In case your education loan was sourced, you will not have the ability to prefer your servicer. Alternatively, you’re hitched which have a beneficial servicer via the bank and one servicer will then act as the newest liaison ranging from both you and the financial institution. High Lakes services both government and private student loans and work which have 6,000 colleges and you may universities. The organization as well as functions actually towards the DOE.
What to anticipate If the Paired with High 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 https://getbadcreditloan.com/payday-loans-ct/ secure message or telephone call.
High Ponds as well as helps make the real percentage procedure simple through providing an autopay option, that have text notification to aid borrowers remember to pay timely. Higher Ponds will also work at consumers to reduce costs by allowing percentage package changes otherwise pausing money in times regarding economic adversity in the event you qualify.
Great Lakes Student loan Cost Agreements
- Fundamental Cost: 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.
- Offered Fees: 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-Determined Payment: 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.
Consumer Evaluations of good Lakes
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.
Subsequently, Higher Ponds is one of the premier education loan servicers, in addition they work tirelessly to provide borrowers using the systems they need so you’re able to effectively repay the student loans. Which have have instance autopay, on the web membership access and you may management, customer support each other on the internet and on social media, and you may a determination to work well with the consumers to make certain they is after the right fees solution, Great Lakes has made an endeavor to make sure a pleasant customers service feel.
Progressing which have High 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.
