Parent Plus Loan Great Lakes – Great Lakes Higher Education Corporation is just one of the nation’s largest student Loan services. They service federal loans for countless pupils, working with and 1.100 schools 6.000 lenders. The nonprofit firm located in Madison, WI has been operating and pride themselves on giving back with a business motto of “Doing what’s correct”. The business claims to have provided $130 million in scholarships, grants, and college advising services.
Great Lakes does not offer loans, but serves as a loan and guarantor service. They provide a point of contact to pupils within the life of the loans and possess a user-friendly website and cellular program to aid Great Lakes borrowers access their loan information and also make payments.
The authorities establish all the repayment plans and the benefits for federal loans, like income-based repayment and deferment options, and all services must offer them.
In regards to building a payment, Great Lakes borrowers can set up auto-pay and get a.25 % interest reduction on their Direct Loans. Borrowers can also pay within the phone, mobile app, through the web site, or through conventional email. The firm’s site also provides useful posts on managing loans and repayment options.
Services usually receives a monthly flat rate for each account they service, so it’s in the service advantage if your borrower prolongs repaying his loan.
The president of the Great Lakes, Dick George, has pointed to the default and delinquent loan rate made by faculty dropouts as an important issue “When students drop out, they also have a tendency to drop from communicating.”
As the Consumer Financial Protection Bureau carries out its inquiry into the student loan servicing sector, the nation will learn even more whether they do conflict with the borrower’s interests and its particular fellow loan and Student Loan Services practices.
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