Just in case you had been mislead, the fresh new e-mail as to the your imagine try specific travel institution trying to cause you to bring a tour of your Great Ponds was in reality not a vacation department.
Nope, in reality, My personal Great Lakes, otherwise commercially this new “High Ponds Degree Corporation,” is one of the greatest student loan maintenance organizations nowadays.
Handling someplace in your local of 250 mil in student education loans predicated on their website, High Lakes is among the “Large seven” regarding repair college loans (Understand the Full Set of Student loan Organizations right here)
not, while this it perhaps not a trip to the favorable Ponds, today inside full report on High Lakes Figuratively speaking, you will observe just what the individuals should know including:
- Just what student loan servicers carry out
- Exactly what most of the my Great Ponds borrowers should become aware of
- Simple tips to log on and you can navigate their My Great Lakes account
- And also make Payments
- Getting in touch with My personal Great Lakes
- Problems with My Great Ponds
- Other available choices having figuratively speaking
Note: I am able to relate to Great Ponds since the My personal Great Ponds because the well for the reason that it is really what they use to differentiate their website on the genuine higher lakes!
Do you have figuratively speaking?
When you have figuratively speaking, there’s a high likelihood you’ve got signed for the students financing online payday NE servicing business particularly Fedloan, MOHELA, Navient, Nelnet, or my favorite, “My High Lakes.”
And while I wish I’m able to show the partnership We has actually with High Ponds for student loan maintenance is “Higher,” it’s in fact on the other hand. If only both of us never have to know each other.
Crappy humor aside, I really got my personal college loans maintained by MOHELA, however, my personal wife’s college loans was indeed having Navient and you may Higher Ponds. And since their balance was a bit towards the large top, (Regarding the $270,one hundred thousand when you look at the figuratively speaking) writing about My personal Great Ponds has been a month-to-month thickness having the past three-years.
Signing on the view the education loan harmony dwindle are fulfilling, however, at the same time a bit annoying when you see the brand new interest, you have to pay.
Yet not, I never know how student loan servicing businesses very worked. Actually, I thought Great Lakes was only a financial my wife had this lady figuratively speaking away from (She was raised close Higher Lake Erie).
Therefore i made a decision to make an article about what education loan consumers should be aware of High Lakes because the a student loan repair organization. However, very first, what is the reason for a student-based loan servicing organization?
Student loan Servicers 101.
- Fedloan
- Nelnet
Which have generated a student loan percentage to 3 from the four, I will tell you that for each has actually it’s advantages and disadvantages. Before We diving on the some of those, the greater matter in my situation early on was:
Current school students and also older millennials such as for example me sometimes question exactly what the role of good Lakes or Navient in fact is. Basically these represent the middleman anywhere between both you and the lender away from your money, which in many cases is the government.
A student loan upkeep company such as for example My personal High Ponds manages, tracks and you may accumulates money into the borrower. The fresh new character of a student-based loan servicer is to let customize payment plans and work out transform in order to payment agreements when needed.
Simultaneously, student loan maintenance companies serve several other grand character. It assist borrowers processes deferment needs and you will forbearance. Plan to return to school? Better their education loan servicing company will assist you to put your loans back again to deferment.