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:
| Loan Type | Borrower | Fixed Interest Rate | Loan Fee |
|---|
| Direct Subsidized Loans and Direct Unsubsidized Loans | Undergraduate students | 0.0373 | 1.057% for loans first disbursed on or after Oct. 1, 2020, and before Oct. 1, 2022 |
| Direct Unsubsidized Loans | Graduate or professional students | 0.0528 | 1.057% for loans first disbursed on or after Oct. 1, 2020, and before Oct. 1, 2022 |
| Direct PLUS Loans | Parents and graduate or professional students | 0.0628 | 4.228% for loans first disbursed on or after Oct. 1, 2020, and before Oct. 1, 2022 |
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.
Use Chipper for Lower Payments
Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.
Use Chipper for The Best Path to Forgiveness
Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.
Use Chipper for Round-Ups
Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.
Use Chipper for Public Service Loan Forgiveness (PSLF)
The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.
Use Chipper for Teacher Loan Forgiveness (TLF)
The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.
