When you apply, you can choose one of the listed federal loan servicers—including Great Lakes—to complete the consolidation and then service your Direct Consolidation loan. For loans consolidated and serviced by Great Lakes, you'll receive your first communications from us within one-to-two business days after submitting your online application.You'll also be able to view your application's progress on your account.
To a college grad swamped with multiple student loans that have come due, loan consolidation is an enticing option.
When you consolidate, a lending institution pays off your existing balances and replaces them with a new, consolidated loan.
The key terms for federal consolidation loans do not vary by lender: no application or origination fees are allowed and there are no prepayment penalties.
Are you tired of managing multiple federal student loan payments with multiple interest rates or multiple servicers? The online application should then only take you about 30 minutes to complete.
It's important to gather your application information ahead of time, especially since you're required to complete your application in one session.
Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.Since you must select a repayment plan on your application, start by determining which plan makes the most sense for your situation.To identify your current plan with Great Lakes, and to investigate other plans, select tab to estimate your monthly payment under various repayment options.You may be able to change plans at any time, based on eligiblity requirements.Note: Depending on your situation, there may be eligibility requirements for certain plans.Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.