March 20, 2021

How is Great Lakes Helping Students with Loans

The Great Lakes Student Loan is a student loan deal under a U.S. Department of Education agreement. As a loan service, the company is responsible for helping lenders manage federal student loan payments and bills. The Great Lakes Student Loan handles approximately 20% of all federal student loan accounts.

If you want to know more about Great Lake, keep on reading.

Learn About Great Lakes Educational Loan Services

The company is based in Madison, Wisconsin, and is operating since 1967. This educational loan service does not originate loans but guarantees them and collects repayments on the lenders’ behalf. Unlike its competitors, Great Lakes is known to be a non-profit company that is not traded publically. Since its introduction, the company has worked with over 600 universities and colleges and more than a thousand private lenders.

What Is Great Lakes Student Loan?

Great Lakes Student Loan Services Madison, Wisconsin – is part of the Great Lakes region, although it offers student loan services nationwide. It is one of nine private companies that have entered into an agreement with the US Department of Education to handle federal student loan billing. Great Lakes is one of the most commonly assigned student loan services. As of the end of 2019, Great Lakes had been allocated 19% of the volume of new student loans, the majority of student loans.

How Does The Great Lake Student Loan Help?

If you have a federal student loan, you will be automatically assigned to a loan service that manages your account and payments. After the Ministry of Education works with your university to process and repay your student loan request, your account will be provided to a loan service provider such as the Great Lake Student Loans. You don’t have the required permissions to post. Once assigned to manage your loan, the assigned service must contact you, especially after the first payment of your student loan payment. This service provides contact information for everything related to student loans, from initial billing to final payment.

Initially, you do not have to repay your student loan when you are in college, so you only need to contact Great Lakes Student Loans if you have any questions or just want to check your balance. When the repayment period begins, Great Lakes offers:

Options to change repayment plans, such as income-driven repayment plans for difficult repayments, such as applying for student loan forbearance or deferment – two ways to suspend or reduce payments for a certain time. They also offer you advice on if the consolidation of federal student loans is what you need. You do not have to pay extra for these services.

If you have any concerns regarding the authenticity of the communication you have received, it is easier to check.

How Can You Get In Contact With Great Lakes Student Loans?

Whether you want to pay an early student loan or you are having trouble making your monthly payments, you can contact the company:

Start with logging into your account in order to check and manage your student loans virtually.

Call on (800) 236-4300 Monday through Friday from 7 a.m. to 9 p.m. Central Time.

You can fill out a contact form available on the contact page of Great Lakes in order to request email contact.

You can send a fax to (800) 375-5288.

Another option is to send a mail to P.O. Box 7860, Madison, WI 53707-7860.

In order to protect yourself from fees, you must stay on top of your Great Lakes loans for keeping them in good condition and minimize the risk of credit score damage, wage garnishment, or student loan default.

What Does Great Lakes Do?

Like all service providers, Great Lakes manages lenders’ accounts, processes monthly payments, and communicates directly with lenders about their debts. If the company helps borrowers to change the payment plan or request a forbearance or deferment. It also certifies borrowers for debt forgiveness. After setting up an account on the Great Lakes website, the borrower’s online portal will check their statements, make payments, change due dates, calculate payment times, discuss payment plans, print tax documents; and they can use online portals for many things.

The company offers a 25% interest discount for anyone who signs up for automatic payments. Great Lakes also has a mobile app that can send reminders and confirmations. The app is available for both iOS and Android. Reviews have been mixed, but the company has released several updates to address bugs and limited functionality complaints.

What Are The Advantages of Working With Great Lakes?

The Great Lakes website has a knowledge center to help current students, graduates, and parents repay debt. It has a collection of articles on debt forgiveness, consolidation, service member benefits, and more. The company’s Twitter and Facebook Facebook accounts also serve as sources of information and support. Great lakes differ from other debt managers in that it has a philanthropic hand. The company has awarded more than $ 200 million in grants since 2006, aimed at overcoming barriers to graduation. The grant organizes programs to help students from income and low-income families, students of color, and students who are the first in their families to attend university.

What Options Do Great Lakes Offer For Repayments?

When developing repayment plans, there is not much opportunity for debt servicers. For federal student loans, they can only offer payment plans established by the US Department of Education. So, like all of its competitors, Great Lakes offers limited repayment options:

The standard 10-year fixed benefit plan has expanded to a 25-year fixed-benefit plan that gradually increases with regular payments with 10- or 25-year plan payments. Income-based plans in which payments are a fixed percentage of a borrower’s income.

Great Lakes has an online repayment planner tool that shows account holders the impact of various plans, including how much they pay monthly and for the loan period. But lenders must review their options and request changes. All loans start with a standard plan.

About the author 

Cedric Pascua

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