Higher Lakes College loans are a student loan servicer one to contracts into the U.S. Service away from Studies. While the an excellent servicer, the organization is in charge of enabling consumers do charging you and you can repayments to have federal student education loans.
Definition and you can Example Great Ponds Student loans
Great Lakes Educational Mortgage Characteristics would depend within the Madison, Wisconsin-part of the Great Lakes area-though it also offers student loan upkeep across the country. It is certainly one of six individual firms that contract with the You.S. Agencies out of Degree to deal with new charging you regarding federal student loans.
Higher Lakes the most are not assigned student loan servicers. At the time of the very last questionnaire, High Lakes is actually designated 18% of brand new education loan volume, the biggest part of student loans.
Higher Ponds Student education loans is a joint venture partner of Nelnet Varied Alternatives, LLC. Nelnet individually protects 12% of federal education loan levels.
Assume a school scholar is about to start making student loan costs. Higher Lakes College loans will help the fresh borrower understand the 
commission schedule therefore the notice rates. What if that beginner can’t afford the full payment per month count following graduation.
Higher Ponds could offer stretched and you can finished percentage arrangements in which brand new costs start smaller than average slowly score large. Although not, desire tend to accrue on the equilibrium owed, and this will be more expensive altogether appeal across the lifetime of financing.
Exactly how Higher Lake Student education loans Performs
When you have federal student loans, you’re instantly assigned that loan servicer who’ll create your bank account and you will costs.
Following Department of Education works closely with the university to process your own student loan request and you will spend the cash, your account would-be handed over to that loan servicer like given that Higher River Student loans. You don’t get to determine and this servicer you are assigned.
Servicers have to get in touch with you shortly after they truly are allotted to control your mortgage, generally pursuing the basic commission of the student loan disbursement. This servicer will then be their area away from contact for everybody matters relating to your figuratively speaking, away from basic asking into the finally percentage.
You’ll be able for the account to be moved to an excellent the servicer. If it goes, the latest servicer are required to make contact with you and notify you of the change. You can always look at your most recent servicer in your Federal Student Assistance account.
Initially, as you won’t need to pay back your figuratively speaking while you’re into the college or university, you’ll be able to only need to contact Higher Lakes Figuratively speaking if the you have questions otherwise should check your harmony. As soon as your installment period kicks for the, High Lakes offer:
- Assist when you’re troubled repaying
- Options to improve your fees package, and so you can an income-motivated installment plan
- Apps having student loan deferment otherwise forbearance-a couple an easy way to suspend or lower your costs temporarily
- Suggestions about if government education loan consolidation suits you, and ways to complete the processes if it’s
Constantly unlock communication out of your student loan servicer. This may include big date-sensitive pointers, eg notification of missed repayments otherwise delinquency.
If you have people matter in the whether the communications you’ve received was genuine, it is possible to evaluate. Head to and you may sign in your own Federal Pupil Services account to view the government student loan details, as well as your servicers for each loan.
Particular scammers can get get in touch with borrowers and work out false claims regarding college student loan forgiveness otherwise the loan standing. Of many personal debt-relief businesses together with hope education loan direction, just to costs individuals getting things that is otherwise free, such as for example applying for deferment or lowering money. Find out the signs and symptoms of a fraud to protect oneself.
Getting in contact with Higher Lakes Student education loans
Whether you’re repaying their education loan very early or having trouble while making monthly premiums, here’s how to contact the firm:
- Log into your internet Great Ponds account so you’re able to practically consider and you will manage your student education loans.
- Phone call (800) 236-4300 Saturday owing to Saturday out-of eight good.yards. in order to nine p.yards. Main Date.
- Fill out a questionnaire on Great Lakes’ contact page in order to demand get in touch with via email.
- Posting faxes so you’re able to (800) 375-5288.
- Publish post so you’re able to Great Ponds, P.O. Box 7860, Madison, WI 53707-7860.
Stick to better of one’s Higher Lakes student education loans to save her or him in a good status and you will cover yourself out-of charges, problems for your credit score, if not education loan standard otherwise wage garnishment.