Student loan repayment is one of the many challenges that we face post-graduation. And, the obstacles we face to eventually become debt-free are not only limited to paying the amount that we owe but also in understanding the intricacies of our loans.
Part of what we need to comprehend is just how much interest we are paying for our student loans. Understanding this subject helps in a lot of ways to lessen the burden of debt and find areas where we can pay less than what we owe and make the process easier.
What Is Great Lakes?
Before we talk about Great Lakes student loans, let’s get to know them a little bit more.
Great Lakes is one of ten federal loan servicers in the country today. That means that they are one of the institutions that our federal government together with the Department of Education trusts to handle your student loan billing and customer service concerns.
Great Lakes is one of the largest loan servicers in the country. And, no, they aren’t the ones who lent you financial aid for your student loan.
They handle more than 6,000 educational institutions, millions of students, and billions worth of student loans.
The Interest Rate on Their Student Loans
So, what is the interest rate on Great Lakes student loans? Given that they are not the ones who lent you the financial aid, the interest on your student loan still depends on the current federal student loan rates.
Federal loan interest rates can range from 3.73% to 6.28%. Compare that with private student loan interest rates then you may need to pay between 1.49% to 12.99%, depending on if it’s a fixed or variable loan. Federal student loan interest rates are fixed which means that the amount won’t increase or decrease in the lifetime of the debt.
Please check the table below for rates:
Pay Less Interest Now!
Loan servicers like Great Lakes can help you in a lot of ways to make your student loan repayments easier and more financially flexible. They can help you find an alternative way to make your monthly payments if it gets too challenging.
They can also help you with loan consolidation, process deferment and forbearance, or even to apply for loan forgiveness.
Every student loan borrower should get all the assistance that they need to eventually settle their debt. With Chipper, we help you find your best repayment options and automatically enroll you in eligible repayment and loan forgiveness plans.