Great Lakes Higher Education Corporation and Affiliates is a non-profit corporation with more than 1,300 employees, all committed to changing lives for the better through higher education. We’re one of the country’s leading guarantors and servicers of student loans, serving millions of borrowers, the U.S. Department of Education, more than 6,000 schools, and 1,100 lenders nationwide. We provide support to make higher education accessible, the financial aid process simpler, and the possibility of paying for college real. We know student loans, inside and out.
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Do not borrow from these people at all. I’ve asked for help time after time. They are lazy and make a lot of errors. They tell you right off the bat you make too much money to get a revised payment schedule. You are left scratching your head and wondering how you will put gas in your car. This is just too much to bear when life hits you with a traumatic event.
No company is perfect including Great Lakes, however I have found Great Lakes to be better run and set up to support students in repayment versus other companies out there. While processing my consolidation loan, I had called many times over with questions and concerns, and every time I was met with kindness and understanding. I always hung up feeling heard, receiving the information I needed.
I have also found their Facebook social relations folks to be amazingly helpful and often can get things done more quickly for you. For example, I made a six figure payment so I could bring down my loan amount to a more manageable size, and I was concerned after two days the payment hadn't cleared. I emailed the Facebook folks from Great Lakes and within ten minutes I had a response and an answer (can take an extra day to process if payments are made on weekends). Overall, I would say they are the best of the student loan repayment servicers out there, and are always ready to help when you need them. And yes, there can be a few bad apples in any business but I've only talked to one person with Great Lakes who I felt needed better customer service training.
I think realistically we as students need to be made aware of who is servicing our loans while we are still in college, making sure we set up online accounts so we can track our loan balances and interest accrued. By being aware of this and due dates before graduation we won't be blindsided later on. Personally I had all my servicers known, accounts set up, and due dates written down by the time I left college. I didn't want to wait for email reminding me to do this on the off chance there is an error and an email isn't sent. It is my loan and I should be responsible for it.
Great Lakes has been great! Consolidated all my loans into one monthly payment. Low interest rate. Great customer service. Receive a monthly email reminding me to make my payment so I have no problems staying current.
I had my loan reset for repayment based on my income. Never received any documentation in the mail. Very disappointed in their follow up. I missed my first payment & need to work with them again to fix.
I have a slightly abnormal situation in that I live abroad and I am married to a non US citizen. Every year it takes me MANY HOURS to renew my income based repayment plan. Many emails and phone calls with baffled representatives, repeated requests for my spouse's ss# (he doesn't have one). Every year it ends the same way - A confirmation email that they have received my documentation followed immediately by an email that says I'm getting kicked off the plan for not submitting my documentation. This is typically sorted once I share the confirmation email with another few people (more calls, more emails). The entire song and dance takes about a 4-6 weeks. They are an incompetent company, unable to efficiently perform one of their few duties. It's like this for 6 years.
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In my case, my son calls from the Financial Aid office of his prospected college and says ... "Dad, could you JUST go on this site and JUST fill it out". (My fault for not asking more questions, I guess). So, 2+ years later I get a bill in the mail with MY name on the envelope, for my son's first payment. I then call Great Lakes to see if MY SON could make adjustments to the payment schedule, and the REP says to me, "Oh no sir, this is YOUR loan, not your son's." I've been reluctantly paying this for almost 2 years now and get frustrated every time I make a payment. PARENT ... PLUS WHAT? There is no Plus, other than my son now having a degree and a career.
Pay on time every month--pay early, in fact. Sent me a letter saying I lost a rebate from my school because I have not paid on time. What the hell? Applied for IBR. Chose my plan. Some girl changed my option because she thought I would like it better. She did this WITHOUT my permission. She was able to change it back, but I accrued several hundred dollars in interest. She said there was nothing that could be done about it. How the HELL can they make these changes WITHOUT my permission? I reapplied for my IBR months ago. Still not reflected on the website. Despite making payments for a year, I still somehow owe 2k more than I did last year.
Great Lakes is the most lazy loan service company. They don’t seek clients, the government just passes loan information to them. So their customer service skills are sub-par to say the least. Their representatives and account supervisors can’t perform basic math calculations and when you try to explain where they made a mistake they can’t comprehend what is being described to them. I’m going to seek a personal loan from a bank to pay off the Great Lakes student loans so I don’t have to deal with them anymore, and so they can’t collect more interest from me.
From start to finish it's all lies and total bs! I'm currently down for truck repairs. I drive for a living and contacted these clowns and told them soon as I'm back up and running I'd start paying again. They said, "Ok no problem." 2 days later I'm getting threatening calls emails and now attacking my credit score. Also you pay on 22nd they don't process payment for up to 14 days. Now they blame fed reserve. Ok now it's shutdown. How can they process payments while shutdown yet they continue to hassle and threaten you. Total scam. Needs to be shut down. Avoid at all cost.
My original loan was for $7747. After forbearance, deferred payments, small monthly payments etc. I finally settled into a career and began making on-time monthly payments of $118. By this time my balance was $9800. I have paid over $2000 and my balance is now $9500. At this rate, if I pay $118/mo, it will take me 32 more years and approx. $52,000 to pay off the remaining $9500. Unethical. Ludicrous. Infuriating. Money hungry. It’s mind boggling how this is even legal.
Great Lakes Higher Education Corp. Company Information
- Company Name:
- Great Lakes
- Company Type:
- Year Founded:
- (800) 236-4300