Great Lakes Student Loans
If you have a student loan from Great Lakes, you should be aware of the new changes. The contract between Great Lakes and the federal government was not renewed, so customers will be assigned a new servicer after 2021. In the meantime, you should make the minimum payments on time, and review your account statements carefully for any errors.
Complaints about Great Lakes
Great Lakes is one of the largest student loan servicers, but complaints about the company are relatively rare. In fact, only about 1% of all federal student loan complaints in 2019 were about the company. In a class-action lawsuit filed against Great Lakes, the Student Borrower Protection Center alleges that the company abused the CARES Act and damaged borrowers’ credit.
Those who are unhappy with Great Lakes can contact the Federal Student Aid Ombudsman Group or the Consumer Financial Protection Bureau. They should document the nature of their complaint, as well as the names of the representatives that they speak to. They should also keep a record of their conversation, and follow up in writing following it. In addition, they should document any correspondence that they receive from Great Lakes.
Repayment options
If you owe money on a Great Lakes student loan, you should know your repayment options and how they work. The repayment plan you choose will determine the amount you pay each month and how much interest you will pay over the life of the loan. The repayment plan should be affordable and not strain your finances. If you find that your monthly payments are too high, you can change your repayment plan. There are also repayment planners available that can help you figure out your current repayment plan and find the best repayment plan for you.
You can also choose from deferment or forbearance as your repayment option. These options will help you get back on your feet and bring your loan current. However, they will not erase any past due payments. That’s why you should seek out these options before you miss any payments.
Interest rates
One of the greatest benefits of using a student loan from a lender like Great Lakes is that you can start making payments while you’re still in school. While the interest on your Great Lakes student loan may not be as high as some, it is still accruing during this time. That being said, if you begin repaying your loan early, you will cut down on the total interest, and be closer to paying off your principal balance.
However, if you find that your repayment plan is not working, you may be able to refinance your Great Lakes student loan to receive a lower interest rate. Refinancing a loan is a simple process. Use a free refinancing calculator to see how much money you can save.
Consolidation options
If you want to consolidate your Great Lakes student loans, there are several options available to you. One of these is the Direct Consolidation Loan, which consolidates several federal student loans into a single loan with a single servicer and one monthly payment. Another option is an Income-Driven Repayment Plan (IDR), which extends the loan repayment period and adjusts your payments to match your income. Federal loan forgiveness programs are also available.
Depending on your needs, you can choose either a private lender or a federal consolidation option. The federal consolidation program is handled by the Department of Education. Private refinancing, on the other hand, involves refinancing with a new lender. Your old loan is transferred to the new lender, who will then send you a statement and check. Once you have paid off your Great Lakes loans, you’ll begin repaying your new loan with the new lender.
