Archive for the ‘loan apps like cashnetusa’ Category

7 Urban Myths and Information About Federal Student Education Loans

mardi, juillet 14th, 2020

7 Urban Myths and Information About Federal Student Education Loans

When you have federal figuratively speaking, 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 student education loans.

FACT Lenders, just like the U.S. Department of Education or banking institutions, acquire your loan.

  • Element of that which we do is:
    • Track your school status and enrollment as long as you’re in college.
    • Accept and process your loan re re payments with respect to the loan provider.
    • Help 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 specific lender (for Federal Family Education Loans). Additionally, generally speaking, loan owners control any price reductions you might get for making use of a payment method that is electronic.
  • For personal figuratively speaking, the attention price is decided by — and profits head to — specific loan providers, such as a bank or credit union.

MYTH i have to spend a cost to join up for Auto Pay, or make an application for loan consolidation or an income-driven payment plan.

  • Often times, it might feel just like your figuratively speaking can be an overwhelming burden. Keep in mind, your servicer (like Great Lakes) is here to provide you. Remain in touch. Inquire. Lean on it for assistance and expertise. (suite…)