Do i need to Prefer Great Lakes since a Servicer?

In the event your student loan try acquired, you will not manage to like their servicer. Instead, you happen to be married which have an effective servicer through the lender and you will that servicer will play the role of the fresh new liaison between you and the lender. Higher Lakes services each other government and personal student loans and functions having 6,000 universities and you will universities. The company along with really works directly towards DOE.

What to anticipate If the Paired with Higher 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.

High Lakes and makes the real commission processes easy by providing a keen autopay solution, which have text notice to aid individuals always spend promptly. High Lakes also work on individuals to reduce payments from the making it possible for payment package alter otherwise pausing costs in times regarding financial adversity in the event you meet the requirements.

Great Lakes Student loan Installment Plans

• Simple Fees: 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 Fees: 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.
• Prolonged 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-Passionate Installment: As the name suggests, income-driven repayment here 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 Ratings 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, Higher Ponds is just one of the prominent student loan servicers, and work hard to incorporate individuals making use of devices they might require to effortlessly pay its student education loans. Having keeps including autopay, on line membership availableness and you will government, customer care each other online and to the social networking, and you may a willingness to utilize the consumers to make certain it is actually after the best cost solution, Higher Lakes made an endeavor to make sure an excellent customers service experience.

Progressing 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.