Although it is not possible for the MyGreatLakes to lower the interest rates on their loans, borrowers can refinance with another lender to make sure that they get a lower interest rate. Locking a lower interest rate can clip off the repayment period, clip the monthly payments, and reduce the overall costs. There are currently many companies like MyGreatLakes in the market that refinance and consolidate student loans. Currently, the best refinance rates start at just over 2.5%
If you go with this path, the loan would no longer be owned or managed by MyGreatLakes, and the terms of the new loan would solely depend on the new loan agreement.
The Convenience: The mobile application of the Great Lakes helps the students to stay updated to their loan repayments date easily.
- Make payments and more in a much simpler way.
- Make or plan student loan payments of the amount that suits you.
- Effectively use an existing payment account or create and save a new one.
- Sign in to access the account without visiting the website.
- Use a mobile application that is extremely simple to design.
- Receive the regular reminders and payment confirmations on every payment you make.
- Check your account information on the regular intervals such as credit, interest, lenders, and your payment status.
- Get the details regarding the payment process at regular intervals.
- Secure identity verification process.
- An extremely highly encrypted portal.
With the facility of the private refinancing, the new lender does all the heavy lifting. A MyGreatLakes refund may need to be dispatched to the new lender on the spot, but the refinance company is responsible for clipping the cheque and taking it to the Great Lakes. Once your Great Lakes loan has been repaid, you can start repaying new business according to the terms and conditions of the new contract.