Great Lakes is a loan servicer that helps many Americans get federal student loans. As a servicer they act as an intermediary between the borrower (you) and the lender and manage the debt accordingly. By the end of 2017, Great Lakes was servicing around $224.4 billion student loans for over 7.5 million students. Early this year, this servicer was acquired by a major competitor, Nelnet. This doesn’t change much about the functionality of Great Lakes or your debt with them. It will continue to service student federal loans under the Great Lakes name. If you have Great Lakes Students loans, we are here to help!
Great Lakes is a very prominent servicer among graduates today with federal student loans. In addition to federal loans, Great Lakes manages about $8.5 billion private and consumer loans to almost a half a million borrowers nationwide. All Great Lakes loans are serviced via their online portal and payments can be made manually. They do have autopay options which slightly reduce the amount of interest you pay on the life of the loan.
With federal student loans, Great Lakes has a standard 10-year repayment plan with fixed monthly payments. But often times this is an unaffordable monthly payment, causing massive financial stress on graduates and families. Great Lakes will try and offer you alternative repayment plans, but as with any servicer they have their best interests in mind. That is why having a partner like National Debt Education Relief is so important, as we work on YOUR behalf to get you into the best possible program at the lowest amount…. not what will make Great Lakes the most money.
What to do if you have Great Lakes Borrowing?
Servicers are supposed to educate and assist borrowers with federal student loans, but don’t always act in the best interest of the student. Because of this lots of servicers have face federal lawsuits over the years. Great Lakes has had their fair share of negative feedback. With complaints about payments not being applied properly to errors in payment processing, Great Lakes boasts a whopping 1-star overall satisfaction rating with Consumer Affairs as of 2018. We understand it is tough to trust a company like this which is why National Debt Education Relief is here to help educate those with Great Lakes Student Loans on the best possible options for acquiring a lower payment. If you have Great Lakes as your servicer and are not happy, there are other options and you can always move to a new servicer by consolidating your debt into a Direct Consolidation Loan with the help of National Debt Education Relief.
The average student loan debt upon graduation for 2017 was $39,400. This kind of debt will take a while to pay off, meaning you are dealing with your servicer for years if not decades. If you are drowning in student loan debt and want to drastically reduce your payments and STOP dealing with servicers like Great Lakes give us a call and let us show you a better way forward!
Easily Reduced Their Payments!
Federal Student Loan Forgiveness Programs
Loan forgiveness programs are just what they sound like, a portion of the loan is forgiven after time. These programs exist for people that work in multiple fields from education to health care to public service and more. After a fixed number of payments, the remainder of your loan is forgiven completely!
to get you the lowest payment possible
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2 Minutes Could Save You Thousands On Your Student Loans.