Last Updated on 10 months by Anoob P
Great Lakes Student Loans accounts for almost 20% of all federal student loans in the United States of America.
Great Lakes Student Loans is a service provider that helps borrowers manage billing and payments for federal student loans enabling students to get loans from U.S. Department of Education.
In this post, we are going to review Great Lakes Student Loans and you will get to know how to set up Great Lakes Student Loans account, payments, customer support service, common issues you would find with Great Lakes Student Loans.
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What is Great Lakes Student Loan?
The Great lakes Student loan is used by millions of students all over the U.S. It is the largest loan service in the United States that is provided to Students for Education purposes. It is also one of the 9 student loan services that are used by the Federal government to service loans.
Official website of Great Lakes Student Loans: https://mygreatlakes.org/
What is Student Loan Lender?
A Student Loan Lender is the one who issues the loan. He/She is also known as the Originator. Sometimes students do not have any contact with their Student Loan lender. The Student Loan Lender only sets the rules and regulation and disburse the fund. They may or may not reveal their identity to students.
What is Student Loan Servicer?
Many times lenders hire Servicers to manage loans for them. It is because they want everything to run smoothly and for that, various Student Loan Servicers are available to work for the lenders. This incorporates overseeing advance installments and offering help for borrowers. Borrowers don’t get the opportunity to pick their loan servicers.
The Servicer is assigned soon after your credits are dispensed. Student loan servicers can also be changed during the reimbursement time frame dependent on terms and conditions. As referenced, the government utilizes nine loan servicers to deal with their loans.
Difference between Student Loan Lender and Student Loan Servicer?
Student Loan lender is the one who gives the money to students for educational purposes while The Student loan servicer is the one who manages the loan and services given to students.
Another main difference between Student loan lender and Servicer is that the students will be connected to their Servicers and can ask their queries from them. While they cannot stay in connection with their Loan Lender.
Also, the Student Loan servicer is changed at a certain interval while the Student loan Lender remains the same until the new loan is taken by a student.
What is Great Lakes Account & How to Set it Up?
A Great lakes student loan is the largest loan service in the United States that is provided to Students for Education purposes. Therefore, there are lots of students who keep checking their accounts every time.
Hence, they have an online platform that provides services to every student so that they can access their accounts easily. Creating an account in Great Lakes is simple. You just have to follow the steps written below to get started.
How to Set Up Great Lakes Account
If you are appointed Great Lakes as your loan servicer, you ought to get an email or letter from them just after your first advance payment.
When this is done, Go to Great Lakes’ site and create your account. Once you are done with the formalities you can access this online account to see the details of your loan, installment due dates, and sums, and more.
You can also download their application in your mobile phones so that you can access your account anytime from anywhere.
Great Lakes Payments Set-Up
Once you have created your Great Lakes account successfully, the next step is to choose the payment options.
Regarding loan reimbursement, borrowers have a few choices that can set aside cash. By pursuing programmed installments, individuals can win a 0.25% financing cost markdown on their loan.
This implies that if you choose the option to pay automatically and set the time then you will save up to 0.25% of interest rate on your loan. Installments will be withdrawn automatically from your registered bank account.
For individuals hoping to pay their loans quicker, there are choices to take care of them all the more rapidly. This incorporates setting up auto installments for more than your necessary regularly scheduled installment.
Any installment sum over your regularly scheduled installment will go in your principal. If you have more than one loan, the additional cash will go towards the advance with the most noteworthy financing cost.
Borrowers can likewise set up various credit installments during the month, which can have a similar impact.
Other Options in Great Lakes Account
There are various other options also which are available in your Great lakes student account. Some of those options are listed below:
- Changing from a standard repayment plan to an income-driven repayment plan.
- Applying for loan deferment.
- Applying for loan forbearance.
- Paying your student loan in full.
- Get an Advice on federal student loan consolidation.
How to Contact Great Lakes Customer Service?
There are many ways to contact Great Lakes if you have issues or want to file a complaint.
- Email: firstname.lastname@example.org
- Address: Great Lakes – Borrower Services, PO Box 7860, Madison, WI 53707-7860
- Phone: (800) 236-4300, Monday through Friday, 7 a.m. to 9 p.m. (Central Time)
- Fax: (800) 375-5288 or (608) 246-1608
Complaints can be filed directly with Great Lakes by logging into your Great Lakes account and submitting a complaint.
Is Mygreatlakes org legit?
Yes, this is the legit website and is trusted by millions of students to take loans for their education.
Common Problems with Great Lakes:
Research about Great Lakes with the BBB and CFPB uncovers that they have lots of communication issues. Borrowers struggle to find straight solutions from Great Lakes or replies by any means. They do not answer calls or reply to emails or messages on time. Their Customer Supporting system is quite weak. And that is one of the most common issues found with Great lakes.
Another correspondence issue for Great Lakes is that their client care isn’t on the same wavelength. Conversing with various client support reps will prompt various answers and exhortation.
How your installments are taken care of will be critical for borrowers, particularly if they are seeking credit pardoning. Borrowers can set installment inclinations like what to do if they pay more than their month to month advance installment.
Regularly, these inclinations aren’t being respected in Great Lakes. For borrowers with more than one loan, there are times when assets are designated to an inappropriate credit. Also many times, borrowers are set apart with late installments since they were prepared inaccurately, which can appear on layaway reports.
Changes to account
With Great Lakes being bought by NelNet, it’s indistinct if this will affect client support inside the organization.
Numerous issues are regarding the reports of borrowers being pursued an inappropriate reimbursement plan or being changed to another arrangement without consent. Also, these progressions aren’t conveyed either, leaving borrowers shocked.
How to Refinance Great Lakes Student Loans?
By Refinancing federal student loans, your loan will be paid by a private lender. Hence, this transforms loan into private credits, which implies you’ll no longer approach federal projects and securities like reimbursement plans, advance absolution, and delay. Ensure you won’t need admittance to government insurances before deciding for refinancing.
Also, the best thing for borrowers is to have a strong loan reimbursement plan. Regardless of whether you ought to merge, renegotiate, or basically focus on your credits better. This will lead to quick loan payments effectively.
FAQs on Great Lakes Student Loans
Is my Great Lakes a federal student loan?
Great Lakes is neither a private nor a federal loan. The company actually services both private and federal loans, so the type of loan you have won’t change once you start paying it off with Great Lakes.
What happens if you never pay your student loans?
If you fail to pay your student loan within 90 days then this classifies the debt as delinquent, which means your credit rating will take a hit.
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