Disbursement

• Loan funds are sent to the school at the beginning of each semester
• The insurance and origination fees are withheld from each disbursement
• Stafford: First-time borrowers may have their first disbursement delayed for 30 days (federal requirement)

Repayment

• Repayment begins at the end of the six-month grace period
  • Stafford and Graduate PLUS: Six-month grace is automatic
  • Parent PLUS: Six-month grace is by request
• The minimum monthly payment is $50
• Ten-year repayment term
• Payments can be made via mail, on UW Credit Union's Web Branch, or at www.mygreatlakes.org
• If monthly payments become unmanageable, there are options available to help. To apply or learn more about income-sensitive payment plans, deferment, and forbearance, contact Great Lakes or 800-236-4300.

Alternative Student Loans

Disbursement

• After your application is approved, your school will certify the amount you're eligible to receive. We will disburse your funds to your school. Once your balance with the school is paid, your school will send you any refunds. We will also mail disclosures statements to you, and your cosigner (if applicable) any time a disbursement is made.
• Interest begins to accrue upon disbursement. There is no penalty for making payments on your loan at anytime.
• Quarterly interest statements will be mailed to you
• We encourage all borrowers to make interest payments whenever possible. Payments can be made via mail, on UW Credit Union's Web Branch, or at www.mygreatlakes.org.
• At the end of your grace period, any unpaid interest will be capitalized, or added to your principal balance, before repayment begins.

Repayment

• Repayment begins at the end of the six-month grace period
• The minimum monthly payment is $50
• The repayment term is based on the loan balance and will not exceed 12 years
• Interest-only payments are available by request for the first two years of the repayment term
• Payments can be made via mail, on UW Credit Union's Web Branch, or at www.mygreatlakes.org
• Be sure to sign up for the automatic payment option to receive the 0.25% interest rate reduction¹