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Should i Like Great Lakes due to the fact a beneficial Servicer?

Should i Like Great Lakes due to the fact a beneficial Servicer?

Should your student loan are sourced, you would not have the ability to choose your own servicer. Alternatively, you may be married which have a good servicer via the lender and you will one servicer will then try to be this new liaison anywhere between you and the lending company. High Lakes services one another government and personal student loans and you may really works having 6,000 universities and colleges. The company including really works really on DOE.

What to expect In the event the Paired with Great Ponds

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.

Great Ponds including helps make the actual payment processes easy through providing an enthusiastic autopay option, having text message notification to help borrowers remember to spend promptly. Great Ponds might focus on borrowers to lower money by allowing fee bundle changes otherwise pausing money in times regarding economic hardship for those who meet the requirements.

High Lakes Student loan Repayment Plans

  • Standard Cost: The loan is paid back over the course of 10 years or 120 payments. The loan has a standard amount that is paid monthly.
  • Finished Repayment: 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.
  • Longer Fees: 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-Driven 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 Recommendations of great Lakes

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.

Secondly, Great Ponds is one of the biggest student loan servicers, in addition they strive to incorporate borrowers using gadgets they require to help you efficiently pay the student education loans. With enjoys such as for example autopay, online membership availableness and government, support service one another on the internet and for the social networking, and you can a determination to partner with their individuals to ensure it are adopting the correct installment solution, Higher Ponds made an endeavor to make sure a good customer solution experience.

Moving forward which have High 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.


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