Where does Great Lakes Credit Union do business?
Great Lakes Credit Union is a credit union based in Bannockburn, IL. It was founded in 1938 and offers student loans in 2 states across the USA.
What rates does Great Lakes Credit Union offer for in-school private student loan?
Great Lakes Credit Union has a variable APR that ranges from 4.39% up to 10.51%.
Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.
How much can you borrow from Great Lakes Credit Union?
Available loan amounts may vary by applicant but Great Lakes Credit Union has a minimum loan amount of $2,500 and offers loans up to $150,000.
Does Great Lakes Credit Union charge an origination fee?
No, Great Lakes Credit Union does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Great Lakes Credit Union charge prepayment fees?
No, Great Lakes Credit Union does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
What terms does Great Lakes Credit Union offer?
Great Lakes Credit Union provides repayment terms ranging from 5 to 20 years.
Great Lakes Credit Union offers borrowers unemployment protection. This means that if you lose your job -- or you have just finished school -- your loan payments are placed on a temporary hold.
What type of borrowers will Great Lakes Credit Union consider?
Great Lakes Credit Union considers loans applications from:
- undergraduate students
- graduate students
What do you need to qualify for a loan with Great Lakes Credit Union?
Applicants with a credit score of at least 660 can apply for a loan via Great Lakes Credit Union.
Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.
Great Lakes Credit Union only considers borrowers who are employed
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of identity
- Proof of citizenship or residence permit
- Proof of income
P.O. Box 1289
Bannockburn, IL 60015 USA
- Visit Site
Other Services by Great Lakes Credit Union
|Grace Period for Late Payment (Days)||6|
|No Origination Fee|
|No Prepayment Fee|
|Credit Score Range||
660 - 850
850 300 660
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Funding Time Range (in days)||1 - 7|
|Good Student Rewards|
|Variable APR||4.39% - 10.51%|
|Loan Amount||$2.5K - $150K|
|Loan Term (Years)||5 - 20|
|Up to Cost of Attendance|