Great Lakes also will give help to assist new or returning understudies with arranging a spending plan or installment decision that works for them. They offer numerous important administrations to the purchaser as well. This monetary guide administration will be prepared to help anybody discussing an understudy loan and too values being clever to do as such. On the off chance that on that point is an understudy that conveys numerous loans, regardless of who holds it, they will examine the choices of uniting their various loans, making life much more effortless for the understudy or borrower.
Ordinarily, the credit is solidified to bring down sums that request to be paid to the moneylender consistently, yet it could likewise higher the measure of revenue that you, the borrower are repaying. Great Lakes Loans have been named in the nearby news, numerous a composed articles, instructive material, monetary reports, ezines and numerous other on the web and disconnected assets. So ideally this article shed some light on this phenomenal help.
If you have any federal student loans, you will more likely be on the way to Great Lakes Higher Education Corporation (simply Great Lakes after this). It is a student loan servicing corporation which the US Government uses to deal with student loan servicing. In comparison with other massive types of student loan servicing agencies, Great Lakes is considered one of the most reliable student loan services. The best indicator to come up with that idea is that there are very few numbers of lawsuits against Great Lakes about student loans. On the other hand, there were some problems with Great Lakes Student Loans which would be better to be knowledgeable about them. To be prepared for any unpleasant cases and have the idea of a solution, it is better to be aware of possible problems that may occur during the partnership with Great Lakes Student Loans.
In the further paragraph, we will provide you with in-detail information about Great Lakes Student Loans. Especially we will guide you on what problems have occurred with these loans, what kind of student loan services they provide, and how to the benefit of Great Lakes. Otherwise, if you have other special requests or you need help dealing with Great Lakes Student Loans, you may call Student Loan Resolved Helpline.
About Great Lakes
Great Lakes is the largest student loan servicer in the whole United States. It is a private-owned corporation that was established in 1967. Since its quality service and work, it is the largest and the most reliable student loan servicer. According to public reports of 2017, the Great Lakes serviced more than 7.5 million debt holders and dealt with federal student loans worth more than $224.4 billion (which is 8,5 billion in private and consumer loans). Even though, in 2017, the Great Lakes merged with another giant student loan servicer – Nelnet, the corporation announced that it would operate under its name. The HQ of Great Lakes is located in Wisconsin, but there several branches in different states of America such as Indiana, Texas, South Dakota, Minnesota, and Connecticut. There is more than 2000 employee in the corporation currently.
A basic review of Great Lakes
great lakes student loan forgiveness
No matter what type of student loan you have, you are going to need to make payments via the online portal of Great Lake. There is an option for the payment method on Great Lakes Student Loans, so you can change your payment to autopilot mode which will take the required amount of money from your bank account each month. Through making payment via autopilot, you can save a considerable amount of money on the interest of your Direct loan.
There is also a significant distinguishing characteristic between the payment structure of Great Lakes and standard federal loan collection. Thus, for standard federal loans, you are required to make payments in adjustment to a 10-year plan with a fixed amount for each month. However, the service allows you to choose an alternative repayment plan which reflects your financial situation in the most convenient way. So you do not feel the burden of repayments on Great Lakes Student Loans.
It worth to note that changing the repayment plan will considerably affect your income due to the tax requirements. That is why it would be better idea talking to your Great Lakes Student Loans specialists.
Problems with Great Lakes Student Loan Servicing
As we mentioned earlier, Great Lakes is considered one of the best Student Loan Servicing in the United States. According to the survey held by the US Department of Education in 2001, the borrowers chose the Great Lakes No 1 student loan servicer. But it does not mean Great Lakes Student Loan Servicing is so close to being perfect. Even though Great Lakes has a better reputation for its work among the competitors, still there are many lawsuits and complaints against Great Lake. For example, even though the BBB rating agency has given a rate of A+ for Great Lakes, you can find a massive number of negative reviews and complaints against Great Lakes on the official website.
Right now, while writing this, more than 80% of reviews about Great lakes loan servicer on the Better Business Bureau rating agency’s website is negative. When we take an in-depth look at the historical background of Great Lakes, we can see numerous problems such as lawsuits, complaints related to student loans.
There is no doubt that Great Lakes is an organization which has strong corporate values. However, it does not guarantee that they may not make a mistake or they could not have incompetent employees. When human labor matters, there is always unpleasant cases, and Great Lakes is not an exception to this.
Great Lakes Lawsuit
One of the primary lawsuit action against Great Lakes was the class action alleged by law firms such as Axley Brynelson, Wachs, Gingras, and Cate. They accused Great Lakes of violating the articles of FCRA (abbreviated as Act of Fair Credit Reporting).
Another example of lawsuits against Great Lakes was the case filed by one of the student loan borrowers- Amanda Ross. She accused the Great Lakes of qualifying for PSLF program. Public Service Loan Forgiveness program was created in 2007 when George W.Bush was president. This program intended for the borrowers who work for public service and have already paid their loans regularly at least 10 years Amanda Lawson had an interesting story, so when she completed her doctoral degree, she checked for being eligible for PSLF for her student loan debt with $100000. Great Lakes Student Loans specialist told her that she was qualified. However, after four years when she applied for forgiveness, she was told a negative response about eligibility. She filed a lawsuit against Great Lakes for giving her fake information about qualifying for the student loan forgiveness.