Great Lakes Student Loans

by Stanislav Lem on October 31, 2011

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Effective Student Loan Servicing

Great Lakes (also known as Great Lakes Higher Education Corporation) is a non-profit company providing financial, educational and operational support for students. In fact, it’s one of the largest guarantors and servicers of student loans. Great Lakes is not a lending institution.

Today millions of people respect and trust Great Lakes. With more than 40 years of experience (the company was established in 1967) and serving more than 6,000 schools and 1,200 lenders it has two operating subsidiaries: Great Lakes Guarantee Corporation and Great Lakes Educational Loan Services. According to statistics about 8 millions of students were served by the corporation and the total amount of funding (as of April 1, 2011) is $82 billion.

Great Lakes Benefits

As a loan servicer, Great Lakes offers various useful options for students: from financial aid help center covering topics like building a good credit history, creating a spending plan and understanding banking basics to more advanced resources with detailed information (e.g. payments).

An important feature of the online help center (also called “Financial IQ”) is the ability to participate in free webinars available for visitors. All sessions are presented by Accredited Financial Counselors. Students can ask questions and get the best answers from professionals during a webinar (length: 1 hour). In order to have an access to upcoming webinars it’s necessary to register online.

Official “Financial IQ” Help center website can be found at: https://www.mygreatlakes.org/borrower/fiq/home.html

Great Lakes Educational Loan Services

Great Lakes’ mission is to help students by providing helpful information and services. By assisting throughout the loan process they help students to make the best decisions.

As a service company Great Lakes “services” the loans given to borrowers by the federal government or private financial institutions. So, what exactly they do for you? They:

  • Collect payments and all the data
  • Offer repayment options information
  • Notify about future payments
  • Help to choose best options

In order to be able to have access to all features and up-to-date information it’s necessary to create an online account. Once the process of singing up is complete you can log in in any time and view information about your loan including dates and amounts of payments received and due and available repayment options.

A user interface is simple and helpful (available online 24/7) including the following strong features:

Detailed information. It’s important for a borrower to have up-to-date information about loans he or she has. Using Great Lakes interface you can access a summary of your loans plus more detailed info including: the balance, last payment received, last payment date, accrued interest and additional data.

Payments. One of the best features available for Great Lakes users is the opportunity to make payments easily. There is a “schedule” function offering to set up automatic monthly payments made from your checking account. The payments section is simple to use. Each process can be completed in several steps.

Repayment options. Great Lakes also offers valuable repayment options section if a borrower has troubles making payments or just realizes that a risk of bad financial situation can be increased in the future. In this situation it’s necessary to know all options. To assist students Great Lakes includes: various payment calculators (e.g. for comparing different repayment plans), forms for applying for eligible deferments, additional advices and recommendations.

Mobile version. There is also the mobile version of the Great Lakes official website. All features are available at mobile version. It gives great opportunity for students to have the latest information about their loans and make payments anytime and anywhere using only mobile devices.

Call center. If a student has questions – there is a customer service available via phone or email. Feel free to ask any questions you have.

Starting With Great Lakes Today

In order to start using Great Lakes services and have an access to all tools and resources for managing your student loans, it’s required to make two simple steps.

Signing Up for Account Access

The first step is an account creation. The process is simple and involves a few simple steps. Account access is available to anyone with a student loan serviced or guaranteed by Great Lakes.

Once the account is created you’re able to log in anytime and view the information, tools and resources available to users.

Resources:

  • Great Lakes official website: https://www.mygreatlakes.org/borrower/index.html
  • “Financial IQ” help center: https://www.mygreatlakes.org/borrower/fiq/home.html
  • Contact page: https://www.mygreatlakes.org/borrower/login/contact.html

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