Great Lakes Loans is the largest student loan service provider of the nation. They are best at servicing one in four student loans / 23% of direct loans.
Do you want to collect better ideas about great lakes student loans? If yes, then here you can explore everything much better about my great lakes student loans. Till now, there are almost 8 million borrowers with around $220 billion debt.
How to get a great lakes student loan?
After you apply for the federal student loan, you will get your servicer assigned from the list of top 10 student loan servicers. Unless you combine the loans, you could never transfer the federal loans to any other servicer. Here you can easily find who took over great lakes student loans.
But while applying for the direct consolidation loan program, you can easily change your loan servicer. If you combine your loan, you can bring every federal student loan together and make them as one consolidated loan. It gives you a monthly repayment or interest rate to make proper dealing.
According to the weighted average rate of each federal student loan you consolidate, the interest rate will be calculated. After that, the amount will be rounded up to the closest 1/8th of the percent. Once you apply, you can find what happened to great lakes student loans.
Who is eligible for consolidation?
You must have at least 1 federal loan that is eligible for the consolidation to consolidate the loans with the great lakes or other servicer. You must be already graduated and additionally, you must great lakes student loans login:
· At first, login to this site studentloans.gov & apply for the consolidation.
· Choose great lakes borrowing services to consolidate your student loans.
· Then choose what kind of loans you consolidate and what repayment plan you need
· After that, submit your application.
· The process will take around 30 to 50 days. You can precede making loan payments on the existing loans while waiting for the loans to transfer to great lakes.
· After the grace period on the original loans ends, the repayment process begins.
· After that, login to the official site of My Great Lakes and then start making all your necessary loan payments.
There are also some options available to find who bought great lakes student loans.
Explore the basic information:
There are no additional charges or fees to consolidate the loans. But doing so is must to qualify for various income driven repayment plans.
Such programs let you pay only around 10% – 15% of the discretionary income towards the student loans.
You will have the remaining loan balance forgiven after 20 – 25 years of making repayments. You can also here sign up for the standard repayment plan or some other repayment plans which the Department of Education offers.
It is also a must for you to consolidate the student loans when you need to access the student loan forgiveness program. Those who are eligible are the ones who bought out great lakes student loans.
Repayment options of great lakes:
Great Lakes are also offering different repayment plan options similar to the federal student loan servicers. Such options are:
- Standard Repayment – Level
- Standard Repayment – Graduated
- Extended Repayment
- PAYE – Pay as You Earn
- REPAYE – Revised Pay as You Earn
- ICR – Income-Contingent Repayment
- IBR – Income-Based Repayment
Customer support service of Great Lakes:
There are many ways; you have to get customer support. For that, you must get the great lakes student loans phone number.
- Phone: (800) 236-4300
- Email: Check out this site https://mygreatlakes.org/educate/contactUs/home.html to know the email ID
Here you can easily get the great lakes student loans contact number. Those who want to raise a complaint can contact the customer support expert now.
Conclusion:
From the above mentioned scenario, now you have got the perfect idea about great lakes federal student loans. Great Lakes are the great student loan servicer who manages your complete federal student loan repayment. Here you can find better customer support and easily consolidate the loan with the servicer to enroll in the different student loan repayment program. But you can’t get your interest deducted with this kind of option. Those who want to save money & have good credit can consider a best private student loan refinancing company.
FAQs:
1. What kind of student loan is the Great Lakes student loan?
A Great lakes student loan is the most effective Wisconsin-based loan servicer for both private & federal student loans.
2. Can Great lakes student loans be forgiven?
You must need to move from the current repayment plan to the IDR plan to qualify effectively for the Great Lakes student loan forgiveness.
3. Is Great Lakes private or government?
Great Lakes is the largest federal loan service provider that can manage around 40% of the exceptional debt held by the most student loan borrowers.
4. Who owns the great lakes loan?
Nelnet Diversified Solutions, LLC owns the Great Lakes in February 2018. It is the parent company of the Nelnet Federal Student Loan Services.
5. How to pay off the Great Lakes student loan?
There are two ways available to pay off the Great Lakes student loan. Such ways are automatic payment and one-time payment.
6. What do Great Lakes do?
Great lakes can shape our society, environment and economy by offering a great student loan very effectively.