Great Lake College Loan

To have a Great Lake college loan, the borrower must go through the Great Lakes Higher Education Corporation and Affiliates to secure money to pay for higher education. Operating out of Madison, Wisconsin, Great Lakes acts as one of the nation’s leading non-profit guarantors and servicers for student loans. Great Lake college loan programs guarantee over $35 billion in loans under the Federal Family Education Loan Program (FFELP). Working with 2,700 schools and 1,400 lenders, Great Lakes helps college students find, as well as manage, loans.

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Though Great Lakes does not lend money, researching services offered by Great Lakes can help students find lenders and schools that have the best chance of offering them funding for school.

Services offered through Great Lake college loan programs:

• Guarantors for student loans
• Servicers for student loans
• Student loan counselling
• Consolidation counselling
• Loan application counselling
• College access counselling

Great Lakes associates also train college access counsellors who help connect students with schools and lenders meeting personally tailored career and college goals. Great Lake college loan programs do not act as lenders for college loans, but rather, facilitate these loans through Federal Family Education Loan Program, or FFELP. Banks and other organizations work with Great Lakes to find borrowers who qualify under this loan program. As guarantor, Great Lakes college loan programs ensure lenders and borrowers follow rules governing FFELP loans set by the federal government. The Great Lakes Corporation also counsels borrowers facing repayment difficulties. As servicers, Great Lakes acts as representative for borrowers and oversees and administers the loan process from the original application through loan repayment

In order to take advantage of Great Lake student loan services, the borrower first needs to file the Free Application for Federal Student Aid, or FAFSA. If the borrower attends a school affiliated with Great Lakes and Great Lakes lenders, the borrower will use Great Lakes as a liaison for managing and repaying these loans. Great Lakes also funds programs helping low-income students prepare for college in addition to aiding them with financial access to school. Again, these programs depend on the school that a borrower attends and the lender a borrower chooses. Great Lake college loan programs employ nearly 900 professionals to aid those students falling under their umbrella.

As a major loan servicer and guarantor, students who have loans through Great Lakes affiliates should be aware of the different services available to them. Great Lakes can help students figure out loan repayment options that work for them, before students find themselves facing delinquency or worse. Today, the average taxpayer spends $400 a year funding bankruptcy trials stemming from student loan debt burdens. Because borrowers can no longer relinquish student loan debt through bankruptcy, due to the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, it is more important than ever students become familiar with the companies managing their student loans. Always manage debt responsibly before financial obligations in default become a serious problem.

Great Lake college loans can provide a great resource for students who need money for school and need help managing debt following entering the workforce. In particular, students who take out loans via Great Lake should understand how Great Lakes works and what services are available.

Need a Great Lake college loan?
Get assistance for Great Lake college loan programs.