Do i need to Favor High Ponds once the an excellent Servicer?

Do i need to Favor High Ponds once the an excellent Servicer?

If the student loan was sourced, you would not have the ability to like the servicer. As an alternative, you will be married that have an effective servicer through the financial and you will you to definitely servicer will then try to be the fresh new liaison between you and the financial institution. Great Ponds properties each other government and private student loans and you can works which have six,100000 schools and universities. The organization together with really works myself toward DOE.

What to anticipate In the event the Combined with Great Lakes

Great Lakes provides borrowers with an outstanding customer service experience by way of their established payment options and emphasis on customer service and satisfaction. The goal of Great Lakes is to create and ensure a successful pathway to repayment for their clients. Great Lakes not only oversees and manages the loans, but they also help educate borrowers by offering a myriad of online financial tools.

Additionally, Great Lakes offers customer support via social media. Those who have questions about student loans or are simply looking for general information can ask questions on the Great Lakes Twitter or Facebook pages. However, be sure to only discuss sensitive or account-specific questions via a secure message or telephone call.

High Lakes plus makes the genuine percentage processes easy by offering a keen autopay choice, which have text message alerts to help individuals ensure that you pay punctually. High Lakes may also focus on borrowers to reduce repayments from the enabling fee package transform otherwise pausing payments in times of financial hardship just in case you qualify.

Great Ponds Education loan Cost Agreements

  • Standard Payment: The loan is paid back over the course of 10 years or 120 payments. The loan has a standard amount that is paid monthly.
  • Graduated Payment: Monthly payments will begin at a lower amount and increase every 24 months. This may be a good option for those who anticipate an increase in earnings as they navigate their careers. One thing to consider with this plan is that payments made in the beginning go toward paying the interest only and not toward the principal.
  • Extended Payment: This option is for anyone who has loan amounts in excess of $30,000 in either FFELP or Direct Loans. These plans allow for repayment over the course of 25 years as opposed to 10. This is a good choice for those who may need a lower monthly rate than what is available through the standard repayment plan. Both a standard and a graduated payment plan are available.
  • Income-Motivated Cost: As the name suggests, income-driven repayment plans are based on income. As one’s income increases, so does their monthly rate. Additionally, borrowers under this repayment plan will need to keep their income and family size updated annually to ensure ongoing qualification.

User Product reviews of great Ponds

While no organization or company is always going to have only five-star customer reviews, there are some variables to consider when looking at the consumer reviews for Great Lakes. Great Lakes does maintain an A+ rating with the Better Business Bureau, which is no small accomplishment.

Furthermore, Higher Ponds is among the largest education loan servicers, and additionally they work hard to include individuals using equipment they require so you can effectively pay back the college loans. Which have features eg autopay, on the internet account access and you will management, customer service each other online and towards social network, and you will a determination to partner with its borrowers to ensure they was following the right cost choice, Great Ponds made an attempt to be certain a fantastic customers services feel.

Moving forward having Great Lakes

If you have taken out a private or federal student loan, there is a good payday loans Kentucky chance that you have dealt with Great Lakes. As an intermediary between lender and borrower, Great Lakes has attempted to provide its customers with the knowledge and tools they need to ensure a successful track to repayment.