Post-secondary education is expensive. However, not all hope is lost since there are institutions offering student loans. Great Lakes Higher Education Corporation has made post-secondary education a possibility through their loan connections. It is a student loan servicer and guarantor helping borrowers connect with promising lenders. Throughout this post, you will discover irrefutable facts about Great Lakes student loans.
Great Lakes; Who Are They?
Great Lakes was established in 1967 and works with millions of students seeking student loans.
Apart from the student borrowers, Great Lakes works closely with the Department of Education, private and public universities and colleges. They also work with public and private student loan lenders.
Great Lakes is a non-profit organization helping students get the financial aid and funding they need for their post-secondary education.
In other words, Great Lakes serve as a servicer and guarantor of student loans.
Great Lakes Guaranty Services
Since its establishment, Great lakes is in partnership with many folds of lenders of different capacities.
The lenders help finance post-secondary studies for college-bound students. The student loan process is daunting, and Great Lakes specialize in the management of the back end of the student loan process.
In other words, Great Lakes serve as the linking body between students and lenders.
Student borrowers benefit tremendously following the guaranty services of Great Lakes Education Loan Services.
Great Lakes handles all student loan repayments, tracking all remaining balances, and accumulating interests.
Their services extend to helping students learn how to take advantage of tax deductions as well as loan consolidations.
Budgeting is important for the student when it comes to loans.
Great Lakes offer budgeting tutorials to all their student borrowers. The tutorials play an integral role in keeping students free from identify theft. Additionally, students will also create a remarkable credit history while still in college.
Great Lakes Student Loans Servicer
Great lakes manage student loans extensively. The student borrower needs a servicer who will link them up with their primary lender.
A student can have a private financial institution for a primary lender, or the county or federal governments.
Great Lakes Student Loans help students create an account where they can monitor their student loan details.
The details will also help students understand the possible repayment models.
Where a student wants to make a payment, they will use their Great Lakes account.
There are instances when student borrowers fail to understand their responsibility as far as student loans are concerned.
Well, through Great Lakes, students get to acknowledge the accumulative interests for their loans and the amount to be repaid.
Consequently, a student will determine the amount to pay for the repayment of their student loans.
Students need proper financial guidance and training to avoid unwanted expenses and debts while in school.
Great Lakes avails the training required by student borrowers, which helps them plan their finances while in college and after graduation.
Students will always benefit from the Great Lakes student loan services from the process of the loans, the fund disbursement to the repayment phase.
Great Lakes Student Loan Debt Management Services
A remarkable student loan servicer must consider offering certain debt management services.
Great Lakes take this task keenly and help students maneuver through the troubling storms of student debts.
Great lakes have guidelines that help students stay off ballooning unnecessary interests.
After graduation, students need an expert to help them manage and monitor the outstanding student loan.
Through Great Lakes, graduates can forge affordable and easy-to-handle repayment models. The service provider is expected to inform the graduates of all the discounts and deductions available. Taking advantage of the discounts helps graduates lower their student loan debt.
Student loan refinancing and consolidation is necessary where a graduate aims to make monthly payments.
Great Lakes guide the borrowers with the crucial tips on how to refinance and consolidate their debts.
Through Great Lakes, Borrowers Avoid Loan Default
Student borrowers must understand the dangers associated with loan default.
Therefore, through the services availed by Great Lakes, borrowers can avoid defaulting their loans. Students who default their student loans experience unwanted catastrophes in the future.
Some of the dangers experienced by defaulters are lowered and damaged credit scores and unwanted effects on one’s income.
Great Lakes student loan services represent the interests of both the lenders and borrowers.
Great Lakes ensure to renegotiate the repayment terms to safeguard the interests and wellbeing of all parties and prevent the catastrophic loan default effects.
Options To Consider When Struggling With Loan Repayment
Where you are struggling with student loan repayment, you should consider handling the issue head-on before you enter the default mode.
There are four options through which you can avoid loan default.
- Revise your repayment plan
- Loan consolidation
- Loan forbearance
Revise Your Repayment Plan
It is evident that when applying for the student loans, you agreed to a given repayment plan.
Nonetheless, it’s not always that things go as planned. If that’s your case, you should consider revising the repayment plans and models. Your servicer makes renegotiations easier.
There are instances when you have more than one student loan. In such a situation, you should consider consolidating all the loans together, and you pay them as a single bill.
Consolidation helps lower the interest rates while extending the repayment period.
Loan deferment plays a vital role where your employment lapses. Through deferment, you prevent interest accumulation.
Where you get enrolled in college, your student loan presents loan deferment terms that you need to examine. Deferment helps hold your loan repayment until you acquire gainful employment.
Economic setbacks are prone to happen now and then. Through loan forbearance, a borrower is given time to deal with their current economic setbacks and struggles.
Student loan forbearance helps postpone the interest accumulation and student loan debt repayments.
Great Lakes Higher Education Corporation makes it possible for borrowers to meet reliable student loan lenders.
The process is always daunting, and Great Lakes simplifies it entirely. Therefore, a borrower can have their student loan application facilitated, funds disbursed, and debt discharged in a simplified manner.
Are Great Lakes student loans federal or private?
Great Lakes Loans is neither private or federal. The company actually provides both loans. Federal and private.
Can Great Lakes student loans be forgiven?
If you teach full-time for five complete and consecutive academic years in a low-income elementary school, secondary school, or educational service agency, you may be eligible for forgiveness of up to $17,500 on your Direct Loan or FFEL program loans.
Is Great Lakes student loans legit?
Yes, it is very legit.