MyGreatLakes is one of the best options for the students who wish to pursue their careers, but are in a dilemma due to the financial crisis.
The Great Lakes do not play a very significant role in giving you the payment options, but they do ensure that the borrower will be charged the amount that suits and satisfy each and every need of the customers.
Individuals with private student loans provided byMyGreatLakes may have various payment options that solely depends on the lender. If you’re facing any sort of issues or trouble with your payments, you can contact your lender to find out what are the troubleshooting steps. Some private lenders make sure that the payment plans are the same as those of the government.
Refinancing vs. Consolidation: People often tends to get confused regarding refinancing and consolidation, it can be difficult to understand the differences. Rather than trying to understand and analyze the financial terms, it may make more sense to compare federal consolidation with private refinancing.
Federal Consolidation: MyGreatLakes does not provide this service directly, but it can be done with all federal loans. The main focus behind federal consolidation is to analyze your federal loans for the desired federal programs.
Note: All federal consolidations take place directly through the Ministry of Education. For more details, regarding the process, check the Federal Student Aid page.
Private refinancing – Private refinancing occurs when a private lender pays off some or all of your federal loans. At this point, the borrower is purely responsible for paying the new creditor as per the terms and conditions of a new contract.
Thus, it can be safely assumed that MyGreatLakes is one of the best options in the United States to make sure that they don’t need to give up their dreams just because of the lack of financial resources.