The student loan industry is huge, and it is expanding as college costs rise. With students looking for ways to get into college and capital holders looking for ways to safely and lucratively invest their money, Great Lakes student loans management helps unite people who want to study with people who want to invest in their 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.
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.
Great Lakes also offers private or non-traditional student loans, tailored to meet both the financial needs of students and the investment and security needs of lenders. These loans make it possible for students to pay the remaining costs of their education after federal loans.
Great Lakes offers a number of services for prospective students and lenders which serve to help students plan their education, help lenders increase their business, and to generally promote higher education, which, as a higher education guaranty corporation, serves Great Lakes’ interests. These resources include pamphlets and online resources outlining the benefits of receiving a college education, loan calculators for students, and loan education resources for lenders, borrowers, schools, and counselors and financial aid professionals.
For lenders and borrowers who have already established a relationship, Great Lakes has online resources for borrowers and management software for lenders. Great Lakes offers personal financial management resources for students, as well as mutually beneficial resources for helping students avoid defaulting on loans, including consolidation options.
Great Lakes student loans services help students pay for their education by providing lenders who are interested in investing in their future.
By: Adam Hefner
Posts Tagged ‘Education Loans’
Great Lakes Student Loans Services Manage Loans for Lenders, Borrowers
February 6th, 2010Direct Education Loans – Direct, Low-Cost Funds For Your Studies
January 24th, 2010
Education is the route to a successful future but it can be pretty expensive. While picturing school life or college life, many fail to consider that it is not just the books, hostel fees and tuition fees for which you need money. Miscellaneous purchases have to be made throughout the year; commutation charges, mess fees, computer bills and even recreational activities have to be included in the budget. They cannot be taken lightly. Many aspiring students who cannot afford the total expense on their own have to rely on loans. Private lending companies however tend to charge high interest rates which cause more burdens on you. A direct education loan seems a more affordable option.
Direct education loans are state funded lending programs available for students. It is provided to you or your parents directly from the government without the involvement of a third party. It can be taken no matter what course of study you are pursuing- graduate or undergraduate; vocational, arts, commerce, science or business. Direct education loans cover most of the expenses that may be incurred in an average student’s life:
• Purchase of books and stationery
• Rent/ hostel fees
• Library fees, tuition fees and mess fees
• Medical treatments
• Travel expenses.
Direct education loans provide an amount in the range of £750 to £20,000 per year or a maximum of £65,000 for the whole course. 6 months after the completion of your course, you have to start repaying the loan. Repayment term will depend on the amount that you are borrowing. So, during this grace period, you can utilize the time to look for a job.
Direct education loans are preferable options mainly due to their affordability. You are borrowing from the government funds and so, the interest rates are cheaper than those on student loans provided by private institutions. What’s more, you do not have to provide collateral.
Direct education loans are easy to find. You can take the help of the student loan counselor in your school or college. He will provide you the brochures and reading materials. You can check out the full terms and conditions through these papers and select a viable program.
By: Henry R Bell