Great Lakes Student Loans

Lenders, Borrowers Meet Through Great Lakes Student Loans Management

Providing loans for college students is a large and growing industry, with students trying to find a way to pay the rising costs of higher education. This is a safe and lucrative investment for capital holders, and Great Lakes student loans management services allow them to invest in the futures of students who want to succeed.

The Federal Family Education Loan Program allows students to borrow federal loans through private lenders, and Great Lakes offers all the loans offered in this program. The federal Stafford loan is the first source of funding for each individual school year. Students can defer payment on these loans until they finish studying; they can choose to defer all payment or pay interest only to avoid capitalizing the interest. Students who qualify, based on financial need, for a subsidized loan do not have to make payments until after they finish studying, and the interest is paid by the government.

PLUS loans are federal loans which come with a minimal credit requirement. These are available to graduate students as an addition to the Stafford loan or to parents of any college student, and a cosigner can be used to meet credit requirements. Federal loans can be taken directly from the Department of Education or from private lenders through FFEL. This allows the government to enforce their standard terms for these loans, such as a fixed maximum interest rate, but allow private lenders the opportunity to invest in this market and increase the total capital going toward these loans. Great Lakes manages FFEL student loans for private lenders.

Federal loans often do not cover the entire cost of receiving an education. The rest of a student’s education costs can be paid through a private or non-traditional loan. Great Lakes offers private loans taking into account the financial needs of students as well as the loan security and investment returns lenders demand.

As a higher education guaranty corporation, Great Lakes is interested in seeing more people attend college and in their future success. Great Lakes offers products and services for lenders and students, as well as colleges, counselors, and financial aid professionals to promote higher education, including pamphlets and online tools to describe the benefits of getting a college degree. Great Lakes provides student loan calculators and loan education resources.

Great Lakes provides loan management software to their lenders and students who borrow through Great Lakes have access to online resources including financial management tutoring. Great Lakes offers methods of avoiding loan defaults, which is beneficial to both lenders and borrowers, and offers consolidation services for borrowers who are having trouble paying back their loans.

Great Lakes student loans management gives students and people who want to invest in a student’s future the opportunity to find each other.