Features

Where does Great Lakes Credit Union do business?

Great Lakes Credit Union is a student loans lender 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 offers variable rate APRs that range from 4.31% to 10.42%.

What is the minimum student loan amount you can borrow?

Great Lakes Credit Union requires borrowers to have a balance of at least $2500 to process an in-school private student loan application.

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 student loan providers charge for underwriting, processing, or funding a loan. Lenders can charge borrowers 0.5% to 5% of the loan amount. In most cases, it is best to choose a lender that does not charge an origination fee, such as Great Lakes Credit Union.

Does Great Lakes Credit Union charge prepayment penalties?

No, Great Lakes Credit Union does not charge prepayment penalties. 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 loans of 5 to 20 years.

Borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

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

 

  • Loan Term (Years)
    5 - 20
  • Min Loan
    $2500
  • Cosigner Optional
  • Undergraduate Students
  • Graduate Students
  • Grace Period / Deferred Interest
    6
  • No Origination Fee
  • No Prepayment Fee
  • Student Loan Type
    Private
  • Variable APR
    4.31% - 10.42%
  • Funding Time Range (in days)
    1 - 7
  • Good Student Rewards
  • Unemployment Protection
  • Loan Amount
    $7500 - $250000
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