Great Lakes Student Loans - Getting One is Easier Than You Think
Great lakes student loans is a company that contracts with the U.S. Department of Education that manages both federal student loans and private student loans throughout the United States.
It is a loan service based in Wisconsin that continuously helps and assists students that suffer from financial hardship and get a student loan. The said company also works with its parent company Nelnet and acts as one of the largest service providers within student loans managing about 40% of the student loan debt of students.
It started providing aid for students through loans in 1967. For over 50 years, the great lakes student loans service worked with over 6,000 different colleges and universities and 1,100 private lenders within the United States.
Within federal student loans, the U.S. Department of Education is the lender for the student loan, while contract companies such as Great Lakes Educational Loan Service provide the loan service and administration. Great Lakes Educational Loan Service does not act as a loan provider or lender, it supervises the day-to-day task for the loan payments of students.
The said company processes the payments, billing statements, and reporting of the account activity to the credit bureaus, tracks the balance of a loan, and helps students with their loan issues and problems. The main objective of the company is to assist students to have an educational loan that can ease their financial hardships within education.
Loans Covered by the Great Lakes Student Loans Services
The Great Lakes Educational Loan Service covers and works with a wide variety of student loans throughout the United States. These loans include both federal student loans and private student loans. The said company provides services for Federal Family Education Loan Program (FFELP) loans and specified program types of Federal Direct Loan Program
This includes the following loan type:
• Direct Subsidized Loan
• Direct Unsubsidized Loan
• Direct PLUS Loan
• Direct Consolidation Loan
For private loans, the Great Lakes Educational Loan Service offers a broad range of private loans that students can apply for. However, there will be a huge difference between private and federal student loans.
As we all know, federal students loan is much more reliable and convenient for their beneficiaries in terms of benefits, loan terms, and more compared to private loans. But then, every student has the right and freedom to choose what loan they want to apply for.
Services Offered by the Great Lakes Educational Loan
As the main goal of Great Lakes Educational Loan Service is to assist students with their loans, it offers a great variety of services for its beneficiaries.
Below are the services offered by the great lakes student loans service.
Repayment for Student Loans
It mainly assists and helps students who want to make a monthly payment, automatic payment, or additional payment for a student loan.
Alternative Repayment Plans
It also offers other payment options for students who can’t afford monthly payments with their loans. This alternative repayment plan includes an income-driven repayment plan.
Consolidation of Student Loan
It can consolidate the multiple federal loans of a student to make the monthly payments much better and more convenient.
Forbearance and Deferment
It can also temporarily postpone loan payments for students that experience extreme financial hardships.
It assesses those students that can be qualified for Public Service Loan Forgiveness (PSLF) to give them huge aid within their respective loans.
What are the Benefits of the Great Lakes Student Loans Service?
As Great Lakes Educational Loan Service is one of the largest educational loan service providers in the United States, they can provide advantages within benefits. It primarily allows students to have access to great loans that can be useful for their education.
The highlights of the Great Lakes Educational Loan Service.
Offers competitive and convenient loan rates for students
It offers competitive rates for students who want to have a student loan. However, loan rates may vary depending on the amount and type of the loan. But Great Lakes Educational Loan Service offers potential loan interest for students with great academic performance.
Students can borrow the amount they need
It provides a great range of loan amounts that students can borrow. The maximum loan amount for undergraduate loans is $75,000 while $150,000 for graduate loans.
Moreover, Students can borrow at least $2,500 up to $25,000 every year.
Pay for the qualified educational expenses of its beneficiaries
The loans for the said service provider can pay primary educational expenses of students such as tuition, housing or rent, food, books, computers, and many more.
However, qualified students can also be eligible for the interest tax deduction under the company.
Fast quick credit decision after the loan application
It ensures that beneficiaries will have a clear loan. After the application, the student can freely choose between interest payments or a nominal $25 proactive payment for the loan payment as they’re studying to reduce the loan payment balance after graduating.
Payment Options and Payment Methods Offered
The Great Lakes Educational Loan Service offers convenient payment options for students. Refer to the list below for the offered payment options of the Great Lakes Educational Loan Service.
• Standard 10-year plan
• Extended 25-year plan
• Graduated 10- or 25-year plan (payments increase at regular intervals)
• Income-driven plans (payments are fixed percentages based on the borrower’s income)
In addition, Great Lakes Educational Loan Service has its Repayment Planner Tool that can modify effective repayment options with different plans. It provides necessary information for students who want to have a great and convenient loan.
Visit great lakes' official website
to access the repayment planner tool.
Contact the Great Lakes Educational Loan Service
Students can contact the Great Lakes Educational Loan Service in various ways. Check the details of the Great Lakes Educational Loan Service.
Contact Number: 800-236-4300
Address: P.O. Box 530229, Atlanta, GA 30353-0229