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Great Lakes Loan - Is Great Lakes Loan the Right Choice for Your Education Finance Needs?

What You Need to Know about Great Lakes Loan

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Great Lakes Educational Loan Services, Inc., commonly referred to as Great Lakes Loan, is one of the leading student loan resources in America. The question is, what makes Great Lakes Loan better than the other lenders out there and are they the right choice for your student loans? Here is what you need to know if you’re considering Great Lakes Loan for your student loan needs.

What Is Great Lakes Loan?

Great Lakes Loan is one of the nation’s largest providers of student loan services. The company holds $16.2 billion dollars in FFEL program loans. What exactly does this mean?

Great Lakes Loan is not a lender. They do not provide loans directly to students. Rather, Great Lakes Loan guarantees and services the loans that students take out to finance their education.

Who Uses Great Lakes Loan?

Students and lenders alike both interact with and utilize the services of Great Lakes Loan. When a lender (such as a credit union or bank) extends a loan to a student Great Lakes Loan will often service that loan, ensuring that the loan meets student loan regulations and acting as a central point for the lender, the students and the schools.

What Do Students Need to Know about Great Lakes Loan?

If your student loan is being serviced by Great Lakes Loan you will want to familiarize yourself with the company. When it comes to repayment and financial assistance for Great Lakes loans, Great Lakes Loan will be the company you work with.

The Great Lakes Loan website will be a useful tool for your student loan management. Using their site you can make loan payments on your Great Lakes loans, see your student loan balances, get your payoff amount and even schedule automatic payments.

The Great Lakes Loan website also has tools for students who need to postpone payments, change a payment plan or lower their monthly payments. If you are having a hard time making your student loan payments as scheduled you should visit the Great Lakes Loan website and see what options are available to you.

Should You Work with Great Lakes Loan?

Whether or not you work with Great Lakes Loan is largely decided by which company services your actual lender’s loans, so it is not automatically a decision made on part of the person taking out the student loan. That being said, which student loan company you use will largely depend on your individual lending needs. Because of that it is important to research all of your student loan options and pick the student loan that best meets your educational and financial needs.

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