If the education loan is acquired, you would not be able to choose your servicer. As an alternative, you may be hitched which have a good servicer through the lender and you will one to servicer will then try to be the liaison ranging from both you and the lending company. Higher Lakes attributes each other federal and private college loans and you will works that have 6,one hundred thousand schools and universities. The company as well as really works individually on DOE.
What to expect In the event that Combined with Great 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 Ponds and additionally makes the actual fee processes simple by offering an enthusiastic autopay alternative, with text notice to aid individuals be sure to pay on time. Higher Lakes will additionally run borrowers to lower payments by the making it possible for payment package transform or pausing costs in times away from monetary adversity just in case you meet the requirements.
Great Ponds Education loan Fees Arrangements
- Practical Installment: payday loan and cash advance Pennsylvania The loan is paid back over the course of 10 years or 120 payments. The loan has a standard amount that is paid monthly.
- Graduated Cost: 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.
- Stretched 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 Fees: 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 Recommendations of good 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, which is no small accomplishment.
Secondly, Great Ponds is among the largest student loan servicers, and additionally they bust your tail to add borrowers making use of the systems they require in order to effortlessly pay back the student loans. Having has actually including autopay, on the internet membership availableness and government, support service both on the internet and on social media, and you may a determination to work alongside the consumers to ensure it are pursuing the best fees solution, Higher Ponds made an attempt to make sure a nice consumer solution experience.
Progressing having Higher Ponds
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.