If you are looking for a student loan, then you might have definitely heard the name of Great lakes student loans. Mygreatlakes or Great lakes student loan is known for its friendly and ambitious service.
Great lakes student loans (Mygreatlakes) is a non-profit organization that actually does not provide a loan. Yes, you read that right, they don’t provide a loan. But they help you in getting a student loan by being your guarantor. It’s not a small thing. Students suffering from the lack of guarantor problem will know what amazing service Great lakes student loans are providing.
About Great lakes Student Loans: Mygreatlakes
Great lakes (Mygreatlakes) is an independent, transparent marketplace for students loan. They service Federal Student loans for millions of students, working with thousands of schools, colleges, and banks.
Great lakes have been in the market since 1967 and have helped millions to get a student loan. Their slogan, “Doing What’s Right,” stands absolute. The founder of the great lakes student loans had an aim to facilitate all needy students with a loan. The company claims to have provided loans with $130 million to date.
The government determines all the repayment plans and federal benefits, like income-based repayment and deferment options.
Great lakes student loans (Mygreatlakes) provide all Payment services of their official website i.e. Mygreatlakes.org. You can make repayments either on their website (mygreatlakes.org) or their app. They set-up an auto-pay option and receive a 0.25% interest reduction in their direct loan.
Features of Great lakes Student Loans (Mygreatlakes)
Besides providing you with a student’s loan, Great lakes student loans (Mygreatlakes) provide many other beneficial features. After you get a loan your dashboard completely changes. You get options to view your loan stats. The repayment amount, date of repayment and interest rates are also shown. The great lakes student loans app and the website is amazing and user-friendly.
Great lakes (Mygreatlakes) also provides many features like loan consolidation and changing repayment plans as per your convenience. If you can’t afford repayment then great lakes student loan provide you with an option to reschedule Payments. So, if you don’t have the money you can opt for this rather than defaulting the Payment and end up filling a penalty.
You also get an option of student loan forgiveness. Yes, this is for real and you can do this with the help of great lakes student loan. You can opt for job-based repayment.
Besides these, they provide amazing support. More than 1000 support agents to support you on call anytime and for anything.
Repayment Modes of Great lakes student loans
Normally when you take a loan you are scheduled for a standard repayment plan. This mode evenly divides your loan amount over 10 years. But this plan has the least interest rate. Other repayment plans from the great lakes student loans.
Graduated repayment plan- This repayment plan has a 10 years period but the amount is slow initially but grows ultimately. This is a great re-Payment plan if you know that your payment is growing to increase in the upcoming years. Keep in mind that you can switch to another repayment plan any day.
Income-Driven Plan– The plan depends on your current income status. You can discuss the details of this plan with the Great lakes student loans service agents. Basically, it has four types of options under it which helps you to repay as you earn.
Deferments– If you need to postpone the Payment for any reason, then you can opt for this option. You will need to qualify for deferments. This basically includes students studying without income or unemployed people. Each is valid for 12 months and a maximum cumulative of 3 years.
Thus you get ample support from their side. Opt for Great lakes student loans if you are in a need. They are always ready to help you.