The Great Lakes Higher Education Corporation –or My Great Lakes -is a US-based platform concerned with student loans. Headquartered in Madison, Wisconsin, My Great Lakes is a reputable student loan company that operates without any profit motive.
The student loan scheme was established in 1967 and it avails students the opportunity to easily access a whole lot of grants that will facilitate their achievement of higher education goals. Meanwhile, Great Lakes has reportedly invested more than $200 million in student grants.
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Besides its role as a student loan company, Great Lakes has been touted as an employer of labor with over 2000 employees under its management. Individuals willing to learn more about Great Lakes can head to the official website of the scheme via www.mygreatlakes.org.
This article is an honest review of the Great Lakes student loan scheme and it will show you how you can sign up for an account on MyGreatLakes platform. You’ll also find out more information about the student loan scheme.
About MyGreatLakes Account
An account with MyGreatLakes is a great medium for you to interact with the student loan scheme. Your account lets you perform a number of tasks such as deciding your preferred payment plan, keeping tabs on your outstanding credit and figuring out your overall loan costs.
Most interestingly, the account lets you monitor your entire financial information with regard to your loans. It therefore suffices that your MyGreatLakes account enables you to access important information about your student loan.
How to Sign Up for MyGreatLakes
You already have an idea of what you stand to benefit from owning an account on the MyGreatLakes platform. Now, you should be keen to find out the easy-to-follow information for creating the account.
To sign up for a MyGreatLakes account, simply head to the official website of My Great Lakes. On the homepage, navigate to the top right-hand side of the page and hit the registration button there. Following that, you’ll be able to attempt the process for creating an account with My Great Lakes and thereupon become a member of the student loan scheme.
In the event of creating this account, you’ll be asked to supply such details as date of birth and social security number. You’ll also have to define a username and set up a password for the purpose of signing in to the account.
After fulfilling all the sign-up requirements, you’ll find an indication (in the form of a green screen) confirming the success of the account creation.
About the Interest Rate on MyGreatLakes Student Loan
Students intending to list My Great Lakes as their service provider for student loans may want to know the interest rates associated with MyGreatLakes loans. However, it’s a well-known fact that the interest rates on student loans are not usually fixed by Private Student Loan companies.
Generally, the US government, through its Congress, reserves the right to determine the interest rates that will be charged on the various student loans of the federal government. In doing that, the government considers a number of factors including the type of federal student loan involved and the market’s current financial situation. The bottom line here is that the interest rate on a given federal student loan is determined annually by the government.
If you’re applying for a MyGreatLakes student loan as a federal borrower, endeavor to know if your student loan is subsidized or not as this is a key factor in determining the interest rate on the loan. In fact, the subsidy status of your student loan is likely the only important consideration as repayment ability and creditworthiness do not affect the interest rate in any way.
What Are the Payment Options for Repaying MyGreatLakes Loans?
This is likely the best payment method for you to really prove that you’re ready to repay your MyGreatLakes loans in earnest. With the “autopay” option, you needn’t keep yourself reminded of when to repay the debt you owe MyGreatLakes.
How the “autopay” option works is by debiting your bank account automatically although you’ll get notified about this. One pretty advantage of the “autopay” option is that it could save you the risk of getting fined for having defaulted payment. This is because by having payments debited automatically from your bank account, you have a high likelihood of making payments as and when due.
An added benefit of the “autopay” payment option is that for each direct loan that you pay back, you’ll enjoy a 0.25% decrease in interest rate.
Pay by check
If you aren’t satisfied with having your bank account debited automatically, you can opt for the pay-by-check option. What you do in this case is to simply send MyGreatLakes a money order or a check monthly. A reminder is required for the pay-by-check option and the check (or money order) can be delivered via email.
One of the downsides of this loan repayment option is that it takes some time for payments to actually get processed.
The online payment option is particularly suited for federal borrowers. While such individuals (federal borrowers) will only have to sign up for mygreatlakes.org via the online portal, they must have also listed Great Lakes as their service provider.
To get started with the online payment option, it’s required of you to visit the online portal and create an account using your personal details –Name, DOB (Date of Birth) and SSN (Social Security Number). Likewise, you’ll be required to provide a username as well as the password for signing in to your account on the mygreatlakes.org website.
It is noteworthy that you’ll have to accurately provide your personal details (Name, DOB, SSN, etc.) so that MyGreatLakes can easily generate information about whatever loan you’re applying for. Also noteworthy is that for this online payment option, you can’t arrange loan repayment with your credit card. Your debit card is the only card for arranging payments.
Is MyGreatLakes a Scam Student Loan Scheme?
My Great Lakes is far from being a scam loan scheme. Based on genuine findings, it is a loan scheme that partners with the federal government in doling out affordable loans to students. My Great Lakes is duly registered and its loans are devoid of outrageous interest rates since it is the federal government, through its Congress, that determines the rates.
Irrespective of what somebody has told you about it, My Great Lakes is a trustworthy loan scheme that students can bank on for reasonable loans. MyGreatLakes student loans allow for flexible payment methods, making it convenient for students to afford repaying them.
MyGreatLakes maintains a responsive customer service to which loan applicants can lodge their complaints. Students willing to contact this customer service can do so through a phone call or the online means. To reach the customer service on phone, you should call the phone number +1800-236-4300. MyGreatLakes’ customer service can be reached between Monday and Friday and anytime from 9am to 7pm.
If you prefer to reach the customer service via the online means, you’ll have to visit the website of MyGreatLakes and navigate to the Contact section of the site. You’ll find a complaint form in this section. Fill out the form and hopefully, the customer service will respond to whatever complaint you lodge concerning your student loan.
There are a good number of positive reviews about MyGreatLakes and frankly enough, the student loan scheme has been praised for the swift response rate of its customer service.
My Great Lakes is known for student loans with reasonable terms and conditions. It is one of the trusted loan companies working with the federal government to ensure students are able to access affordable loans.
Hopefully, this post has walked you through all that you were willing to learn about My Great Lakes. If you have a question about Great Lakes and their student loan program, do let us know in the comment section below.
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