Great Lakes student loan company is a good education financing company and has been for quite some time. The company is recognized by its full name as Great Lakes Education Loan Services, Incorporated. Officially, you are able to get federal student loans from this company. Well, let us talk more about Great Lakes Student Loan Forgiveness here.
About Great Lakes Student Loan Forgiveness
As a loan servicer, the Great Lakes company is located in Wisconsin, Madison. Although the company services federal student loans, Great Lakes is a private company and so are the other eight which contract for the Federal Government to service federal loans. Based on the federal student loan portfolio, over 8 million students borrowed approximately $251.2 billion Great Lakes student loans as of March 31, 2019. But, it needs to state that in 2018, another loan servicer called Nelnet purchased the Great Lakes company. Also, this company had an additional $192.6 billion.
Great Lakes company received the second-largest new student volume that was calculated to be 17 percent of the total share. This demonstrates the popularity and reputation of the Great Lakes company at a national level as it is among one of the most reliable servicers of loans for scholars in the country right now. You know that you are dealing with a good loan servicer if there are no lawsuits against the company. So far, the borrowers of the Great Lake student loan have not taken lots of their problems to court.
Getting a Great Lakes Borrower Services Assigned
For lots of students, it is confusing how their loans ended up with a private company they know nothing about, mainly because these loans are federal. Well, here is how it works. It all begins with your application for the student loans. Usually, you do this through your college. But, the Education Department processes your loan application by collaborating with your colleagues. If everything works out well, then your loans get approved and paid into your account.
The section you do not know is the fact that the Education Department (DE) asks one of the federal companies to handle your account. In your case, the Great Lakes company had the honor because they contacted you regarding your federal student loan. Usually, you are able to expect the loan servicer in charge of managing your loan account to contact you after the Education Department (DE) assigns them your account. Also, you are able to expect to hear from Great Lakes company when you begin receiving your disbursement. Normally, the company is going to contact the borrowers after the first payment. You are going to discover some details, terms, and conditional from them. Keep in mind that you have to arm yourself with all the necessary information when dealing with the student loans. Also, remember, you do not have a say in the company that the Education Department (DE) assigns your account.
How to Work With Great Lakes Student Loan Servicers300?
Although nobody dictates their loan servicer, it is prudent to try and discover how best to utilize the services of your servicer to your advantage. Nevertheless, your student loan servicer is your first point of contact to the federal government in all matters related to your loan. Usually, lots of students fail to realize the importance of their own loan servicer while they are in college.
This is understandable as you do not have to create any monthly repayments towards your loans while you are still in the school. But, the best approach is to prepare beforehand. How do you do this? Simply, you are able to make inquiries and ask some questions. On the other hand, you may also want to verify the information regarding the balance in your account.
After you have done this, then you are going to know the type of assistance you are able to expect from Great Lakes company when it is time to begin the repayment of your loan. Several of these assistances include the following:
- Giving advice in times when repayment becomes challenging.
- Offering different plans for repayment such as the income-driven plan.
- Assisting you temporarily reduces your repayment amounts.
- Giving advice to assist you determine whether consolidation of your federal student loans is a good choice for you.
- Processing your application for loan forbearance or deferment if you need to suspend payments.
At this point, you have probably guessed that it is very crucial to pay rapt attention to any mail you accept from Great Lakes company. The contents of their emails may contain important information to your education and financial future. Usually, you are going to have information such as alerts for missed payments or delinquency. Thus, you do not have to take them lightly. That is if you intend to keep your own loans in good standing and maintain a good credit score.
How to Get Your Great Lakes Student Loan Forgiveness 2022?
Now, you may want to know the way to get your Great Lakes Student Loan Forgiveness in 2022. Usually, you are going to find that the borrowers who have been receiving any illegal actions from loan servicers can be eligible for several forms of student loan forgiveness program. Ideally, you should not have any issue protecting your rights through the law courts if you believe your loan servicer has violated them. But, you have a number of forgiveness programs if you decide to look for methods to obtain your Great Lakes student loan forgiveness in part or full. Usually, to get advantage from these, you must have been defrauded by your loan servicer.
In the particular case of Great Lakes financial, you were able to apply for the discharge program called the Borrower’s Defense Against Repayment. Aside from that, you are also able to get some of the repayments you have already made reimbursed to your own account. Either way, it is very possible to get your Great Lake student loan forgiveness.