If you are currently making student loan payments, chances are you are doing so through a loan servicer. It is also likely that your loan servicer is Great Lakes Student Loans.
Great Lakes Student Loans is one of the most prominent student loan servicers in the United States. Handling or managing up to 18% of all total student loans, Great Lakes is who to talk to when you are paying private or federal student loans.
Great Lakes will not require you to pay the initial months or installments of your private or federal student loan. However, you need to pay back the loan in the agreed-upon installment amount during the repayment period.
How do you pay for your Great Lakes Student Loan? Read on to learn more.
How To Pay Student Loans to Great Lakes
Any student loan payment made towards Great Lakes can be done through the following:
At the time of writing, Great Lakes has yet to offer credit cards as viable payment options. Nonetheless, borrowers can still pay student loans using debit. Great Lakes accepts payments either using a physical debit card or via direct debit.
Borrowers can pay by debit using the Great Lakes app available on both the App Store and Play Store.
Borrowers with bank accounts can enroll Great Lakes as a biller. By doing this, an account holder allows Great Lakes to take payments automatically every month from the bank account.
Autopay payments to Great Lakes do not just benefit borrowers with convenience. Great Lakes offers a 0.25% discount on your interest rate. Hence, if you are looking to save a bit of money, enrolling Great Lakes might be a good idea.
Borrowers can also pay by phone. If you plan on doing this, have your Great Lakes account details as well as your debit card on hand. A representative will be asking for your debit card number and other personal data to authenticate the payment.
How To Set Up a Great Lakes Online Account for a Student Loan Payment
Paying Great Lakes online will confer the same benefits as autopay. There are two main steps to setting up an online account with Great Lakes:
Step 1: Sign Up
Visit the Great Lakes site, and click on the tab that says “Sign Up.” You will be redirected to a page where you can create your account.
At this stage, you need your social security number and other pieces of identification. These pieces of information are necessary for creating your account.
Step 2: Choose Your Loan Account
You can choose between automatic payment plans or one-time payment plans. Some loan accounts will also enable you to select certain repayment options. Automatic payments are recurrent, deducting a set amount from your bank account via debit monthly.
Set-Up and Pay-Up
Setting up a Great Lakes account to pay your student loan is straightforward. By signing up for an online account, you can make payments conveniently and affordably, especially if you opt for autopay. An online account with Great Lakes will also open you to various repayment options should you desire to lower your installment amounts.
Set up your online account and begin paying your student loan to Great Lakes with ease.