When your education loan is actually sourced, you will not manage to prefer their servicer. Alternatively, you might be married which have a servicer via the bank and you may one servicer will likely then act as new liaison ranging from you and the lending company. High Ponds attributes both government and personal student loans and functions which have six,100 schools and you can colleges. The business and functions in person into the DOE.
What to expect If online payday loans California Paired with High Ponds
Great Lakes provides borrowers with an outstanding customer service experience by way of their established payment options and emphasis on customer service and satisfaction. The goal of Great Lakes is to create and ensure a successful pathway to repayment for their clients. Great Lakes not only oversees and manages the loans, but they also help educate borrowers by offering a myriad of online financial tools.
Additionally, Great Lakes offers customer support via social media. Those who have questions about student loans or are simply looking for general information can ask questions on the Great Lakes Twitter or Facebook pages. However, be sure to only discuss sensitive or account-specific questions via a secure message or telephone call.
Higher Ponds together with helps to make the genuine payment procedure simple by offering a keen autopay option, which have text message notice to greatly help borrowers ensure that you shell out timely. Great Lakes also work with individuals to reduce repayments because of the allowing percentage package transform otherwise pausing repayments in a situation out-of financial hardship just in case you meet the requirements.
Higher Lakes Education loan Cost Arrangements
- Important Payment: The loan is paid back over the course of 10 years or 120 payments. The loan has a standard amount that is paid monthly.
- Finished Repayment: Monthly payments will begin at a lower amount and increase every 24 months. This may be a good option for those who anticipate an increase in earnings as they navigate their careers. One thing to consider with this plan is that payments made in the beginning go toward paying the interest only and not toward the principal.
- Lengthened Payment: This option is for anyone who has loan amounts in excess of $30,000 in either FFELP or Direct Loans. These plans allow for repayment over the course of 25 years as opposed to 10. This is a good choice for those who may need a lower monthly rate than what is available through the standard repayment plan. Both a standard and a graduated payment plan are available.
- Income-Passionate Repayment: As the name suggests, income-driven repayment plans are based on income. As one’s income increases, so does their monthly rate. Additionally, borrowers under this repayment plan will need to keep their income and family size updated annually to ensure ongoing qualification.
Consumer Ratings of great Ponds
While no organization or company is always going to have only five-star customer reviews, there are some variables to consider when looking at the consumer reviews for Great Lakes. Great Lakes does maintain an A+ rating with the Better Business Bureau, which is no small accomplishment.
Next, Great Lakes is one of the biggest education loan servicers, and additionally they work hard to include consumers making use of devices they might require in order to properly pay its student loans. With provides like autopay, on the internet account access and administration, customer support one another online and toward social networking, and you will a determination to work with the individuals to make certain it is after the correct payment choice, High Lakes made an effort to make certain a great customers provider feel.
Moving forward that have Higher Ponds
If you have taken out a private or federal student loan, there is a good chance that you have dealt with Great Lakes. As an intermediary between lender and borrower, Great Lakes has attempted to provide its customers with the knowledge and tools they need to ensure a successful track to repayment.
