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Federal Student Loan - Are Great Lakes student loans federal or private?

Great Lake is the 2nd largest federal student loan service provider and handles more than 40 percent of the unpaid debt held by student borrowers.<br>Great Lakes is known as the federal loan programme, but provides the processing of private loans to other lenders.<br>

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Federal Student Loan - Are Great Lakes student loans federal or private?

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  1. Are Great Lakes student loans federal or private? Great Lake is the 2nd largest federal student loan service provider and handles more than 40 percent of the unpaid debt held by student borrowers. Great Lakes is known as the federal loan programme, but provides the processing of private loans to other lenders. The Great Lakes currently represent both the Family Education Loan Program (FFELP) and the Federal Direct Loan Programme. Other than that, the Great Lakes still represent four other types of loans, and these are as follows:- Direct Subsidized Direct Unsubsidized Direct PLUS Direct Consolidation Visit: www.greatlakesstudentloans.co

  2. What is Private Loan and Federal Loan? Federal Loan Loans financed by the government at relatively low interest rates and flexible repayment options are referred to be federal loans. What types of federal student loans are available? There are four types of Direct Loans available: Direct Subsidized Loans: – These are the types of loan that are eligible to undergraduate students who need financial help for their higher education at universities or high school. Direct Unsubsidized Loans: – These are the types of loan that are eligible for undergraduate and professional students, but they are not eligible on the basis of financial need. Direct Plus Loans: – The eligibility for these loans are based on credit check and not on financial needs. Students those who have good credit history can easily apply to these loans. These loans are available for graduate or technical students and parents of dependent undergraduate students to help provide for college expenses that are not covered by other financial assistance. Direct consolidation: – It enables you to merge all of your qualifying federal student loans into a single loan with a single loan service provider. Private loans Extra help in education is always needed even after scholarships, grants, and federal loans. If any student needs it then private loan is always an option available. Visit: www.greatlakesstudentloans.co

  3. Students can borrow private loan either from bank or from a school itself. These loans have high interest rates and less flexible repayment options when compared to federal loans. Great Lakes do not initiate any of the loans but it act as the intermediary and guarantor between the borrower and lender. Fore more info: https://greatlakesstudentloans.co/great-lakes-federal-student-loan/ Visit: www.greatlakesstudentloans.co

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