Wisconsin’s Student Loan Guarantor And Servicer Since 1967
Great Lakes Higher Education Corporation, normally known as merely “Great Lakes,” has been guaranteeing federal student loans and servicing debtors’ accounts efficiently for a number of many years. Great Lakes is giant sufficient to qualify as a nationwide supplier, however has stored its operations centered in Wisconsin, with further workplaces in Minnesota and South Dakota. Much of Great Lakes’ portfolio is in previous Federal Family Education Loan Program (FFELP) loans, all of which have been made previous to July 1, 2010, and people loans come from the three aforementioned states plus Ohio, Iowa, Puerto Rico, and the U. S. Virgin Islands.
Manage Your Account Online
Great Lakes’ main service, additionally its most vital operate, is supplying you with entry to your student loan account. As a guarantor of federal student loans, Great Lakes has obligations to each you and the authorities. All three events on this relationship share one purpose, profitable reimbursement of your federal student loans, and Great Lakes’ company actions are geared towards attaining that finish.
Great Lakes can also be charged with implementing federal laws regarding your loans, so whereas it should assist you as a lot as doable it will achieve this inside sure authorized constraints. One of the measures of how properly Great Lakes does its job is how properly you perceive your selections in paying off your student loans, and through the years the corporate has assembled a powerful assortment of clearly said recommendation for the student. The Knowledge Center web page is virtually oriented, explaining what it is advisable to find out about how Great Lakes matches into your monetary life, how one can use the Great Lakes web site, and the way federal loan reimbursement works.
There are eight main classes of assist matters provided within the Great Lakes Knowledge Center, and the next are examples of essentially the most vital factors it discusses.
Account Access: How To Use The System
The Account Access matter covers creation of your Great Lakes account administration login and tells you what steps to observe should you expertise bother signing on to see your loan knowledge.
About Great Lakes
The About Great Lakes matter defines the phrases student loan guarantor and student loan servicer, as a result of Great Lakes performs each duties. As guarantor, it acts as one of many managing brokers for the FFELP. As servicer, it performs the interface operations so you possibly can management your loan accounts. Educational outreach to verify debtors perceive the loan course of is a part of each features.
Under this heading, Great Lakes mentions a vital reference for direct details about your federal loans, the National Student Loan Data System (NSLDS). If you create an NSLDS account, you possibly can see all of your federal Title IV monetary assist knowledge gathered in a single place.
About Student Loans
Many students have taken out federal loans really helpful to them by their college’s monetary assist workplace with out understanding precisely what varieties of loans they’re utilizing, or why these loans reasonably than others have been chosen for them. The About Student Loans part offers a bit introduction to the Direct loans which most students obtain, explaining the variations amongst backed, unsubsidized, and PLUS loans.
There’s an evidence of when you will need to pay the curiosity in your loan and several other paragraphs on adjustments in loan standing that set off required reimbursement. In basic, enrollment of no less than half-time means reimbursement just isn’t obligatory, though in case your loan is unsubsidized selecting to not pay curiosity will add that curiosity to the principal steadiness of your loan. You can discover extra on varieties of federal loans right here.
Making a Payment
The Making a Payment part solutions particular questions on the mechanics of funds. Examples of those solutions embrace how one can pay whereas nonetheless at school, utilizing credit and debit playing cards to pay, how one can allow a trusted third occasion to entry to your Great Lakes account, how funds are utilized, and altering the date on which your fee is due.
Trouble Making Payments? and Past Due Payments
As you may count on, these two matters coping with fee issues are particularly prolonged, as a result of if a borrower has requested no different questions throughout the lifetime of the account that must change if funds can’t be made as agreed. There are methods to construct some flexibility into your fee preparations, and a part of Great Lakes’ mission is that can assist you defend your credit whereas they get better the federal authorities’s loan cash, however until you speak to Great Lakes at the primary signal of problem you run the chance of not receiving all of the assist you would in any other case.
As your guarantor and loan servicer, Great Lakes should at all times hear what’s happening straight from you or your consultant, however you possibly can put together your self for such a dialog by familiarizing your self with these two matters.
Service Member Benefits and 1098-E Student Loan Interest Statements
These two matters include data on how one can handle your account whereas on lively navy service and how one can get hold of a IRS kind that experiences your deductible curiosity. While much less typically relevant, these are nonetheless important items of knowledge.