Should your education loan is sourced, you will not manage to favor the servicer. Instead, you will be partnered with good servicer through the financial and you may that servicer will then play the role of the fresh liaison ranging from you and the financial institution. High Lakes qualities one another federal and personal student loans and you will work having six,100000 schools and colleges. The organization as well as functions personally for the DOE.
What to expect In the event that Combined with Higher 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.
Higher Ponds also helps to make the genuine commission process easy by offering an autopay solution, that have text message notice to assist borrowers remember to shell out punctually. Great Ponds will work with borrowers to reduce repayments of the making it possible for commission bundle change otherwise pausing payments in a situation out-of economic adversity in the event you meet the requirements.
Great Ponds Education loan Cost Arrangements
- Basic Fees: The loan is paid https://getbadcreditloan.com/payday-loans-mi/ back over the course of 10 years or 120 payments. The loan has a standard amount that is paid monthly.
- Finished Repayment: 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.
- Longer Payment: 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-Motivated Cost: 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 Product reviews 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 one of the largest student loan servicers, and they strive to provide borrowers together with the tools they might require so you’re able to effectively repay its student loans. That have keeps such autopay, on the internet membership availableness and you may government, customer service each other on the internet and towards the social network, and you will a determination to work well with their borrowers to make sure it try after the best repayment alternative, Great Ponds has made an effort to be certain a nice customer solution sense.
Shifting having Great 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.
