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Is my Great Lakes org legit?
Why? Great Lakes is, indeed, a legit company. In fact, they might even be your student loan servicer.
Are Great Lakes loans Federal?
How Great Lakes Can Help You With Your Student Loans. Great Lakes is a U.S. Department of Education federal student loan servicer. We help with student loan questions, repayment, consolidation, payment relief, and more.
Should I just pay off my student loans?
Yes, paying off your student loans early is a good idea. Paying off your private or federal loans early can help you save thousands over the length of your loan since you’ll be paying less interest. If you do have high-interest debt, you can make your money work harder for you by refinancing your student loans.
Why Do Great Lakes loans call me?
So get a clue, Great Lakes wants to help you with your loans, because that is how they get paid. If you default it goes to collections, your wages are garnished and tax returns are intercepted. The government tracks you by your ssn. These are your student loans and it is up to you to manage them.
How do I get rid of Great Lakes loan?
To qualify for Great Lakes student loan forgiveness, you’ll need to switch from your current repayment plan to an IDR plan. Under an IDR plan, your monthly payments will be capped at 10% to 20% of your discretionary income for 20 to 25 years.
Did Great Lakes get bought out?
If Great Lakes is your loan servicer, here is what you need to know. Due to the government’s new Next Gen Business Process Operations initiative, Great Lakes and its parent company Nelnet will no longer service federal student loans after December 2020.
Is it bad to pay off student loans too fast?
No, paying off your student loans early is not a good idea. If you have credit card debt, paying off your balance should be the priority before turning to your student loans. While student loans can have high interest rates, credit card interest rates can be staggering.
Is it worth paying HECS early?
A car loan, credit card, buy now pay later (BNPL), personal loan, home loan or any other debt usually has higher interest rates and compounds more quickly over time than your student loan. So, if your situation is that you have other debts, you should consider paying these off first.
Is Great Lakes a loan servicer?
Great Lakes is a student loan servicer who was chosen by the U.S. Department of Education (ED) to service your federal student loans. We keep you up-to-date with information about your loans and help you manage paying them back. As your servicer, we are your primary point of contact for questions about your loans.
Is Great Lakes still servicing student loans?
Due to the government’s new Next Gen Business Process Operations initiative, Great Lakes and its parent company Nelnet will no longer service federal student loans after December 2020. If Great Lakes is your current loan servicer, The Department of Education will assign you a new loan servicer.
Is Great Lakes a Perkins loan?
Great Lakes borrowers could be eligible to have part or all of their Federal Perkins Loan, given by their school based on financial need, canceled depending on their profession or volunteer service.
Is EdFinancial legit Reddit?
They’re legit. (But we’ll talk more about student loan scams later.) Most importantly, they also service federal Direct student loans. If you had no idea who EdFinancial was, you’re not alone.
Is Great Lakes still in business?
The company was acquired by NelNet in 2018, but it still operates under the Great Lakes name. Loan servicers act as intermediaries between borrowers and lenders; the lender wrote the check for your loan, the servicer administers your account.
What is my Great Lakes?
My Great Lakes is an important institution that plays an important role in the Student Loan Sector. Unlike private lenders, My Great Lakes offers loans to the federal government, eliminating the fear of high interest rates.
What does Great Lakes do for borrowers?
As a servicer, Great Lakes is responsible for managing billing and payments on these loans. Great Lakes can also help borrowers who are having difficulties repaying their loans. This may include changing repayment plans, exploring loan deferment or forbearance or applying for loan consolidation.
How many complaints has Great Lakes servicer received?
In our study, we found that the servicer received only 310 complaints between March 2017 and March 2018, compared to Navient’s 3,599 complaints, and Great Lakes has an A+ rating with the Better Business Bureau. Even so, the servicer has received three main complaints that many borrowers have issues with.