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Great Lakes Student Loan – Overview & Loan Options

August 30, 2011

Great Lakes Student Loan

Since you are either looking for more information on the Great Lakes Student Loan options or you have come to this page because you have no idea who they are, we will give you information so that you can familiarize yourself with who they are and just what they have to offer. Great Lakes Student Loan options are offered through a organization called Great Lakes Higher Education and are essentially the middle man between lenders and schools meaning that they don’t provide the money for loans connect the lenders they are affliated with with borrows who come to them. Great Laks Student Loan optiosn are both federal and private loans, giving you a one stop shop to finding the loans you need for college.

Great Lakes Student Loan

Great Lakes Student Loan – Loans Offered

There 2 categories of  federal Great Lakes Student Loan options that you can choose from, federal which are in the form of direct loans and private loans. It is highly suggested that you take advantage of these first as they provide the lowest interest. The options are offered though the Federal Family Education Loan Program (FFELP) and offers these different loans:

  1. Stafford Loans – This Great Lakes Student Loan option allows you to get either subsidized loans which are based of financial need, or needs based, and unsubsidized loans. The Subsidized loans provide the benefit of your interest being paid while you are in school and never have to pay it back, and the unsubsidized loans require that you either pay the interest while you are enrolled or pay it on top of your loan after schooling is finished. These loans have fixed interest rates which are found as low as 4 percent.
  2. PLUS Loans – These Great Lake Student Loans are for both parents who are looking to take out loans for dependant students or for graudate students through their Graduate PLUS loan option. This Great Lake Student Loan option also has fixed interest rates but are found to be a little higher than Stafford Loans.
  3. Private Great Lake Student Loan - As far as the private loans go, Great Lakes is affilited with many different lenders whom you can use if the federal loans do not offer you enough funding.

Great Lakes Student Loan – Other Services Offered

Now that you know what there is to offer as far the Great Lakes Student Loan options go, they also are an excellent resource when it comes to:

  • Consolidating student loans
  • Postponing you student loan monthly payments
  • Lowering your monthly dues
  • Making changes to your repapyment plan

Great Lakes Student Loan – Conclusion

Knowing this, you can basically deal with just one organization, being Great Lakes, for anything related to your school loans, obtaining, paying and consolidating and lastly are there to help you budget when it comes to repaying your student loans. So having a Great Lakes Student Loan or multiple loans can provide a much better experience because you are dealing with a servicer as Great Lakes is, who is there to help with multiple facets of your student loan, not just there to collect at payment time.