College education is very expensive and one can avail of student loans to finance the education. If you wish to apply for a student loan or have got an approval for the same you can look at Great Lake to manage your student loan.
Great Lake, a non-profit organization, is committed to provide the students the tools that would help them manage their loans successfully. They have provided loans to students in more than 6,000 schools from more than 1,100 finances nationwide. They also serve as guarantors for loan in various states in USA.
Opening An Account:
- You need to visit www.mygreatlakes.org and click on Sign up for Access Account.
- Once you do this the first screen would appear where you would be asked to create your user ID which can be between 5 and 30 characters and select your password which should be at least 7 characters long and have a minimum of 1 letter and 1 number
- Then you have to enter your social security number and verify the same.
- Enter your date of birth.Once you have done this you would have to give some basic information about yourself. This is needed to ensure that your SSN is not misused by other. The information provided by you would be verified with the records.
- The next step would entail you to create Personal Identification Number (PIN)
- The last step would be to choose an identity image for yourself
Types Of Loans:
- Subsidized Loans are the loans in which the students do not have to pay the interest on the loan as the same is paid by the Federal Government during the school and deferment period.
- Unsubsidized loans are those loans in which the students have to pay the interest. The interest need not be paid during the school and deferment period. The interest gets accrued and is capitalized.
You can choose from a myriad of options to repay your loans at Great Lakes. This include one-time payment online or pay monthly through auto debit from your bank account or make payments over phone or pay through check or money order.
- If you afford to pay a part of the loan within 120 days of taking the loan it would go a long way to reduce the amount that you would have to pay. This amount is adjusted against the interest and so you do not allow it to be capitalized.
- Always keep a track of the amount that you owe.
- Do not be in a hurry to utilize the full amount that you have been sanctioned. Borrow the amount that you need at that time.
- If you are paying on a monthly basis use the Auto Pay system so that you don’t have to pay a penalty in case you forget to pay the installment on time.
Conclusion:Great Lake is a non-profit organization which helps manage student loans. It provides multiple repayment options. It is very simple to sign up for Great Lake account and manage student loans.