At the point when the requirement for a student loan emerges because of the extraordinary money related difficulties in your school years, dread not. Try not to be excessively hard on yourself for acquiring those loans. Regardless of whether you happen to obtain a few student loans, there is no compelling reason to frenzy and flee from your banks. Recollect that there is as yet a possibility for you to merge government student loans.
There are two significant sorts of great lakes student loan, as indicated by the supplier determined. First is the government student loan which is handled through the activities of the US Department of Education. They have executed a Federal Student Aid program as a piece of their crusade to give equivalent instruction chance to all hopeful understudies in the nation. An administrative student loan is taken care of by the Department of Education and they are known as one of the most obliging government part, particularly when the need to unite bureaucratic student loans emerges. A known case of government loans is Stafford loans.
A Closer Look at the Great Lakes Student Loan?
As a loan servicer, the Great Lakes company is headquartered in Wisconsin, Madison to be precise. This region in Wisconsin also happens to be the region where the Great Lakes are located, hence, deriving its somewhat unusual name. Though the company services federal student loans, it is a private company and so are other eight that contracts for the Federal Government to service federal loans.
According to the federal student loan portfolio, over 8 million students borrowed about $251.2 billion Great Lakes student loans as of 31st March, 2019. However, it’s noteworthy to state that in 2018, another loan servicer called Nelnet bought the Great Lakes company. This company also had an additional $192.6 billion.
Great Lakes received the second-largest new student volume which was calculated to 17% of the total share. This shows the popularity and reputation of the Great Lakes at a national level because it is among one of the most reliable servicers of loans for scholars in the country.
You know you’re dealing with a fairly good loan servicer if there are few or no lawsuits against the company. And so far, borrowers of the Great Lake student loan haven’t taken their issues to court a lot.
Getting a Great Lakes Student Loan Servicer Assigned
For many students, it’s baffling how their loans ended up with a private company they know nothing about, especially because these loans are federal. Well, here is how it works. It all begins with your application for student loans.
Typically, you do this through your college. However, the Education Department processes your loan application by collaborating with your colleagues. If everything works out well, your loans get approved, and paid into your account.
The part you don’t know is the fact that the Education Department gets one of the nine federal companies to handle your account. In your case, the Great Lakes had the honor since they contacted you about your federal student loan. Usually, you can expect the loan servicer in charge of managing your loan account to contact you once the Education Department assigns them your account.
Also, you can expect to hear from Great Lakes when you begin receiving your disbursement. Naturally, the company will contact borrowers after the first payment. You will find several details, terms and conditional from them. Remember, you need to arm yourself with all the necessary information when dealing with student loans.
Remember, you don’t have a say in the company the Education Department assigns your account.
How to Work With Great Lakes Student Loan Servicers300
Even though nobody dictates their loan servicer, it’s prudent to try and find out how best to use the services of your servicer to your advantage. After all, your student loan servicer is your first point of contact to the federal government in all matters pertaining to your loan. Usually, many students fail to realize the importance of their loan servicer while they are in college.
This is understandable because you don’t have to make any monthly repayments towards your loans while you’re still in school. However, the best approach is to prepare beforehand. And how do you do this? You simply have to make inquiries and ask a few questions. On the other hand, you may also want to verify the information about the balance in your account.
Once you’ve done this, you know the kind of assistance you can expect from Great Lakes when it’s time to begin the repayment of your loan. Some of these assistances include the following:
Providing advice in times when repayment becomes challenging.
Offer different plans for repayment such as the income-driven plan.
Help you temporarily reduce your repayment amounts.
Advice to help you determine if consolidation of your federal student loans is a good option for you – then help you go through the process.
Process your application for loan forbearance or deferment in case you need to suspend payments.
At this point, you might have guessed that it’s very essential to pay rapt attention to any mail you receive from Great Lakes. The contents of their emails or mails may contain information crucial to your education and financial future. Usually, you’ll have information such as alerts for missed payments or delinquency in there. Therefore, you don’t have to take them lightly. That’s if you intend to keep your loans in good standing and maintain a good credit score.