Everything You Need to Know about the Great Lakes Student Loan
Considering the massive expenses associated with higher education, several people apply for a student loan to cover the costs of studying in college. One of the many loan providers in the United States is the Great Lakes Higher Education Corporation, which is also among the largest loan companies in the country.
- Apply For Great Lakes Student Loans – Here*
- *Credit union often have lower rates – Find lower rates here
Aside from providing student loans, Great Lakes hands out grants to qualified individuals who wish to pursue higher education. The company works with lenders, loan borrowers, community organizations and schools to help settle college expenses and provide educational, operational and financial support to their clients. Moreover, Great Lakes is accredited by the Better Business Bureau since July 6, 2012. The BBB has determined that the company meets the accreditation standards that include a strong commitment to resolve consumer complaints and issues encountered by loan borrowers.
Key Features of Great Lakes Student Loan
In 1938, William E. Elliott established the Great Lakes Higher Education Corporation to provide clients an opportunity to meet their financial concerns by taking out a loan at a considerably low interest rate. Before the company was established, no other financial institutions existed in the area. At present, the company is recognized as one of the largest loan providers in the United States. In fact, it is affiliated with over 2,000 schools and 1,400 lenders, and it has more than 2,000,000 borrowers nationwide.
If you have an existing Great Lakes student loan, you will need to apply certain techniques to manage your financial obligations efficiently. For instance, you may start by signing up for your personal account access at the website My Great Lakes Student Loan.
By doing so, you will have an easy access to relevant details about your loans. When you have completed the entire signup process, you could immediately log into the site anytime you wish. Hence, it is much easier for your to view details about your loan, as well as the available repayment options to choose from.
At the site, you can browse through numerous resources that can help you manage your loan. You may access your loan summary and view more pieces of information when necessary including the accrued interest, loan balance, tax-deductible interest paid of your loans, and the last payment received. Furthermore, you can make payments easily by selecting the payment scheme that is suitable to your needs and situation.
Lastly, the site offers a special section called the Financial IQ, which offers user-friendly information and tips on how to manage your finances by making excellent decisions. You will learn how to design a spending plan or budget, secure yourself from issues such as identity theft, and create a notable credit history.
Although Great Lakes provides reasonable rates and flexible repayment options, some people still find themselves stressed out in paying off their debts because of several reasons such as inability to manage their loans or failing to make payments promptly.
Thus, it is the borrower’s responsibility to settle his or her loan debts and avoid accruing massive interests by making the right financial decision. After all, financial institutions only provide monetary assistance to individuals, yet it is still up to the borrowers to manage their debts and avoid penalties by making their loan payments on schedule.