15 Feb
Great Lakes Loans (7 Facts to Know)
February 15, 2021
Great Lakes Loans, What You Need To Know.
Great Lakes Review
If you are a student looking to find the best loan for you, it can get a little difficult and a lot stressful. This is why I am here to help make this process a little easier for you! You should head over to Great Lakes; this article is going to look at all of the best things about this service and why they are the best for you.
First of all, the website is very clear. You know exactly where and how to find things. They are very clearly labelled so you will not get lost, or struggle to find exactly what you need like you would on many other websites. This is a very important thing because when you cannot work your way around a website you do not want to use it, especially when you are in the process of something so important like a student loan.
With this, also comes the fact that their loans are very clearly explained. For example, they tell you exactly when your Loan payments begin, which is a significant thing to know as a student. They are also very clear in offering flexible repayment options. So if you are facing things such as unemployment, or are actively serving in the military, etc. Then the amount you pay per month can be lowered, which is something that not everyone offers, so it is important to consider.
Great Lakes Loans, start here.
They are also very helpful and have somebody on hand ready to help you as soon as the website is loaded up. This is a great thing to have because many people looking to get a student loan may not know where to start or what they should be looking for. So, having somebody there who can talk you through it or give you some pointers can be very helpful and can make this big scary process a little less scary.
It is also important to note that this help that is on offer, is free! Yes free. Most other student loan companies make you pay for their help services, but with Great Lakes, you get it for free, which can be lifesaving for many people. This is another reason why you need to use Great Lakes because they genuinely care about helping you.
There are also so many different repayment plans on offer, so you do not have to worry about scraping the money together each time, then there are options to help you out with that. First, there is the standard level repayment, for those who are comfortable and can afford payments.
For those who can’t quite make it, there is the extended/graduated plan, or there is the income-driven repayment, which works around your income, to ensure that you are able to pay it and still have enough money to live. But they also offer some plans for those who cannot make the payments at all, such as forbearance, deferment, unemployment deferment, and economic hardship deferment.
So there is something for everyone when using Great Lakes, which is why you should definitely use their services!
Great Lakes Loans, What Are They?
GL Higher Education Corporation was one of the largest student loan providers and guarantors in the United States.
Headquartered in Madison, Wisconsin, the corporation is non-profit. It was one of the four largest companies which service United States federal student loans.
GL, Nelnet, Navient, and the Pennsylvania Higher Education Assistance Agency. In 2018, the loan servicing part of the organization was sold to Nelnet.
GL Loans Educational Statistics
- Great Lakes Educational Loan Services, Inc. guaranteed over $51 billion in loans
- Works with 6,000 schools
- Ulises over 1,100 lenders
- Has over 10,000,000 borrowers
- The loan servicing operation is now a fully owned subsidiary of Nelnet, the combined company now servicing 42% of the total federal student loan debt
What Services Does Great Lakes Loans Offer?
GL loans interest rate
Example of interest rate and loan.
Multiply each loan amount by its interest rate to obtain the “per loan weight factor.”
Loan 1: $10,000 x 6.8% = 680
Loan 2: $2,000 x 3.8% = 76
Add the per loan weight factors together. 680 + 76 = 756
Add the loan amounts together. $10,000 + $2,000 = $12,000
Divide the “total per loan weight factor” by the “total loan amount,” and then multiply by 100 to calculate the weighted average. (756 / 12,000) x 100
or 0.063 x 100 = 6.3%
Round Step 4’s result to the nearest higher one-eighth of one percent* if it’s not already on an eighth of a percent.
Contact Great Lakes Loans
Contact Information For Student Loan Customers
Phone number : (800) 236-4300
Local/International : (608) 246-1700
Staff are available during these hours
Monday-Friday 7:00 a.m. to 9:00 p.m. Central Time
Mail address: General Correspondence
Great Lakes
PO Box 7860
Madison, WI 53707-7860
Fax Number
Toll-Free: (800) 375-5288
Local/International: (608) 246-1608
Contact Information for Financial Aid Professionals
Client Services
Direct Loan Consolidation Origination
Fraud and Identity Theft
Great lakes loans login
You can log into GL Loans Here.
My Account
Log in to your account here
Trouble accessing your account? can’t log in?
Information on login issues and more
Edit Your Profile
Change your profile details here
Great lakes loans customer service
Contact them here.
Sign up to GL Loans
Is does not take long to sign up today/. You will need your social security number and date of birth to start the joining process.
GL Loans Social Media Platforms
Great Lakes Loans Questions And Answers
Is Great Lakes a private or federal loan?
Neither private nor federal
GL is neither a private nor a federal loan. The company actually services both private and federal loans.
Can Great Lakes student loans be forgiven?
It may read on
Once you’ve met all the requirements, your student loans may become eligible for forgiveness.
Who is the credit provider for Great Lakes student loans?
Great lakes loans are one of the biggest in the country.
FFELP loans were funded by private lenders, such as banks or credit unions, and are guaranteed by the federal government.
Is my Great Lakes a federal student loan?
Read here to understand in detail.
Can my student loans be forgiven after 10 years?
Yes
After serving for 10 years and making 120 payments, which don’t have to be consecutive, you can apply for student loan forgiveness.
Is Great Lakes a good loan servicer?
Yes
Great Lakes Loans Services received a score of 3.8 out of 5 for great service.
Who owns Great Lakes?
Nelnet
Is Great Lakes legitimate?
Yes
GL loans is one of the largest in the USA,
Can I make payments online to Great lakes loans?
Yes
GL loans take online payments.
Can I pay GL through my bank?
Yes
You can add or amend your bank account here.
Are there different repayment options for GL Loans?
Yes
You can amend details here.
Can I upload documents to Great Lakes Loans?
Yes
You can access files here.
Can I lower my payments to GL Loans?
Yes
For further information visit here.
