Student loans create opportunities for millions of people to study; after graduation, these loans usually become a headache for the significant majority of those students. That being said, some loan servicing entities are considered to be really helpful towards students, one of which is Great Lakes credit union loan servicing. But can you use the services of this loan servicer confidently? Do they really care about students? For you to be aware of the answers to these questions, I wrote this article. Once finished, you will know whether it is worth taking loans from and collaborate with Great Lakes credit union for your studies.
The Features of Great Lakes Credit Union
Founded in 1938, Great Lakes credit union is available in two states, Illinois and Wisconsin. The variable annual percentage rate offered by the Great Lakes credit union student loans, changes between 4.39% and 10.51%. As you know, the majority of students do not usually have a credit history when starting to study at a university. So, having a parent or another creditworthy person cosign the loan, you can improve your chance of getting lower rates.
The amount that you can take as a loan varies depending on your case. In general, the minimum amount you can take is $2500, which can go up to $150,000.
It is also worth mentioning that Great lakes credit union student loans do not charge any origination fee. This is indeed one of their best features. Bear in mind that some loan providers charge a fee for financing and processing the loan. And this amount ranges within 0.5% and 5% of the total loan amount. You can imagine how huge it can be depending on the credit you take.
Another positive aspect of Great Lakes’ credit union is they do not require any prepayment fee. In other words, some loan providers will ask you to pay some extra charges for paying off the loan earlier than the scheduled time. Luckily, it is not the case with Great Lakes.
Terms of Great Lakes Credit Union Student Loans
Student Loan Repayment terms of Great Lakes Credit Union are between 5 and 20 years. Also, students who take loans from this entity are offered unemployment protection. To be more precise, in case you suddenly lose your job, you will have your loan payments put on hold for a temporary duration. It applies to the case when you finish college, too.
Moreover, two types of students can benefit from Great Lakes’ credit union student loans. These are graduate and undergraduate students.
What Are the Requirements to Qualify for Great Lakes Credit Union Student Loans?
The credit score of yours should be a minimum of 660 to qualify for student loans of Great Lakes credit union. The loan provider also does not reveal any minimum annual income that is needed to be eligible for their loans. That said, you should be employed to be able to benefit from Great Lakes credit union student loans. If it is not the case with you, you can add a cosigner who will meet their eligibility criteria. At the same time, adding a creditworthy cosigner will enhance your chances of getting a lower interest student loan rates.
Needless to say, if you are a US citizen, then you are automatically eligible for the loans offered by Great Lakes credit union. On top of that, green card winners and permanent residents qualify to benefit from the services of this loan provider, too.
There are a few documents that you should provide when taking a loan from this loan servicing company. These are identity proof, driver’s license, citizenship proof (permit of residence), and proof of income.
Is the Great Lakes Credit Union Really So Good?
Great Lakes credit union is one of the most liked loan servicing companies according to my research. For you to make your decision on taking a loan from them, I will discuss the thoughts of people about them. That will surely give you a better idea of whether you should go for Great Lakes credit union student loans.
Useful Loan Portal for Students
One of the most prevalent comments I came up with while researching Great Lakes is that they have a beneficial student loan portal. This feature is handy for finding the relevant information regarding the loans Great Lakes offer. Likewise, you can modify the payment dates of loans with the help of their website. For instance, if you are going through some tough times financially, you can get on their website and cancel your payments any time you want. Certainly, you do not want to talk with a rude customer service representative trying to explain your situation regarding the student loan debt.
They Have a Good Customer Service
Contacting your loan servicer is not something fun for sure. But at least you want to speak to a person who is polite and will assist you with your queries. Well, that is what you will exactly get in the customer service of Great Lakes credit union federal student loans. I did not find any comment that was dissatisfied with the call they had. That said, some people have stated that on several occasions, they have connected with customer service representatives who were literally out of the topic. It means, in some cases, you can talk to some people from this organization who would be unable to help you. So, beware of this for the future.
They Do Not Always Give You The Correct Information
The role of a loan servicer is to support your loans. However, it is not what you always get when using their services. Unfortunately, this case seldom happens with Great Lakes, too. One of the comments made me realize that Great Lakes representatives were not able to provide the correct information regarding her situation. Also, look at the issue from a different angle. People sitting in Great Lakes credit union are not paid to care about your money. Neither, they are paid to explain to you what will save you the most money. Considering this, I believe you should not overestimate their potential help to you.
What to Do If You are not Comfortable with Them?
There is not such a rule that you have to collaborate with Great Lakes till the end if you have already started. Indeed, there are some recommendations I can give which may be useful to you in this case. Initially granted, you can contact their ombudsman. There is a department that is designated to manage the complaints. So, you can benefit from it.
Another helpful tip may be refinancing your loans into private ones if you have little federal loan amount left. You can also select consolidating your federal loans and go for another loan servicer for the rest of your loan duration.
It is clear as spring water that Great Lakes credit union student loans are one of the best in the industry. Nevertheless, the negative experiences of some unsatisfied customers are there, too. I researched and provided the most crucial information about the Great Lakes for you. Now it is your call to decide everything based on the information given. I hope you found it helpful. Do not forget to check our blog page for more updated content.