In the article, we are going to talk about students loan and their issues related to re-payments options. The great lakes student loans are for those currently who are going to study or in an academic session or who have been completed their education or want to pay after they leave school or facing the student financial aid process.
Great Lakes provide access tools and services to their customers to login into thier Financial Aid Professionals and Business Partners portals to rely on existing support channels.
Great Lake’s committed to maintaining its relationship with small businesses in long-term business relationships. For the business relationships, Their federal contractor status supports them and build opportunities for it.
With its website, you will able to get information on the below topic that you may want to know:
- getting started
- budgets & banking
- postpone or lower payments
- free services
- job hunting
- manage my loans
- grace period
- repayment options
- about great lakes
- student loan basics
- money smarts
- repayment success
- loan transfers
The community has three option for students & parents:
- Don’t pay fee: In the option, the student doesn’t pay their school fee directly. The community partner will help students and they pay the whole education free till students don’t complete their education.
- I’m repaying my student loans: This option will allow you to repay your loan amount based on your income and it is called Income-driven Repayment. In this case, you need to verify your documents and income status every year and select your payment type. This option will help you to reduce your payment amount monthly based on yearly verification and manage your debt amount. Once you choose the plan that means not you are bounded, you can change your plan if you are in a critical situation.
- I’m the parent of a student: if you are the parent of a student and want to pay to borrow money then first you need to pay interest and then remain the amount will cover in the principal amount. so before going to apply you should read all terms & conditions of the community.
Situation You May Face
In the time of loan process or you are in school or due to some casualty you are unable to pay the loan, in this case, you may also remember the points and discuss before applying for the loan, that is:
- I want to make a payment while still in school or in forbearance.
- I want to make full monthly payment while in repayment.
- I want to pay an excess amount.
- I am paid ahead.
- I can not make a full monthly/yearly payment.
- I wonder why most of the payment goes to interest.
- I want to submit full payment.
With a student loan, you have many options for repayment and option for loan forgiveness if you meet certain situations. In roadside assistance, you have the option to stop repayment for a certain time period but interest may continue to flow and start again when you are able to pay.
Avoiding Delinquency and Default
If any reason you stop payments, your loan is delinquent. If you missed a payment date then the late fee may apply until you don’t pay your missed payment and it comes in default. If it will continue for a long period then the amount will be charged from your account or may take legal action.
Hope you are now able to get more information on great lakes community and student loan. If you are happy to read our article then join us on the social platforms to get more news from us or write us your points in the comment box.