to email@example.com.
Address of the Great Lakes Corporation
If you are desperately looking to contact great lakes to know more about the student loans, you can contact them personally at the following address:
Great Lakes, P.O. Box 7860, Madison, WI 53707-7860