Great Lakes Student Loans Review, Features, Repayment Options & Common Problems

Great Lakes Student Loans Review, Features, Repayment Options & Common Problems

Great Lakes Student Loans Review: Higher studies have become very expensive and it is almost impossible to complete them until and unless you have acquired some big amount of money from your previous generations. Student Loans are becoming very popular and a number of loan providers are available in the market. We half come after a detailed review of Great Lakes Student Loans review. Great Lakes is one of the most famous student loan providers and we will discuss the pros and cons of availing the loan from this provider. Hence, you must go through the review before applying for the loan.

MyGreatLakes Student Loans Review

Great Lakes is a company which has collaborated with the United States government to power its federal student loans program. The company was merged with another loan provider and they currently hold a 40% share in the student loans market. After having discussed the company, we shall now proceed to the next section and discuss repayment and other things which you must know.

How to Re-pay Student Loans?

There are a number of plans that you can opt for while selecting the repayment structure. It is quite easy to select a repayment plan. All you need to do is go to the official website of MyGreatLakes i.e and login into your account in order to select the repayment plan and make payments. There are a number of options available and you can even select the auto payment mode.

Repayment Plans

Standard Repayment Plan – This is particularly the most simple way to make the repayment. The money will get deducted from your account monthly and it will be like an easy monthly installment. It is a default repayment method and it is much better than the others because you will end up paying less interest. Hence, you must select this option if you can afford it.

Graduated Repayment Plan – This is a special plan and it simply means that you will pay low amounts now and the amount will increase gradually every 2 years. Hence, it is a perfect plan for those people who do not have enough liquidity currently but they expect cash flows in the future. This is typically the best option for the freshers who do not get much salary when they entered the job. However, as the salary grows, repayment becomes easier.

Income-Driven Repayment – This is a flexible repayment option and the amount that you pay every month will depend upon the income that you get. For instance, lower-income will fetch you lower repayment bill. However, the tenure of the loan may increase drastically in this case. Therefore, you must choose the plan of repayment wisely.

Features of My Great Lakes Student Loans

My Great Lakes is one of the most trusted companies in terms of student loans. Dashboard and other features of the company are quite good. The loan borrower is given a special dashboard on the website after having applied for the loan. The borrower can track the amount that has to be repaid and all the tentative dates. Hence, the system is transparent and it is easier for the borrowers to make payments on time.

Great Lakes Student Loans Review, Features, Repayment Options & Common Problems

Common Problems with My Great Lakes

  • There are some common problems faced by loan borrowers. Great Lakes closely works with the bureaucratic agencies and your credit score gets hampered if you are unable to make the loan repayment on time.
  • The transition phase while choosing a separate repayment plan is not very smooth. Deferment and other options are not very helpful at times.
  • it has been observed that Great Lakes of chooses the repayment plan by default and it is often the highest interest rate plan.