Regardless of where you originally got your loan, you may be able to save by consolidating your loans with a fixed-rate Consolidation Loan at HAPO Community Credit Union.

A Consolidation Loan could benefit you in three important ways:

1. Lock into a Fixed Rate
You may have loans with a variable interest rate that changes with the 91 day T-Bill rate every July 1. By consolidating your student loans, you can lock into a low fixed rate for the life of the loan. This means that even when interest rates go up, you pay the same low rate that you lock into today. And if you consolidate your loans while in your grace period, you can save 0.6% in interest.

2. Reduce your Monthly Payments
If you have more than one student loan, you can reduce your monthly payments by consolidating your loans. Use the Federal Loan Consolidation Calculator to estimate your loan payments. To use the calculator you will need to know the amount and interest rate of your current loans. If your loans are with HAPO Community Credit Union you can find that information at mygreatlakes.org.

3. Choose from Three Flexible Repayment Plans
Level Payment Plan – This option provides equal monthly payments over the maximum repayment period allowed.

Graduated Income Sensitive Payment Plan B – This option allows for interest-only payments for the first one-third of the repayment period. The remaining two-thirds of the repayment period, you pay level monthly payments.

Graduated Income Sensitive Payment Plan C – This option allows for interest-only payments for the first quarter of the repayment period. The second quarter, you pay level monthly payments on the balance, which are calculated using the original maximum repayment period allowed. For the last half of the repayment period, you pay level monthly payments, which are recalculated using the remainder of the original maximum repayment period allowed.

Want More Information?
A variety of tools for calculating the cost of your loan and examining the potential benefits of loan consolidation are available on mygreatlakes.org. It’s your resource to deferment, forbearance, forms, and a glossary of financial aid terms, contact information, and lots of other resources to help you manage your loans. You'll also find help if you ever have trouble making payments − though we hope you'll never need it.

The Frequently Asked Consolidation Questions can also provide more details to help you determine if a Consolidation Loan is right for you. Or contact Great Lakes at 1-800-950-0152

Apply for a Consolidation Loan Today
Contact Great Lakes at 1-800-950-0152 or log on to www.mygreatlakes.org, go to Borrowers and click “Consolidate My Loans” to access the Consolidation Loan Assistant. The Consolidation Loan Assistant will guide you through the Federal Consolidation Loan Application and Promissory Note and provide you with the opportunity to sign and submit your application electronically.

Make Payments Conveniently Online
You can log on to www.mygreatlakes.org to view your account information and make payments on demand from your bank account at any time. After you log in, choose My Loans, then Internet Borrower Inquiry Service to get started.
HAPO Community Credit Union and Great Lakes are committed to helping you avoid the consequences of delinquency and default. Check out the regularly updated Personal Financial Management Resources for information on staying in control of your finances.