Mygreatlakes is one of the loan service providers that serve as a mediator between the lender and the borrower. Meaning, they help get loans back as well as track payment.
Every year, it is greatly recorded that one of the challenges faced by students is how to sponsor themselves in school. This includes tuition, accommodation, etc. Loans often are taken to cover this, but how does one payback is another huge task.
Have you ever received a mail from my great lakes or you have heard about them, but you are still skeptical? You might be skeptical about it because there are so many dubious ways out there, however, my great lakes is a legitimate service provider.
If you would like to find out more about my great lakes, its payment options, customer service, and any other curiosity you may have, all you need to do is to read on as we ride together.
SEE ALSO: Oscar Health Insurance Review: is it Legit or a Scam
What Exactly is MyGreatLakes Student loan?
My Great lakes Student loan is a platform founded in 1967 in the USA by the Great Lakes Higher Education Corporation with its headquarters in Madison, Wisconsin.
It is a non-profit loan service provider that has served over 1, 100 lenders and 6, 000 schools students since its establishment as well as an employment opportunity to over 2, 000 people.
My Great lakes have lived up to its motto which is doing what is right and this has continually earned it the number 1 ranking loan service provider since 2011
How to Sign Up With MyGreatlakes Student Loan?
You are expected to signup with MyGreatLakes student loan through the official website “mygreatlakes.org”. After getting access to the website, you are required to register to create an account and become a member.
For registration, you need to provide your details such as social security number, date of birth, email address, password, etc. If the registration is successful, then you can continually access your profile to use any of my great lakes loan services.
Student Loan Repayment Options
Great lakes student loan customer service has no role on the type of repayment plan you receive, rather they ensure you get the appropriately selected prepayment plan and these plans are available to you depending on your finance and whether private or federal loans.
However, if you are repaying your federal loans through Great lakes, below are the prepayment options available for you;
SEE ALSO: 20 Best Student Loans for Trade Schools in 2024
Revised Pay As You Earn (REPAYE)
This offers you a 10% monthly payment of your income which is recalculated based on your family size and income each year as well as forgiveness.
If you earn more, your payment on the REPAYE plan will be higher than what you will pay on a standard repayment plan, however, if you earn small, you pay small.
Pay As You Earn (PAYE)
This is similar to REPAYE, but here, irrespective of how high or low you earn, you will never pay more than the standard repayment plan, Although, if your income is low, it takes you longer to repay and your interest keeps piling up. There is forgiveness for outstanding balance after 20 years.
Income-Based Repayment (IBR)
This is a plan where you pay lower monthly due to your income ratio, your income piles up over the year, although what you pay is subjected to change each year depending on your income and family size and there is forgiveness after 20 to 25 years of repayment.
Income-Contingent Repayment (ICR)
This is a faster way of paying your loans as your income goes up over time. Here, you pay 20% of your income or a fixed amount for 12 years.
Standard Repayment Plan
This has a fixed amount to be repaid monthly for 10 years.
SEE ALSO: Premier Student Loan Center – Loan Forgiveness
How To Make Monthly Payments at MyGreatLakes?
There are several ways of making payments on Great lakes student loans. These ways include;
- Online payment,
- Pay by check through snail mail,
- Autopay on your card.
How To Reach the MyGreatLakes Student Loans Customer Service?
There are different channels through which you can reach Great Lakes Student Loans customer service either for complaints, inquiries, etc.
Phone
Call (800) 236-4300 or (608) 246-1700 for local/international. Their Representatives can be reached Monday-Friday from 7:00 a.m. to 9:00 p.m.
Fax
Toll-free (800) 375-5288, or (608) 246-1608 for local/international faxes.
Below is the general mail correspondence.
Great Lakes
PO Box 7860
Madison, WI 53707-7860
Social media
Great Lakes via Twitter or Facebook.
Is MyGreatlakes legit or a Scam?
Over time, there have been doubts about this service loan provider, but it is important to note that it is a legit loan service provider that offers loans to the Federal government without the fear of high-interest rates by students.
It is only when you are threatened or told to send some private information that you can believe it is a scam and if you ever encounter any of this, it is important to verify with a Great lake student loan service representative through call or any channel.
SEE ALSO: Allianz Travel Insurance Full Review
Conclusion
Mygreatlakes.org is a student loan service that has been adopted by so many lenders out there to get back loans from their borrowers, this is to show how legit it is, harbor no fear about this platform again.
If you find this blog post helpful, kindly communicate your view in the comment box below and if you have any experience, you can share it with us.
