Great Lakes Student Loans is a loan service company providing students with quality service since 1967. It offers funding for post secondary school education. Great Lake offers its service to millions of student borrowers in over a thousand universities. As a non-profit organization, assist greatly in helping students with loan and providing quality management.
Great Lake is neither a private nor a federal loan. In contrast to other servicing companies, Great Lake has no add on fee to its services rather are at middle between lenders and great lake borrower in terms of repayment.
A Madison, Wisconsin, based company with a the slogan of ‘Doing what’s right to change lives for the better’ its a company that is willing to build a future with you. They live to this promise by setting up grants and college advising scheme that has provided over $225 million since 2006.
Great Lakes Loans: Why work with Great Lake
The Great Lakes website and mobile application provide quality service and information to help borrowers.
Furthermore, they consider low-income families, student of colour and of other under privilege achieve the dream of getting quality education.
At Great Lakes the interest of educating present and prospective borrowers is unmatched by Providing articles on various Loan topics.
In the loaning industry, Great Lakes certainly stands out from the others as a non profit and a philanthropic company. Great Lake Facebook and Twitter accounts also serve as sources of information and support.
Great Lakes Student Loans Repayment Plans
At Great lakes student loans is offered at comfortable interest rates. However, when considering repayment, it is best to keep in mind that the longer it takes, the more the interest rate builds up.
Great basic/standard repayment plans: they are two standard plans.
- First, the Standard/Level plan: same monthly amount is paid over a 10 years period.
- Second, Graduated: in this plan, your initial payment period is low and increases as the payment period rolls on. Usually its increase every 2 years.
These are repayment plan that spans over a 25years repayment period with a lower month repayment than the standard plan.
- Extended Level: Offers same monthly payment over a 25 years period.
- Extended Graduated: Initial repayment are lower and increases every two years over a 25 years period.
Income-driven Repayment: Allows borrower to make monthly payment based on their income. Meaning your monthly payment is proportional to your income. Furthermore, consideration for this payment plan is dependent on Family size, type of loan and some other income information.
Note: This may be a good option if you need a lower payment now, but expect to make more money in the future. Be aware that your payments will go towards interest only—not principal—in the beginning of the repayment plan