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Finance Guides

Repayment with Great Lakes Student Loans 

There are several ways to pay off your student loan, but the best option has always been the “standard repayment plan.” This is a simple repayment option where borrowers service their loan over ten years by paying a small percentage of their salaries every month.

If the standard repayment plan is not feasible, you can select another repayment option where you repay your loan over an extended period. Student loans are repayable for up to 30 years. The repayment plan you choose often depends on the income you earn.

Borrowers who earn a high income are often encouraged to choose a repayment plan that would allow them to repay their loan in a short period. In contrast, borrowers who achieve a relatively low income are encouraged to choose the standard repayment plan or other plans that would see them serve—their loan for an extended period.

Also, in cases where you have genuine reasons for not being able to repay your loan, you are advised to request a deferral or forbearance.

Refund methods

The Great Lakes accepts a variety of reimbursement methods. Borrowers can repay their loans online or pay over the phone. You can also pay by mail. The company also offers an app that you can download from the iOS or Play Store. The app is easy to use, and you can pay through the Great Lakes app.

The best way to repay has always been the automatic payment method, where a fixed amount of money is deducted from your bank account every month for a given period. This method is excellent because you don’t have to remember or forget about the refund.

Besides, there are other advantages to paying with the automatic method. When you sign up for the automatic payment method, you will save 0.25% off your interest rate. Automatic payment is the best solution for people who can afford it.

Repayment planning tool

One of the best features of the Great Lakes is its repayment planning tool. The tool helps you see how different repayment options would affect you on a monthly and lifetime basis. With this in mind, you are sure to select the best repayment strategy with input from the company’s experienced staff.

Loan Consolidation Services

Great Lakes • Loan consolidation services are another attractive feature of the company. The company has a great plan to help you cover multiple payments at once if you get a loan from different sources. This feature is so great that it consolidates the different interest rates into one, and the company doesn’t charge you a consolidation fee.

Mobile loan management

Although mobile loan servicing companies, you can manage your account anywhere globally. The company is accessible through your phones or tablets, and you can view your account regardless of your location. The app also has a reminder feature that reminds you to make the payment. This feature is suitable for borrowers not on the automatic repayment plan.

Conclusion

As confirmed by multiple reviews, great Lakes Student Loans Review has a long history of excellent service. However, since Nelnet acquired the company in 2018, a few eyebrows have been raised. We are sure to keep you up to date with Great Lakes and other lending agencies.

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