{"id":1315,"date":"2021-11-16T00:39:16","date_gmt":"2021-11-16T06:39:16","guid":{"rendered":"http:\/\/fitbuxarticles.fitbux.com\/?p=1315"},"modified":"2022-04-07T12:17:57","modified_gmt":"2022-04-07T17:17:57","slug":"great-lakes-student-loans","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/great-lakes-student-loans\/","title":{"rendered":"Great Lakes Student Loans – What You Don’t Know Can Cost You Thousands"},"content":{"rendered":"
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This article is for those implementing your student loan repayment strategy and have Great Lakes as your student loan servicer.\u00a0 Our student loan planning experts<\/a> have seen thousands of people not having their payments properly allocated at Great Lakes. Therefore, we have put together this walk through so you can make sure you maximize your savings.<\/p>\n

Table Of Contents:<\/strong><\/p>\n

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  1. Great Lakes Student Loans – The Good News<\/a><\/li>\n
  2. 2 Key Elements In Making Prepayments<\/a><\/li>\n
  3. Prepayment Allocation<\/a><\/li>\n
  4. Detailed Example<\/a><\/li>\n
  5. Workarounds<\/a><\/li>\n
  6. Refinancing Student Loans When You Have Great Lakes<\/a><\/li>\n<\/ol>\n

    <\/a><\/p>\n

    Great Lakes Student Loans \u2013 The Good News<\/h2>\n

    \u201cI called Great Lakes<\/a> again and they are supposed to be reapplying the payments, again. The last person I talked to said the person I spoke with last week entered everything \u201cright\u201d, yet the payments were still not applied correctly<\/strong>.\u201d<\/p>\n

    We hear this daily from FitBUX Members\u2026. so, what could be good about having Great Lakes if they mess up payments?<\/p>\n

    Loan services make mistakes. However, based on our experience, Great Lakes\u2019 customer service is hands down the best in the student loan industry.<\/p>\n

    They are the kindest and get things done quickly if there is a mistake.
    \n    <\/a><\/p>\n

    2 Key Elements In Making Prepayments<\/h2>\n

    Let’s take a step back. When you are make prepayments to save money and pay off your student loans faster, there are 2 key elements<\/strong>\u00a0to make sure you are doing so in an optimal fashion:<\/p>\n

    First, how your prepayments are allocated.<\/strong> The different student loan servicers sometimes get this wrong. If they do, it will cost you thousands of dollars over the life of your loans. Read this article for more information on how to pay off student loans.<\/a><\/p>\n

    Second, understanding how Great Lakes applies the prepayment.<\/strong> Great Lakes does this differently than all the other loan servicers so knowing it is important.
    \n    <\/a><\/p>\n

    Prepayment Allocation<\/h2>\n

    First things first, we need to define two terms: Required monthly payment vs. discretionary prepayments<\/p>\n