Great Lakes Student Loans

What You Should Know About Great Lakes Student Loans

On a regular basis student, Lakes Loan is on high demand. However, if you once applied for federal student loans, the probability that you might have a deal with Great Lakes Higher Education Corp is high. “Great Lakes” is a company that runs loan packages with the federal government in order to service student loans.

Among other student loan servicing companies, Great Lakes is a company you should give a trial not minding the fact that it has one of the lowest numbers of complaints from its recipients when weighed to other servicers.

Unlike most services, Great Lakes still receive various gripe and have had a few class-action lawsuits in the past. For more information about Great Lakes Read on. The major challenge most borrowers have is that the company is how to switch loan servicers.

Tips: Great Lakes Students Loans Review

Great Lakes offer your student loans by watching over your school enrollment and thereby helping you find an ideal method of the repayment plan and also processing your student loan payments.

In terms of the Consumer Financial Protection Bureau (CFPB) data, Great Lakes has it to have received the lowest number of complaints when weighing against all other large federal loan servicers. It also has an A+ rating while relating it to the Business Bureau.

For your information, note that this company was acquired later by Nelnet as of 2018, having a higher percentage of complaints on each borrower. Don’t be surprised because the incident of acquisition may change the service they offer in the later times.

Most times whereby federal loans are been ran by Great Lakes and unfortunately for those who don’t like Great Lakes will definitely do nothing about the system because it has already been set. However, you have no option than to stay with the company and make on-time payments or take another part by channeling to turn out with Private lenders, having a new servicer.

Common Problems with Great Lakes Student Loans

Unlike other loan servicers, Great Lakes recorded zero or little complaints on file with the CFPB. This made us dive further into research and then we got to find out that the servicer received only 310 complaints between March 2017 and March 2018 unlike Navient’s having about 3,599 complaints. Also, “Great Lakes” has an A+ rating with the Better Business Bureau.

In as much as the servicer has received three main complaints that many borrowers have issues with, some of the major complaints of Great Lakes include:

Issues of payments and how there are being handled: all most of the complaints gotten from the borrower have to do with payment problems. Stuff like misallocation of payments, false reporting of late payments and problems making extra payments are the major challenges of borrowers.

In regards to the CFPB, all issues were attended to with a timely response. In as much as you sign up for autopay, it’s important to keep track of your payments each month.

Furthermore, keeping track of your payments and requests is important particularly when you are trying to stop payments. With that, you will be able to contact the servicer as soon as possible when you are having issues with your account.

Bad verdict information about a loan: The painful common complaint is that most of these borrowers are receiving incorrect facts about loans. This often happens when borrowers have in mind or are giving a trial in order to file for deferment and forbearance.

I can’t get other flexible options for repaying loans: this has been one of the greatest challenges that borrowers encounter while they try hard to change their repayment plans properly.

However, in order to get this done, you have to document the process of switching repayment plans, starting from the date you filed for switching and received confirmation. With this data, you should contact Great Lakes with this information to get everything sorted out quickly.

How to Switch to a New Student Loan Servicer

Most student loans e.g. Great Lakes student loan can last up to 25 years. But the unfortunate thing is that since you get a federal student loan in which you are not able to choose your loan servicer, it can become a temporal issue for some borrowers.

However, if you really don’t like the loan servicer that the Department of Education assigned to you, the only ideal plan you would do is to consolidate your federal loans and then apply for public student loan forgiveness or you go ahead with a private lender.

Tips:

note that refinancing a federal student loan will likely mean you are compromising to pay higher interest rates in exchange for the federal loan repayment plans and PSLF. We don’t support you take this step unless you are financially secure and can handle losing the federal loan protections and benefits.

Best Private lenders for student

SoFi – is one of the best private lenders for students, as it often provides great Lakes Student Loansompetitive rates, good options for medical students in residency and employment assistance. The interesting part of this is that if you happen to lose your job or want new employment, the lender links you to career coaches and networking opportunities. This loan service is serviced by MOHELA, which received an A+ rating from the Better Business Bureau, and has few CFPB complaints.

Earnest – is among best for borrowers who want repayment flexibility because it allows you to set your own monthly payment and loan term. Without a co-signer, you must be able to qualify on your own, and this requires a minimum credit score of 650.

This Loan service is disbursed and serviced by Earnest; also having an A+ rating from the Better Business Bureau. The lender was acquired by Navient, but they continue to operate as separate companies.

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