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7 Fables and Factual Statements About Federal Student Education Loans

When you yourself have federal student education loans, demystifying their typical urban myths makes it possible to within the long-run. Is it possible to split misconception from reality?

MYTH Great Lakes owns my figuratively speaking.

FACT Lenders, such as the U.S. Department of Education or banking institutions, obtain your loan.

  • Section of that which we do is:
    • Monitor your school enrollment and status as long as you’re in college.
    • Accept and process your loan re payments with respect to the loan provider.
    • Assist you as you pay off your loans.
    • Help keep you up-to-date with information regarding your figuratively speaking.
    • Originate and program your federal consolidation that is direct, as required.

MYTH Great Lakes controls my education loan interest and earnings through the interest.

  • For federal figuratively speaking, the attention is decided by the advanced schooling Act as enacted and amended by Congress. Interest paid on federal loans either would go to the U.S. National (for Direct loans) or perhaps the individual loan provider (for Federal Family Education Loans). Additionally, as a whole, loan owners control any price reductions you can find for making use of a digital repayment technique. Pokračování textu 7 Fables and Factual Statements About Federal Student Education Loans