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Don't let the price of education get in your way. Our credit union offers Federal Loans for students and parents, with low interest rates, deferred payments until graduation and up to 10 years to repay.
NOTE: Borrower must be a member of the credit union which requires a membership savings account. |
Students and parents of dependent undergraduates must complete the Free Application for Federal Student Aid (FAFSA) to determine federal loan eligibility.
FEDERAL STUDENT LOANS
Credit Union Lender Code: 833633
Stafford Loan
Subsidized Stafford Loan
- Need based
- Federal government pays interest while student is in-school, grace and deferment period
Repayment begins 6 months after graduation or dropping below half time (as determined by school) |
Unsubsidized Stafford Loan
- Loan is not need based
- Borrower responsible for interest payments (can be deferred during in-school and grace period).
Repayment begins 6 months after graduation or dropping below half time (as determined by school) |
Parent Plus Loan
- Parents and stepparents may borrow for post-secondary education of dependent, undergraduate children
- Credit based
- Parents can borrower up to the Cost of Education minus any other financial aid the student is receiving
- Loans first disbursed on or after July 1, 2008, parent borrowers may elect to postpone repayment until 6 months after the student for whom the loan was borrowed ceases to be enrolled at least half-time.
Grad Plus Loan
- Available to graduate or professional students
- Credit based
- Payments can be deferred while in-school
Access Your Loan Account Online.Once your application is submitted, you can check the status of your loan, view your account information and make payments from your credit union account 24/7 at www.mygreatlakes.org.After you log in, choose My Loans, then Internet Borrower Inquiry Service (IBIS) to get started. This site offers a variety of tools for calculating the cost of your loan. It's your resource to forms, a glossary of financial aid terms, contact information, and lots of other information to help you manage your loans.
BORROWERS RIGHT TO CHOOSE LENDER
It is important to share our lender code with your school's financial aid office. If your school provides a list of preferred lenders, you may choose your credit union whether we appear on the list or not. Simply add our name and lender code on your Master Promissory Note (MPN). If your school insists that you choose another lender, please contact us at 715-359-7012.
CONSOLIDATION LOAN
Research and determine if consolidation is right for you. Contact a Great Lakes Consolidation Representative by calling 1-800-950-0152 to discuss your options.
- Option 1) If you have variable rate loans that you would like to consolidate to lock in your rates, learn about the Federal Direct Loan Consolidation Loan program.
- Option 2) Do you meet the minimum loan balance requirement set by the credit union? If you have determined that loan consolidation is your best option, APPLY NOW
Other Repayment Options - Depending on your situation, you may be eligible for a variety of repayment plan options without consolidating your loans:
- Defer your payments if you are unemployed or experiencing an economic hardship
- Suspend your payments temporarily
To learn more, contact Great Lakes at 800-236-4300 or visit mygreatlakes.org.
IMPORTANT NOTE: When you consolidate your loans, you will lose any borrower benefits that were initially associated with your loans. This may include rate discounts for automatic payments or a certain number of on-time payments. |
HELPFUL STUDENT LOAN INFORMATION:
www.mygreatlakes.org: Great Lakes is the guaranty and servicing agency for your student loan. Manage your loan information here. |
