Great Lakes Student Loans Review: If you took out federal student loans, it is likely you’ll need to manage Great Lakes Higher Education Corp. (Great Lakes for short)–a firm the federal government uses to service student loans. As it’s one in comparison to other services, this isn’t the one to be stuck with. Like most services, grievances are still received by Great Lakes and have had a few class action suits before. Keep reading to discover more about Great Lakes, the issues debtors to switch loan services and face with the organization.
Great Lakes Student Loans Review
Great Lakes services your student loans Enrollment, processing your student loan obligations and assisting you to discover the best repayment program. According to Consumer Financial Protection Bureau (CFPB) data, Great Lakes has obtained the lowest number of complaints when compared with all other large national loan servicers and has an A+ rating with the Better Business Bureau.
It is important to note that Nelnet acquired the company in 2018, which has a higher proportion of complaints per debtor. The support you get in the future may be changed by that acquisition. Even if you dislike Lakes, you are not able to choose or change servicers when you take out loans. Your most important options are to remain with the business and make on-time obligations, or refinance your loan with a private lender that will have a new servicer.
Student Loan Debt:
Over two-thirds of college students graduate with Great Lakes Student Loans, and one in four adults is currently paying off student loans. Great Lakes Loans provide student loans easily in the US.
One of 2018 graduates, 69 percent graduated with an and took out loans Average of $ according to New York’s Federal Reserve Bank. 14 percent of these students’ parents took another $35,600 out in loans.
Borrowers forecasted 44.2 million and owed $1.5 trillion in pupil Loan debt in America, at the end of the fourth quarter of 2018, according to the St. Louis Federal Reserve. In the first quarter of 2008, the quantity of student loan debt that was outstanding stood at $619 billion, meaning from tripling over the last ten years, student loan debt is just a couple billion dollars.
Student loan borrowers at the Generation X age group had the greatest Average outstanding student loan debt as 2017 in student loans.
Repayment with Great Lakes Student Loans
The easiest way to make your great lakes borrower services obligations Is to use its portal to create an account with your personal information. You can sign up for automatic payments, which will automatically deduct your payment, to make repayment simpler.
With national loan servicers, you’re given eight distinct repayment options for your student loans. However, you will be automatically enrolled by Great Lakes with payments over ten years, into its repayment plan, if you qualify or do not apply for the repayment options. Make certain to research the other repayment plans, as it might help you manage payments depending on your budget and qualify for public service loan forgiveness (PSLF). Great lakes Borrowing helps a lot of US students to complete their study.
How to Switch to a New Student Loan Servicer
Loan servicers and a role play Last around 25 years. You are unable to pick your loan servicer when you receive it. If you don’t like the loan servicer that the Department of Education assigned to you, your best option is to combine your loans, apply for student loan forgiveness that is people or refinance with a lender. Here are a few of our picks.
Before you refinance to Break Free from Great Lakes: Know that refinancing a student loan will mean you’ll Have to pay higher interest rates and lose loan repayment programs and PSLF. Unless you are, we do not promote this move Secure and can handle losing the loan protections and benefits. Below are some best group of companies which provide great lakes student loan.
SoFi is among the greatest private lenders for students, as it provides competitive prices, superior possibilities for medical students in residency and employment help. The lender provides opportunities and career coaches, if you happen to lose your job or want a job. SoFi loans are serviced by MOHELA, which contains CFPB complaints, and received an A + rating from the Better Business Bureau.
It is ideal repayment flexibility since it lets you Set and loan duration. You must be able to qualify On your own, with no co-signer, and you’ll require a credit score of 650. Earnest, which has a disburses and serviced loans A+ rating from the Better Business Bureau. The lender was obtained by Navient, but they continue to function as separate businesses.
Laurel Road is a fantastic option for borrowers who wish to move and to refinance their Parent PLUS loans. Additionally, it is a good lender for caregivers in programs, letting you defer the repayment after your program finishes. MOHELA, which has CFPB complaints that were fewer than Great Lakes also services laurel Road. However, borrowers are serviced by Great Lakes. Great Lakes Higher Education loan help students to complete their higher education.
If you do offer a lower interest rate than a lender currently has, it could be best to stay with your loan servicer. Remember that refinancing doesn’t guarantee you will get the support that is better. According to a CFPB report, nonfederal student loans get more complaints as a whole than federal student loans.
Great Lakes Customer Service and How to Submit a Complaint
Check these out, if You Wish to file a complaint about Great Lakes Sites to report a problem or an issue you’ve got with the servicer.
FSA Feedback System: You may use this student aid feedback system to submit a complaint about your experience. You have to describe the issue you’re having and how you’d like it to be solved and attach any documents that are relevant. The Federal Student Aid office will respond to your report.
Consumer Financial Protection Bureau (CFPB): You may also submit a complaint with the CFPB, another government site, where 97 percent of customers get a response. The web site will ask a few questions to categorize the issue you’re having and has a section to submit a complaint.
Better Business Bureau (BBB): The Better Business Bureau works to solve issues. You may file a complaint with them, in which you must include address, your name and email with details about the issues. The BBB will request a response within 14 days and will forward your report. They’ll send another request if the company does not respond.
If you have needed help with your student loan payments, you can contact the servicer By phone, mail, email or via their networking accounts. Great Lakes’ accounts are a great way for the information, As their FB page has a reaction time. The Business also includes a knowledge center to obtain the best Repayment option for your budget and answers questions they receive.
Frequent Issues With Great Lakes Student Loans
In comparison to other loan servicers, Great Lakes does not have many Complaints on file. In our analysis, we discovered that the servicer received just 310 complaints involving March 2018 and March 2017, in contrast, the 3,599 complaints of Navient, and Great Lakes has an A+ rating with the Better Business Bureau. The servicer has received three complaints which many borrowers suffer from. Some of the major complaints of Great Lakes comprise:
The trouble with how obligations are being managed: Most Borrower complaints must do with payment issues payments being made by false reporting of payments and problems. According to the CFPB, all issues were resolved with a reaction. But when working with any servicer, it is important to keep an eye on your payments every month if you sign up for autopay.
Receiving bad Information Regarding loan: Another common Complaint is that borrowers are getting information regarding their loans if borrowers have tried to apply for deferment and forbearance. Keeping track of requests and your obligations are important when you’re trying to prevent payments. Once you’re experiencing problems with your account, It’s advisable to contact the servicer.
Can’t get other flexible options for repaying loan: Borrowers are having Trouble changing repayment plans with Amazing Lakes or the company has not changed its repayment plan. The best way to deal with this is to document the procedure for switching Repayment plans, including the date you received and registered for switching confirmation. You should contact Great Lakes Information sorted out.
Student Loan Delinquency Rates
As of the first quarter of 2018 percent of student loan debt is more than 90 days delinquent or in default, according to the New York Federal Reserve
While student loan debt is rising, delinquency rates are currently decreasing, Which is a fantastic thing. The fall in delinquency rates could be credited to improved labor rates or willingness of lenders to work out flexible repayment strategies with creditors.
Of those who have not completed the borrowers who are delinquent College degrees are more likely to be behind on payments according to the Federal Reserve Bank of Cleveland.
Rates based on level status include:
- 34 percent of people who have completed only some college, a certification, or a technical diploma
- 13 percent of people who completed an associate’s degree
- 11 percent of people who completed a bachelor’s degree
- 3 percent of those with a graduate-level
Rates based on the amount of student loan debt that is outstanding include:
- 19 percent of individuals with less than $10,000 of debt
- 20 percent of those with between $10,000 and $25,000
- 8 percent of those with $100,000 or more in student loan debt
The complete number of outstanding student loans attained an all-time high in 2019, at $1.41 trillion, according to the credit reporting agency Experian. That’s a 6 percent increase in 2018 and a whopping 33% spike because of 2014 when the total debt was $1.06 trillion. Based on the current rate of growth, aggregate student loan debt could reach $2 trillion by 2024, according to the site Savingforcollege.com.
The soaring cost of college is definitely a huge factor in that growing debt burden. The typical tuition and fees in a college are 26,290 annually, according to Experian, Colleges are pricier, with an average price of $35,830 for fees and tuition.
Roughly 43 percent of Americans who went to school took on some kind of debt to be able to do so, according to the Federal Reserve. But that number is higher for the students of today, 54 percent of whom need to borrow to pay their expenses.
Student loans are definitely the most frequent borrowing options (93 percent of people who maintain education debt have student loans). However, 31 percent of people used other types of borrowing, including credit cards (24 percent), home equity lines of credit (7 percent ) and other forms of credit (12 percent ).
At $35,359, the average student loan balance per borrower additionally represented a record high in 2018. That is up slightly according to data.
Not surprisingly, most of the debt is carried by younger adults. Borrowers between the ages of 25 and 34 carried approximately $498 billion in federal student loan debt as of the second quarter of 2019, according to the U.S. Department of Education. The debt was carried by adults ages 35-49, with student loan balances. Individuals that are 50-61 invest about $230 billion in student loans.