Great Lakes Higher Education Corp is one of a handful of organizations in the US responsible for repayment of student loans. If you obtained a federal student loan to complete your higher education in the United States, this article promises to come handy to you as it contains vital information about Great lakes student loans full review.
The company is a federal loan repayment agency with a relatively long history of satisfactory services. Great lake is the second largest loan repayment agency and unlike other agencies, the company records only a few complaints from borrowers annually. Although, the company has recorded a few cases of lawsuit in the past, Great Lakes remain the away to go provided student loan is a concern. Read on to learn more about the company, the possible problems borrowers encounter as well as the several loan repayment plans by the company.
Great Lakes Student Loans Review
Great Lakes Corp was founded in 1967 as a federal loan servicing agency. Please note that the company doesn’t give you loan. The company only works with you to obtain student loan and monitors your financial proceedings during your period of schooling as well as coming up with the best plans to repay your loan after your education.
The company is rated the best loan repayment agency in the United States according to the Consumer Financial Protection Bureau (CFPB) data. Great Lakes, which is the second largest loan repayment agency receives far fewer complaints by borrowers when compared to other large loan repayment agency in the US. The company has a rating of A+ by the Bureau making it the best in the country.
Although, there are concerns about the services of the company in recent months after Great Lakes Corp was acquired by another loan servicing agency called Nelnet in 2018. Nelnet is widely known to have a high percentage of complaints per borrower and it is widely touted that the impeccable services of Great lakes may take a nose dive in the coming years.
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Some Facts about Great Lakes
- The company is a loan servicing agency that works with students, graduates, parents, and lenders for the best interests of the all parties involved – lenders and borrowers. Great lakes guide you on how to service your loan through the best repayment plan.
- Great Lakes does not determine the terms of your loans. i.e it does not set the limit of loans obtainable by students. The company only functions a middleman to mediate on repayment plans. The company comes on board after you must have reached an agreement with your lender
- Great Lakes has one of the best Customer care rep. Do you have questions about loan repayment? Are you confused about which loan repayment plan to choose, why not speak to the company’s customer care rep to get advice on the best repayment plans
- The company has a loan repayment planner tool to determine the best method of repayment in terms of duration. How long do you wish to service your loan? What payment method do you wish to subscribe to? To get the best answers, visit Great Lakes to make the best repayment strategy
- Best customer service. In 2015, the company was rated the best loan agency in the United States after receiving the highest consumer satisfaction rating.
Repayment With Great Lakes Student Loans
There are several ways of repaying your student loan but the best option has always been the ‘standard repayment plan.’ This is a simple repayment option where borrowers service their loan over a period of 10 years by paying a small percentage of their salaries on a monthly basis.
If the standard repayment plan is not feasible, you can select other repayment option where you pay back your loan for an extended period of time. Student loans are repayable for up to 30year period. The repayment plan you choose often depend on how much income you make. Borrowers who earn high income are often encouraged to select a repayment plan that would see them pay back their loan for a short period of time while borrowers who earn relatively low income are advised to select the standard repayment plan or other plans that would see them service their loan for an extended period.
Also, in cases where you have genuine reasons for not being able to servicer your loan, you are advised to apply for deferment or forbearance.
Methods of Repayment
Great Lakes accept various ways of repayment. Borrowers can repay their loans through online, or pay over the phones. You can also pay through mails. The company also has an app you can download from iOS or Playsore. The app is easy to use and you can pay through the Great Lakes app. The best way to repay has always been the auto-payment method where a set amount of money is deducted from your bank account on a monthly basis for a set period of time. This method is great because you don’t have to remember or forget about repayment.
Also, there are other benefits of paying with the automatic method. When you enrol for the auto-payment method, you would save 0.25% discount from your interest rate. The auto-payment is the best way to go for people who can afford it.
Repayment Planner Tool
One of the best feature of Great lakes is it repayment planner tool. The tool helps you see how the different repayment option would affect you on a monthly basis and a lifetime. With this in mind, you are certain to select the best repayment strategy with input from the company’s experienced staffs.
Loan consolidation services
Great lakes • Loan consolidation services is another great feature of the company. The company has an excellent plan to help you cover many payments at once if you obtained loan from different sources. This feature is so great that it consolidates the different interest rates into one and you the company doesn’t charge you a consolidation fee.
Mobile loan management
Though the companies Mobile loan management, you can manage your account anywhere in the world. The company can be accessed through your phones or tablets and you can view your account regardless of your location. The app also has a reminder feature that reminds you to make payment. This feature is good for borrowers who are not on the auto-repayment plan.
Great Lakes Student Loan has a long standing history of excellent services as confirmed by several ratings. However, since the company was acquired by Nelnet in 2018, a few eye brows are been raised about the company. We are certain to keep you updated about Great Lakes as well as other loan servicing agency.