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 loan amount?

Great Lakes Credit Union has a minimum loan amount of $2,500.

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 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
  • Funding Time Range (in days)
    1 - 7
  • Good Student Rewards
  • Unemployment Protection
  • Loan Amount
    $7500 - $250000
  • Variable APR
    4.31% - 10.42%
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