In case the student loan is actually acquired, you will not manage to like their servicer. As an alternative, you may be married having a servicer through the bank and you may you to servicer will act as the brand new liaison between both you and the financial institution. Great Lakes characteristics one another government and personal college loans and you can functions with six,000 universities and you can universities. The organization in addition to functions directly on the DOE.
What to anticipate If Combined with Great Lakes
Great Lakes provides borrowers with an outstanding customer service experience by way of their established payment options and emphasis on customer service and satisfaction. The goal of Great Lakes is to create and ensure a successful pathway to repayment for their clients. Great Lakes not only oversees and manages the loans, but they also help educate borrowers by offering a myriad of online financial tools.
Additionally, Great Lakes offers customer support via social media. Those who have questions about student loans or are simply looking for general information can ask questions on the Great Lakes Twitter or Facebook pages. However, be sure to only discuss sensitive or account-specific questions via a secure message or telephone call.
High Lakes and makes the actual payment techniques easy by providing an enthusiastic autopay alternative, that have text message notice to aid individuals be sure to shell out on time. Great Lakes will work with borrowers to lessen money by allowing fee package change or pausing repayments in a situation off monetary difficulty for those who qualify.
Great Lakes Student loan Cost Preparations
- Important Installment: The loan is paid back over the course of 10 years or 120 payments. The loan has a standard amount that is paid monthly.
- Graduated Payment: Monthly payments will begin at a lower amount and increase every 24 months. This may be a good option for those who anticipate an increase in earnings as they navigate their careers. One thing to consider with this plan is that payments made in the beginning go toward paying the interest only and not toward the principal.
- Extended Installment: This option is for anyone who has loan amounts in excess of $30,000 in either FFELP or Direct Loans. These plans allow for repayment over the course of 25 years as opposed to 10. This is a good choice for those who may need a lower monthly rate than what is available through the standard repayment plan. Both a standard and a graduated payment plan are available.
- Income-Motivated Repayment: As the name suggests, income-driven repayment plans are based on income. As one’s income increases, so does their monthly rate. Additionally, borrowers under this repayment plan will need to keep their income and family size updated annually to ensure ongoing qualification.
Individual Ratings of good Ponds
While no organization or company is always going to have only five-star customer reviews, there are some variables to consider when looking at the consumer reviews for Great Lakes. Great Lakes does maintain an A+ rating with the Better Business Bureau, which is no small accomplishment.
Furthermore, High Lakes is one of the largest education loan servicers, as well as strive to include individuals utilizing the devices they might https://getbadcreditloan.com/payday-loans-wv/ require in order to effortlessly pay-off the student education loans. With keeps for example autopay, on line membership access and you will management, customer care both on the internet and for the social media, and you will a willingness to partner with the individuals to be sure it are after the proper repayment alternative, Great Ponds made an effort to ensure a pleasant customer service experience.
Moving forward that have Higher Lakes
If you have taken out a private or federal student loan, there is a good chance that you have dealt with Great Lakes. As an intermediary between lender and borrower, Great Lakes has attempted to provide its customers with the knowledge and tools they need to ensure a successful track to repayment.