Consolidating with great lakes
Throughout the country, Great Lakes employs more than 2,000 people. Although they have an A Better Business Bureau rating, there are many complaints from customers about Great Lakes on the BBB website.
As a servicer, since June 2011, it has been ranked No. At the time of writing this, 83% of all reviews of Great Lakes on the BBB website are negative reviews.
Great Lakes has been one of the companies leading the forefront during that time.
Currently, several million student borrowers rely on Great Lakes, and more than 6,000 schools and 1,000 lenders work with them on loan services.
That’s compared to 61 percent, or 6,274, that were directed at Navient, and 629, or 6 percent, that were aimed at Nelnet.
Some of the biggest problems experienced by consumers included trouble signing up for income-based repayment plans and having a hard time getting access to borrower protections like student loan discharge.
As one of the biggest federal loan services for students, Great Lakes services more than 4 billion in student loans, with that figure being spread out over 8 million customers.Student Debt Relief tries to keep all rates offered by lenders up to date.There may be instances where rates have been changed, but Student Debt Relief has not been made aware of those changes, and/or has not yet had a chance to update its website. All loans are subject to individual approval and adherence to underwriting guidelines.For that reason, Great Lakes specifically focuses the grant money it has available on getting less advantaged students into college, including students of color, students from families who have lower incomes, and students who have never had a family member attend college.Great Lakes provides a number of services to assist borrowers with their student loans and help preserve their credit history in case they run into repayment issues.
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Great Lakes has also been embroiled in a federal court class action complaint filed by the law firms of Gingras, Cates and Wachs and Axley Brynelson.