Great Lakes Student Loans Review: Understand Their Services
- October 13, 2015
- Posted by: Jeff Gitlen
- Category: Student Loans
Great Lakes Higher Education Corporations has been servicing student loans for borrowers for over 45 years. The non-profit located out of Madison, Wisconsin works with over 1,000 different lenders, the Department of Education, countless schools, and millions of current students and graduates. Great Lakes Student Loans work to simplify the process of owning and repaying student loans while giving their borrowers the greatest chance at success.
Like Navient Student Loans and AES Student Loans, Great Lakes doesn’t provide loans themselves but instead help borrowers with every aspect of their loans. This includes payments, answering questions about the loans, and changing the loan term to better suit their clients’ needs.
What are the Benefits of Working With Great Lakes Student Loans?
One of the first things that becomes apparent when working with Great Lakes is their dedication to educating their borrowers. Their homepage is filled with articles about ways to save money, tips to reduce student loan debt, and guides on selecting and dealing with student loans. The Knowledge Center sections of their website has specific sections for current students, former students, and even parents. Even if you don’t have Great Lakes Student Loans as your servicer you could learn tons of information by stumbling through this section.
Like most servicers, Great Lakes Student Loans has a variety of repayment plans. These include income-based plans, deferment and forbearance options, and more typical fixed or variable interest rate plans ranging from 10 to 30 years. The main student loans Great Lakes services are the Federal Family Education Loan Program loans, the Federal Direct Loan Program loans, and private student loans.
In addition, Great Lakes offers a variety of payment options on their website. You can pay online, use auto pay, view your billing statement and payment history, change due dates, and even use their online calculator to estimate payoff amounts. Setting up auto pay even reduces your interest rate by 0.25%! This really adds up to a lot of savings over the life of your loan. Aside from the website, borrowers can make payments using a mobile app, through “snail mail”, or over the telephone.
Great Lakes Student Loans also provides support for those who have defaulted on their student loans or are having trouble paying them off. Great Lakes essentially walks their borrowers through the entire process from applying for consolidation to servicing the newly consolidated loans. Many of their clients can change their loan term to a longer period of time, allowing for lower monthly student loan payments and, therefore, less burden. It should be noted, however, that a longer loan term typically means the total amount paid over the life of the loan will be higher.
How Can I Contact Great Lakes Student Loans?
If any of your questions weren’t answer in this review, feel free to contact Great Lakes over the phone at (800) 236-4300, through the email contact form on their website, or by mail at the following address:
PO Box 7860
Madison, WI 53707-7860
Great Lakes Student Loans provides an unparalleled amount of resources and support for their customers. It is apparent that they truly want their borrowers to succeed and will do anything in their power to help. With that kind of customer service, Great Lakes Student Loans should be around as long as student loans exist!
Do I Have to Take Out Student Loans?
As the need for education funds increases, students are trying their best to get financial aid from a variety of organizations. The great need to get more students in higher education is important to the US and most countries worldwide because according to some experts, “education is the key that contributes to building a country.”
To date, apart from a scholarship, financial aid is the most sought after help that students turn to for help in paying their education fees. Although the demand is great for aid and sources are few, some places are rewarding students who are showing interest in furthering their education by providing an aid package to them. These aid packages can cover some or all of their expenses while studying. The most important education expense covered is the student’s tuition fees. However, some financial aid providers cover other expenses as well such as books supplies, boarding and even food.
Some international organizations where students can get financial aid from are United Nations, World Health Organization, World Council of Churches, Soros Foundation and AMIDEAST. In the US, the federal government gives financial aid to US students who desire to pursue a degree program at home. In addition, colleges and US universities join in on the fun and offer financial aid to international students. However, the aid offered by these colleges and universities are usually limited. Private institutions in the US try to help international students by lowering their tuition fees, as well.
Some companies helps with financial aid, also. Companies that send their employees off to a university on study leave make it their duty to provide financial aid for them. After completing their study and gaining a degree, the employee returns to the company and continues working there. Back on the job, he or she must give practical application by demonstrating the knowledge gained while studying.
While the demand continues to grow for more financial aid, the question is whether more organizations will rise to the challenge and fill the gap. For now, though, organizations such as those that are giving financial aid are making a big difference in the lives of students of all types. It is always smart to consider all scholarship and financial aid options before turning to student loans.