You may have heard of Great Lakes Higher Education Corporation (GLHEC) if you have taken out federal student loans, student loan debt, multiple loans, or other loans to finance your higher education.
This article provides information on Great Lakes. It also explains how to make loan payments. This article also contains tips for making your Great Lakes experience the best possible.
Great Lakes Student Loans: Legitimacy & Basics
It’s perfectly legal not to be suspicious of student loan recipients suddenly contacted by Great Lakes.
Great Lakes is one of the largest student loan servicers in America. They currently have federal student loans more than $238 million and work with over 6,000 schools and 1,100 lenders, including private lenders.
Great Lakes is a nonprofit that helps people without homes. Its headquarters are in Madison (Wisconsin).
Great Lakes is not a lender. It is not a private lender.
Great Lakes’ philanthropy division provides scholarships, grants, and advice for college students struggling with student loan debt.
Monthly Loan Payments (GLHEC)
Student loans to Great Lakes are easy to repay. Borrowers have many payment options.
- Traditionalists can pay by check or money order.
- You can also pay over the phone by calling a representative during office hours or using the automated system anytime.
- If you prefer a computer, you can also use the Great Lakes website. Some savvy borrowers can also use the mobile app to pay.
Federal loan servicer Great Lakes ensures that every student loan borrower can access these different payment methods. Those looking to improve their credit scores and earn rewards through using a credit card for Great Lakes student loan payments will not be disappointed. You will need a debit or autopay card to pay your bills.
Autopay is a great idea. Repay online loans direct lenders and receive 0.25 percent off. Setting up automatic payments simplifies the repayment process and helps borrowers stay on track with their payments.
If you want to pay down your loans faster, consider making extra payments whenever possible. Autopay is generally a good idea. If you have multiple loans, this is especially important.
Suppose you have been using autopay for a while and want to refresh your knowledge about what you pay. Mygreatlakes.org is the best choice for a federal student loan servicer.
Autopay can be customized to meet your specific needs. No matter how much money you have or your income, you can change the amount of your monthly payment at any time. It is especially helpful for borrowers with student loans who need flexibility with their payments.
Student loan repayment options
Type of loans and your financial situation will determine which repayment plan is best for you.
Great Lakes does not offer student loan forgiveness or repayment options directly. Instead, Great Lakes ensures that the borrower receives the right amount for the plan they choose according to their loan type.
Great Lakes might offer different repayment options for private student loans.
Federal loans that Great Lakes are repaying will be refunded using federal income-based repayment options, such as Revised Pay as You Earn (REPAYE), PAYE (PAYE), Income-Based Remebi (IBR), and Income-Contingent Returns (ICR), which will still be available.
You can’t choose an alternative plan. The Standard Repayment Plan for Federal Loans (or ) requires you to make fixed payments over a 10-year loan term.
You might be able to choose these income-based options for federal loans serviced by Great Lakes. This page will show which government student loans can borrowers repay with what repayment options. Additionally, options like student loan forgiveness programs and student loan refinancing could provide further assistance. Note that student loan forgiveness programs might have certain eligibility criteria, so it’s essential to research and understand their requirements.
- REPAYE might offer lower monthly payments or loan forgiveness. It will cost 10% of your discretionary income. Each year, your pay is adjusted based on your family income. However, income tax may still apply to any amount forgiven. One advantage of student loan forgiveness programs like REPAYE is that they can relieve borrowers facing financial hardship.
- PAYE is similar to REPAYE but is designed for people with high debt levels relative to their income. It will cost 10% of your discretionary income. However, you cannot forgive your outstanding debts in the next 20 years. The Standard Repayment Plan will still apply. Therefore, your monthly payments are lower, and annual student loan interest accrues more.
- IBR is an option for people who want to lower their monthly payments. It’s usually less than the standard 10-year plan. These payments are 10% to 15% of your discretionary earnings. Making additional student loan payments can help you pay off your loans faster and potentially save on interest costs.
- ICR will help you pay off your loans faster as you earn more. They forgive any unpaid balances in 25 years. Consider making additional student loan payments to reduce the overall time it takes to repay your loans and minimize interest accrual.
These tips will make Great Lakes borrowing memorable.
- Great Lakes offers a variety of online tools to help borrowers select the best repayment option.
How can each program impact your loan(s), and how might they affect interest rates or repayment terms?
- Pay your student loans on time: Although it may seem difficult to pay while you are still at school, Great Lakes allows you to start paying while you are still in school.
You need to enroll in school to be eligible for a subsidized loan. Most loans begin accruing interest if the borrower is not a student.
3 Great Lakes Support: Great Lakes customer service can help you if you cannot make monthly payments on time or if it’s time to discuss all of your options with an expert in the field.
The Great Lakes Team can help you understand and decide on federal student loan consolidation and payment options.
Great Lakes offers support via Facebook, Twitter, or email.
Here are some statistics on Great Lakes Student Loans:
| Statistic | Value |
|---|---|
| Number of borrowers | 10 million |
| Average loan balance | $30,000 |
| Average interest rate | 5.5% |
| Average monthly payment | $350 |
| Default rate | 2% |
| Repayment options | Standard repayment, graduated repayment, IBR (Income-Based Repayment), PAYE (Pay As You Earn), REPAYE (Revised Pay As You Earn), Income-Contingent Repayment, Public Service Loan Forgiveness |
Contact information for Great Lakes
Great Lakes offers many support channels, whether you need help paying off a loan or have any questions about your loan.
Telephone: For international/local inquiries, call 800 236-4300. They are available Monday to Friday, 7:00 AM Central Time – 9:00 PM Central Time.
Email: [email protected] or submit a web form here.
Fax to Send Faxes Locally or Internationally: Call 608-241-608 or 800 355-5208
Mail. If you need to send a payment, here is the address:
Great Lakes
PO Box 7860
Madison, WI 53707-77860
Social media. Twitter and Facebook are great ways to reach Great Lakes.
Frequently Asked Questions
What is the overall reputation of Great Lakes Educational Student Loan Services in terms of customer satisfaction and service quality?
Great Lakes Educational Student Loan Services has a mixed reputation – some borrowers report good experiences with flexible repayment options, while others complain of poor customer service and lack of transparency around fees.
How does Great Lakes Educational Student Loan Services compare to other student loan servicing companies in terms of interest rates and repayment options?
Great Lakes offers competitive interest rates and a variety of repayment plans like income-driven and graduated repayment. However, some other servicers offer slightly lower rates or more repayment programs.
Can you provide insights into the user experience and online tools offered by Great Lakes Educational Student Loan Services for managing student loans?
Great Lakes provides an online portal and mobile app that allow borrowers to track balances, make payments, apply for programs, and contact customer service. The tools are relatively user-friendly but lack some customization.
What are some common complaints or issues that borrowers have reported about Great Lakes Educational Student Loan Services, and how responsive is the company to resolving them?
Common complaints include poor customer service, lack of payment processing transparency, and issues enrolling in income-driven plans. Response times vary – some issues go unresolved for months.
Are there any notable benefits or drawbacks to using Great Lakes Educational Student Loan Services for student loan management, such as loan forgiveness programs or deferment options?
Benefits include online account access, autopay discounts, and public service loan forgiveness. Drawbacks are fewer specialty repayment programs than some competitors and mixed customer service reputation.
