Many companies facilitate loans for students. Great Lake Borrowers are students or parents who contracted with the company, and the company agreed to serve and help them in every single issue they have. Great Lakes Higher Education had many coverage areas, including loan consolidation, forbearance, and deferment plan, but more specifically, it is known for loan servicing. They worked following the state regulations and with thousands of universities and students. Great Lake Borrowers established a significant section of people, who are taking their higher degrees. Currently, the Great Lake Company has more than several billion borrowers, nearly thousands of lender and much more borrower.
Who was used the companies services agreed the Great Lakes would compromise their financial instability. The company shares are increasing, and public trust is forming. In this post, I will talk about the company services and some points that all borrowers should take into account.
Great Lakes Monthly payments
While borrowers who took a loan from different companies such as Navient Corporation struggle with a variety of problems, the Great Lakes’ payment strategy is simple, easy and designed for consumers.
They offer three ways to pay your monthly fee:
- Through mail. People who do not want to forget the traditional method, and prefer to make his bills with mail, the company offers mail services.
- Modern generations are living with their phones. The Great Lake Borrowers can pay their bills with their phone. There is a mobile application that students can use to make their loan operations.
- The company has a website that payments are also possible over computers. The company has done everything to facilitate the payment process and to make the procedure pressure free.
There are cons also. The reward or additional credit for credit card payments are not possible with the Great Lake. It is only possible if your card is a debit card, not a credit card.
- The company also offers discounts for Direct Loan interest rates in autopay services. As other famous companies who established a great image of their services, provide a 0.25 % interest rate reduction. It means if your interest rate for any Federal Student Loan is 4.35%, with employing Great Lake you can reduce it to 4.1%. Autopay option helps students and services at the same time.
- Students benefit because the loan payment with interest rate is daily based. That means it made a difference when you paid 30th or 31st of September.
- The company benefits because they do not concern late payments anymore.
Repayment options with Great Lake
There are many kinds of repayment options around. PAYE, REPAYE, income-based payments are kinds of repayment options, and almost every servicer organization offers all of them. But it is customer-based as well. So the customer chooses in which way he prefers to repay. The role of the company in this process to monitor the process and determine options, help with monthly amount calculation and determination.
Private loans
Great Lake Borrowers can be profit from private loans. The lender and the borrower determine the process. If there are some problems with payment, the customer must connect with the lender. The lenders mainly want to ease all difficulty in the process, which makes them more trustworthy. But one thing is different from the federal loans is that private loans do not have to offer breaks and you cannot strike for the break.
Federal loans
With federal loans, you will be able to pay under the options called above, as well as to utilize the loan consolidation, deferment, and forbearance options. Avoiding to choose any option above would cost you to pay a standard 10-year payment plan.
Facts about Great Lakes
The headquarter of the company is situated in Wisconsin. In the states like Indiana, Minnesota, Texas, South Dakota, and Connecticut the company has distributors and service centers.
The number of students who take charges with the Great Lake is 224 million loans and 8 million students. This number is more than the population of some countries, in that matter, we could say that the Great Lake has more influence on students than in some countries. Federal Family Education Loan Program caused $ 75 million to take in charge by the company, and it has grant applications up to $260 million.
What do borrowers need to take into account
- Online tools. Payment options with other services are complicated, in a way that the procedure takes a long time. But given the online tools to serve better for the community made the Great Lake step out from the crowd of loan servicing companies. The online tools help students in their options such as which repayment method to choose, determining the monthly payment and others. The Repayment Planner, the unique characteristics that the company owns, gives you a detailed track of your repayment plan and to introduce the pros and cons of every single option. For using this platform all you need is to create an account and get to know more about terms and conditions.
- High-school payments. It is already possible to pay from high school. Unless it is conventional to start thinking about loans after being admitted to the university. But there is a saying that “thinking beforehand brings wisdom.” So feel that you are already in college and plan your future loans from the high school times. It is most beneficial for students. The majority of interest rates accumulate in your bachelor degree. If you start paying in school years, then the first payments, which supposedly are not a big deal, then during your university years you will not concern a lot about interest rates.
- Great Lake Borrowers Support. The company cares about its clients. They created a special support committee to help students who have problems in payment, interest rate, and similar cases. The company’s aiding service is what brings new clients and be called its name to see the nationwide promotion. Over social network websites, the company offers help as well.
Past Problematic issues with Great Lakes
In order to be perfect, every single company should have disturbances before. Even the most honest company would have negative feedbacks, but the main thing is to resolve all the problems. Following cases are investigated by the State, and everybody ensured to get what they deserved. The company concerns about losing its prestige through those cases.
Business Bureau
The better business bureau, the platform for business aims sees a big deal of concerning replies regarding their service.
Lawsuits
It sounds impossible, but it is true that several trials have been conducting toward the Great Lake. The Great Lake Borrowers who played a role in suing the company assume the company has misconducted the Fair Credit Reporting Act.
Customer
The Great Lake Borrowers called Amanda Lawson- Ross though the company violated several regulations in conducting the PSLF. We gave elaborated information about PSLF already. At the time of admitting the University, Ms. Amanda was considered as eligible for public service loan forgiveness and her case started. After a while, when she paid some amount of her loan, he informed that she is not available for the PSLF. Allegedly the customer demanded to take essential steps in her case and defended her right to finance studies.
