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What are Great Lakes student loans?

I heard that Great Lakes student loans exist to help students to get to college. But how do student loans work? I talked with my friends about it and some of them have heard about those loans but none of them could tell exactly how those loans work. I’m in my last year of high school and I’m searching for information on how to apply for student loans. And I need to know if paying off student loans after college is too hard. I look forward to go to college because it’s my dream.

Carlton Burgess

in Student Loans

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Ralph Lopez on May 15, 2018

Great Lakes is one of the largest student loan providers in America and its headquarters are located in Wisconsin. This student loan program has been created to help students reach their educational goals regardless of their socioeconomic status.

You can fulfill your dream of going to college by getting a loan from Great Lakes. Actually, this company does not offer loans but serves as a guarantor and loan servicer of federal student loans. It provides a user-friendly website (https://www.mygreatlakes.org/) and a mobile app for the borrowers to access their loan information and make payments.

Since 1967, student loans from Great Lakes have allowed students to achieve college completion. This company also offers scholarships, grants and college advising services.

Want to know how student loans work? The first step is to get in touch with a GreatLakes representative to examine your case and determine your eligibility. This service of loan advice is free. Great Lakes experts will be available to answer your questions when you apply for a student loan.

The repayment plans and the benefits for federal loans are set by the government and all servicers, such as this company, must offer them. If you do not sign up for a specific repayment plan, your student loans will automatically be put on the standard 10 year plan with fixed monthly payments.

You can sign up for automatic payments to pay off the student loan that you received and get an interest rate reduction, reducing thus the amount you pay over time. Everything will be fine if you keep track of your payments and due dates to avoid accrued interests. Besides, GreatLakes offers you the possibility of changing the way you repay your loan if you face difficulties such as unemployment, health problems or financial crisis. In some cases, the payment amount can be lower, it can be postponed or even forgiven.

Federal loans offer options for postponing payments and, although it is possible to pay off your student loans after graduating from college, it is not the best repayment plan since it entails paying more at the end. Paying every month, even if it is a small amount or paying more than your scheduled payment if you can, will be a better way of repayment. It will help you to pay off your loan faster and you will avoid having a huge debt at the end. 

Ronald Miller2 years ago

I find those Greatlakes loans wonderful. It’s true that many young people dream of going to college but only a few can do it, due to lack of financial aid mainly.

But not having enough money shouldn’t prevent anybody from pursuing a career. If more people have access to higher studies and become professionals, they will help national economy anyway, so it’s a beneficial investment for all of us.

Some families save money for years to make sure they’ll have the necessary money to send their children to college. Some parents are just able to save little money but that’s ok because the loan that their child will have to apply for will be lower and so will be its interests when paying it off.

I just think that students should be aware of the risk of having to pay very high interests if they forget to pay on time. 


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