Private Student Loan Disbursement & Repayment

Disbursement

• We will disburse your funds to your school. Once your balance with the school is paid, your school will send you any refunds.
• 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 on UW Credit Union's Web Branch, at www.mygreatlakes.org or by mail.
• 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 on UW Credit Union's Web Branch, at www.mygreatlakes.org or by mail. Be sure to sign up for the automatic payment option to receive the 0.25% interest rate reduction¹

¹ To be eligible for the interest rate reduction for automatic payments, you must be signed up for automatic payments through Great Lakes Educational Loan Services. If at any time automatic payments are stopped or the loan is not in repayment status, the rate discount will not be applied. UW Credit Union reserves the right to modify or discontinue benefits at its discretion and without notice.