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Great Lakes Student Loans

In the fast-paced competitive world we live in today, there is no doubt that a college or university degree will help in developing a viable career. Some people who do not have money for college simply give up their opportunity of earning a college degree by settling for a job that will pay the rent and buy food on the table. This decision can have life long consequences. Considering that a university education is priceless, one has to explore means of achieving their goals finishing tertiary education.

Great Lakes offers all the federal loans available through the Federal Family Education Loan Program. This includes Stafford loans, which offer some funding for every year a student is in school. These can be subsidized by the federal government on a need basis, meaning that until the student finishes school, the government pays the interest on the loan, allowing the student to defer payment without capitalizing the interest. Students with unsubsidized loans also have the option of paying off the loan or just the interest while they study to avoid capitalizing the interest later.

We live in a very competitive and fast paced world and as such a college or university degree would put us at an advantage towards the job opportunities available. But many people, thinking that college is very expensive and that they have no money for it, simply just give up the dream of attending and finishing college. Most would actually content themselves with a job that puts food on the table and pays for the house rent. Though a life like that might sound okay, people can’t help but wonder if there’s something more? There could be something more, but the better paying jobs available require for people to have a university or college degree which they don’t have.

Other federal loans include PLUS loans, which are offered to parents of students in any year of college and to graduate students in addition to the Stafford loan. This loan comes with a minimal credit requirement, which can be met using a cosigner. Federal loans are offered through the FFEL as well as directly from the Department of Education, in order to enforce a standard maximum fixed interest rate, but share the burden (and opportunity) of funding student loans between the government and lenders. By managing FFEL student loans, Great Lakes makes it possible for private investors to tap into this market.

In addition to loan services, Great Lakes also makes counseling available to students who are on starting their college education.  There are other services, offered, also.  For example, Great Lakes will help assist students with counseling on financial planning for future college expenses and in processing their current loan payments.

A good example of this financial planning and counseling relates to students having more than one loan.  Great Lakes Student Loans will help the student consolidate loans as appropriate, reducing monthly payments and making sure that loan payments are properly applied to interest outstanding. 

In other words, Great Lakes Student Loans makes learning about student loans very easy. Other than the information they give, they also provide other services such as counseling to aid students who are on their way to achieving their college education. They also have services such as managing the accounts of students who have loans. They are able to do this through processing the student’s loan payments on their behalf. They also educate students as to how they properly organize their repayment schedules to avoid missing one and thus bringing more debt.

If a student has more than one loan, they can discuss online several loan consolidation programs available to students. Generally, the consolidation of the loans will actually decrease the amount that must be paid monthly, but will also increase the portion of the interest being paid. The accounts of students can be viewed online and they can process their request consolidate their loans on the website.

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