Greatlakes Student Loans : Student Loan Guarantor Greatlakes
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Once you’ve completed the signup process, you can log in anytime to view information about your loans and the repayment options available to you.
Student Loan Guarantor
A student loan guarantor’s primary mission is to manage the Federal Family Education Loan Program (FFELP) on behalf of the federal government. Duties range from enforcing federal student loan rules and regulations to counseling student loan borrowers who may be unable to make their payments. This guarantee allows lenders to be reimbursed for loans that may default. (Federal student loans default when borrowers do not make any payments on their loans for 270-360 days and do not make special arrangements with their lender to get a deferment, forbearance, or other form of payment relief.)
How do I apply for a federal student loan?
You apply for all federal student aid via the Free Application for Federal Student Aid (FAFSA®) at StudentAid.gov/fafsa . By completing the FAFSA form and submitting it to the Department of Education (ED), you’ll be considered for federal grants, work-study, and student loans. If you are offered and decide to take out a federal loan (also known as a Direct loan), you will also have to sign a Master Promissory Note (MPN), agreeing to the terms of the loan.
When will my loan be disbursed?
A federal student loan must generally be paid out in multiple disbursements. You will likely receive a portion just before or at the beginning of each term (semester, trimester, or quarter). If your school doesn’t use terms, you’ll usually get half at the beginning of and half at the midpoint of the academic year. Contact your school’s financial aid office for dates and details.
How will my loan funds be used?
Your loan funds must be used to pay educational expenses, which include tuition, room and board, books and school supplies, fees, equipment and room materials, and travel and miscellaneous expenses. When your loan funds are disbursed (paid out), your school will generally apply your loan funds first to any charges you owe the institution, and any remaining funds will be sent to you directly.