In the long-run if you have federal student loans, demystifying their common myths can help you. Is it possible to split misconception from fact?
MYTH Great Lakes owns my student education loans.
FACT Lenders, such as the U.S. Department of Education or banking institutions, have your loan.
- Element of that which we do is:
- Track your school enrollment and status while you are at school.
- Accept and process your loan re re payments with respect to the lending company.
- Work with you as you pay off your loans.
- Help keep you up-to-date with details about your figuratively speaking.
- Originate and service your federal consolidation that is direct, as required.
MYTH Great Lakes controls my education loan rate of interest and earnings through the interest.
- The interest is determined by the Higher Education Act as enacted and amended by Congress for federal student loans. Interest paid on federal loans either would go to the U.S. National (for Direct loans) or even the lender that is individualfor Federal Family Education Loans). Additionally, as a whole, loan owners control any price reductions you could get for making use of a payment method that is electronic.