What is Great Lakes Student Loan?
Great Lakes Student Loan is a loan provider especially for students in the U.S. It is a student loan servicer having a contract with the Education department of the U.S. Great Lakes Student Loan is one of the most frequently approached student loan providers of the nation. Although this organization provides student loans nationwide the name ‘Great Lakes’ comes to signify its location as it is mainly based in Madison and Wisconsin which are the parts of the Great Lakes region. Great Lakes Student Loan is one of the nine largest companies across the nation having a legal contract with the U.S. Education Department for handling the billing of federal student loans.
As a service provider, the Great Lakes Student Loan is responsible for helping their consumers to manage payments and billing for federal student loans. This student loan servicer company deals with approximately 20% of the total federal student loans assigned in the U.S. By the end of 2019 it has been reported that the discussed company was allocated the largest amount of student loan which is nearly 19% among all the relevant service providers of the nation. The company Great Student Loan has affiliation from Nelnet Diversified Solutions, LLC. Though Nelnet independently manages 10% of federal student loans the discussed company has distinguished significance in the loan sector of the U.S.
Now, how Great Lakes Student Loans works that can be discussed.
If any student applies for a federal loan, a loan servicer is automatically assigned who will manage his account and payments. Firstly the Education department works with the college and after that, the process of providing student loans starts. Next, the sanctioned loan is provided by the servicers such as Great Lakes Student Loan which is commonly known by the name ‘Great Lakes Educational Loan Services’ among the students. The company must contact the student when all the procedure regarding the loan is completed or able to manage the assigned loan typically after the payment of the first part of the loan. Thereafter the servicer will disclose all the relevant points to the student regarding the loan from the first billing to the final payment.
Initially, it is not required to contact the servicer frequently. But if the student has any kind of query or lack of information regarding the loan he or she can be in touch with Great Lakes Student Loan executives. When the payment period kicks in, the servicer can help the students by providing the following facilities-
• Great Lakes provide the opportunity to the students that they can change their payment plans at any time.
• The service provides help if students are facing difficulties while repaying.
• Great Lakes Student Loan provides proper guidance to the students regarding the loan plans.
• The servicer suspends or reduces payments if the students have any justified reason.
Great Lakes Student Loan provides the chance to contact them if the students want to pay early or having any issue regarding monthly payments. Students can easily pay a look to the online Great Lakes account to manage their account and gather more information about the loan. The discussed servicer always opens communications for their consumers related to time-sensitive information, notification of missed payments, and so on. And most importantly students do not have to pay any extra charges for this kind of service. Students can always check their account balance and payment schedule by visiting the official website of Great Lakes Student Loan.