If your education loan are sourced, you will not manage to favor their servicer. Alternatively, you happen to be partnered which have a great servicer through the financial and you will one to servicer will play the role of the latest liaison between you and the lender. Great Ponds qualities one another government and personal figuratively speaking and works with 6,100000 schools and you can colleges. The business also works personally with the DOE.
What to expect When the Combined with Higher Lakes
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.
Great Lakes along with makes the actual payment techniques simple through providing an autopay alternative, having text message notification to simply help consumers be sure to spend punctually. High Ponds will even work on individuals to lower repayments from the allowing payment plan alter or pausing money in a situation out-of financial hardship for those who meet the requirements.
Great Lakes Student loan Repayment 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 Repayment: 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.
- Lengthened Repayment: 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-Driven Repayment: As the name suggests, income-driven repayment 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 Analysis of great Ponds
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, Illinois payday loans and cash advances which is no small accomplishment.
Furthermore, Higher Lakes is just one of the biggest student loan servicers, as well as bust your tail to include borrowers using units they need in order to successfully pay-off its college loans. With possess for example autopay, on line membership accessibility and you may government, customer service both online and towards social media, and a determination to utilize its individuals to make certain they is actually after the correct repayment solution, High Lakes has made an effort to make certain an excellent buyers solution sense.
Shifting having Higher 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.