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Should I choose Great Lakes student loans to fund my undergraduate program?

I cannot afford to pay for all my study expenses. Therefore, I am trying to apply for student loans to cater for tuition. I am seeking a financier that provides favorable terms for paying off student loans. Recently, I stumbled upon Great Lakes student loans, which offers federal loans to a majority of university students. Should I apply for this loan to finance my tuition? Generally, how do student loans work? Please help

Carlton Burgess

in Student Loans

1 answer

1 answer

Bethany Evans on January 4, 2018

So how does a student loan work? To begin with, student loans can be either private or federal. The basic rule of thumb when you want to apply for a student loan is to seek federal loans first before you consider loans by banks or private institutions.

Federal loans are financed by the federal government to help students pay for their higher education. They charge very low fixed interest rates and have flexible repayment plans. Most repayment plans structures should fit your monthly income taking into account the number of direct dependents. Federal loans do not require you to have a verifiable credit history or a guarantor. Furthermore, the government may help you pay part of the interest accrued over the years you are in school through a subsidized direct loan. All that is required is to fill out the Free Application for Federal Student Aid (FAFSA) form online from the federal student aid. The type of federal loan and the amount you are eligible to depend largely on your financial need. An undergraduate like you may be eligible for a study loan to a tune of $12,000 a year.

Private loans; these loans are normally funded by private institutions such as schools, banks or state organizations. They have a relatively higher interest rate and require that you have a good credit background. Most of private loans require that you provide a co-signer to guarantee that you will repay the loan. These loans do not offer subsidies on the interest and the lender fixes repayment terms. However, private loan may come in handy whereby you do not qualify for federal loans or to add to the amount you receive from your federal loan, if it does not meet all your study needs. To apply for this student loan, contact the preferred lender directly.

I think you should apply for a Greatlakes student loan, as it is one of the best federal student loans in the country. It is legit, having helped lots of student for many years. The federal government sets the terms dictate the interest rates, postponement of repayment and subsidies. Loan-servicing options range from an evenly spread 10-year fixed repayment plan to a flexible income-based plan that fits you. What sets great lakes apart is the simplicity of applying and paying off a student loan. You can access these services through their website, phone or mobile store App.

Caleb Jenkins2 years ago

I echo the same sentiments with regard to private loans. Most of them charge staggering interests and penalties for late payments regardless of your situation. Federal loans will give you time to make payments even when it is past the payment deadline. Do not go for private loans unless it’s absolutely necessary.

The Public Service Loan Forgiveness program forgives federal loans after some years of diligent repayments. Furthermore, the federal government may also allow you to consolidate several federal loans into one loan so that you only make one payment monthly from your income.

However, before you can choose great lakes student loan, I would suggest that you assess other highly rated federal loans such as the Perkins loan and compare. Go through customer reviews to see their experiences. It pays to be cautious, as a student loan is something that you will likely commit yourself to for several years.

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