Every area has its own way of advertising and handling their student loan consolidation programs. Great lakes student loan consolidation programs are just like many of the federal and private student loan programs but are geared to residents. You get the same benefits for consolidating your student loans but you get a better deal if you are located in the region.
Federal and Private Loans
You can use a Great Lakes student loan consolidation loan to handle your outstanding federal and private loans. These programs offer separate consolidation loans for each type of student loan. Generally, the FFEL program loans are easy to consolidate. They do not require any credit check and have no fees for application and processing the loan. If you have private student loans that you want to consolidate you can do so with these programs. You enjoy the benefits of two separate consolidation loans while receiving only one bill per month to pay to the lender.
Eligibility
If your FFEL loan is in grace or repayment it is eligible for Great Lakes student loan consolidation. PLUS loans have to be fully disbursed to qualify foe consolidation. You have to be a US citizen or qualifying permanent resident above the state's legal age to consolidate. Even though you are eligible for consolidation, you have to continue making payments on your student loans until the consolidation loan is disbursed. If your loans are delinquent or in default status, you may not be able to consolidate. You should check with the consolidation lender to be sure. Here is a general list of loans that qualify for the region:
FFEL Subsidized Federal Stafford Loans
Direct Subsidized Stafford Loans
FFEL Unsubsidized Federal Stafford Loans
Direct Unsubsidized Stafford Loans
Federal Supplemental Loans for Students
Federal Perkins Loans, formerly National Defense/National Direct Student Loans (NDSL)
Health Professions Student Loans, including Loans for Disadvantaged Students
Health Education Assistance Loans (HEAL)
Federal Insured Student Loans (FISL)
Federal Parent PLUS Loans (note that you may not consolidate your parent's PLUS loan with your own)
Direct Parent PLUS Loans
Federal Graduate/Professional PLUS Loans
Direct Graduate/Professional PLUS Loans
Subsidized Federal Consolidation Loans
Direct Subsidized Consolidation Loans
Unsubsidized Federal Consolidation Loans
Direct Unsubsidized Consolidation Loans, including Direct PLUS Consolidation Loans
Federal Nursing Loans
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