In 2017, Great Lakes celebrated its 50th year in business. Besides its lengthy history, Great Lakes stands out from other organizations within the student loan arena because it does not offer direct loans itself. Instead, it acts as a student loan servicer and guarantor, meaning it works in close collaboration with students, families, educational institutions, and companies to find the right loan for each circumstance. It also works with former students looking into renegotiation and repayment plans. Importantly, Great Lakes remains a non-profit organization even to this day, making it a reliable source of information and support for those seeking unbiased advice about student loans and repayment.
What Does Great Lakes Do?
The primary pillar of Great Lakes is their debt management services. Underneath this umbrella they offer student loan services and guarantor services. They work with all types of students as well as many primary lenders, including both federal and private. Great lakes will maintain support throughout the lifespan of the loan.
Great Lakes acts as an information resource for all aspects of student loans from start to finish. They coach students before they take on additional debt, they also provide both students and graduates detailed information about how to stay on top of their student debt and effectively pay it off. If students encounter financial emergencies during their loan, Great Lakes can assist in finding solutions such as deferment or renegotiated repayment options. One of their mandates is free student loan information provided through their Knowledge Center.
One of the most important facts about Great Lakes Student Loan Services is that they are free. There are no charges associated with their advice and support. They work in close cooperation with the Department of Education and organizations in the private sector to provide continued support to all their clients. They remain steadfastly dedicated to the financial health of their customers, so much so that they also offer assistance in finding scholarships, grants, or federal aid. At the end of the day, they support the dreams of students and families without being influenced by large corporate interests.
When Should Someone Contact Great Lakes?
Great Lakes aims to provide support throughout every step of the student loan process. This starts by offering guidance to people without student loans to find the right lender suitable for their situation. After a student loan is undertaken, they then provide a huge knowledge network to help students maintain healthy spending habits and make timely repayments. Of course, this support continues when students graduate. If their clients encounter problems making monthly payments then Great Lakes can step in with options, including deferment, consolidation, and other student loan relief alternatives.