Student loans are one of life's certainties: besides death and taxes of course. They are a necessary tool, and sometimes the thing standing between you and your coveted degree. But as with many financial commitments, it can be hard to determine what loan or borrower is right for you. There are repayment policies to consider, interest rates to ponder over, and other factors that you have to think about before agreeing to a loan. That's why you should know about Great Lakes Borrower.

With the vast sea of loan companies and fine print it can be hard to distinguish what is a credible and fair contract. We understand the confusion and skepticism that comes with student loans. It's a part of the territory. That is why we've compiled a list of information about the popular student loan corporation, Great Lakes Borrower.

We will discuss Great Lakes, the credibility of the corporation and give you all the information you need to make an informed decision. Here's what you need to know:

What Is Great Lakes?

Contrary to what many may believe, Great Lakes Borrower does not offer loans. The Great Lakes Higher Education Corporation is actually a non-profit company based in Madison, Wisconsin. For over 50 years the group has worked with 1,000 lenders, 60,000 schools, and millions of students to provide the tools that students need to be successful in and after school.

Great Lakes Borrower as a Guarantor

Great Lakes Borrower as a Student Loan Servicer

Is There a Need for Great Lakes?

College is scary and loans can be terrifying. As a student, you are just entering the real world and it can be daunting to commit to a loan that you may be tethered to for years to come. But that is where Great Lakes comes in to help. Great Lakes Borrower is one of the country's biggest student loan servicers for a reason. The company goes above and beyond at keeping you informed.


Their website provides numerous articles on managing finances and repaying loans. It even has a knowledge center with information on budgeting, taxes, grace periods, interest rates, and so much more. And while loans may still be scary, Great Lakes can be a friendly face.


The company even acts a student loan originator, meaning that they help you with your loan application. This servicer is really there from start to finish, making a process that most find daunting and horrifying a little bit better. As a large and very respected originator, Great Lakes Borrower has repeatedly helped millions of student apply for and receive the loans that they need.


Overall the great thing about Great Lakes is that the company clearly shows their values in all that they do. The non-profit pride themselves on community service and "doing what is right". In fact, up to date, they have provided  $130 million in grants, scholarships, and college advising services.

Information on Great Lakes Borrower

Student Debt

Image by Mary Pahlke from Pixabay

So now that we've established just what Great Lakes is, let's explore loan options and payment plans as well as other important information.

Loan Option:

FFELP

Federal Direct Loan

Private Loans

Subsidized vs. Unsubsidized

Making Your Payment

Great Lakes' Place

Conclusion

Great Lakes Borrower is an established non-profit, responsible for helping millions find the right loans to pay for school. Established in 1967, Great Lakes has become one of the country's biggest student loan servicers through commitment and hard work. And with a motto of ‘Doing what’s right’, the company has provided  $130 million in grants, scholarships, and college advising services.

 

This company does not offer loans; instead, they are a guarantor and loan servicer. Great Lakes essentially acts as a counselor and resources center for students as they pay back their loans. With their accessible app, user-friendly website, and an abundance of information, Great Lakes makes it easy to make payments and access loan information. 

 

The company goes above and beyond at keeping borrowers informed and financially empowered. In the end, most can agree that no one wants a loan, but they are necessary. So rather than dread the contracts and fear the future, take control of your life. Great Lakes Borrower may be the anchor you need in the tumultuous financial sea.

Features Image by Cari Dobbins from Pixabay

Pin It on Pinterest

Share This