Sidney Federal Credit Union

Consolidate

SFCU Lender Code: 808170

Congratulations!

You graduated! After your 6-month grace period has ended on your loan, you will begin making payments on your student loan(s). Regardless of where your loan originated from, you may be able to save by consolidating with a fixed-rate consolidation loan with SFCU.

A Consolidation Loan could benefit you in three important ways:

  • Lock into a Low Fixed Rate

    • Most student loans have 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.

  • Reduce your Monthly Payments

    • If you have more than one student loan, you can reduce your monthly payments by consolidating your loans. Use the loan calculator to estimate your loan payments. To use the calculator you will need to know the amount and interest rate of your current loans. Loan Consolidation Calculator If your loans are with Sidney Federal Credit Union you can find loan information at MYGREATLAKES.COM

  • 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 www.mygreatlakes.com 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 Federal Consolidation Loan Information Guide can also provide more details to help you determine if a Consolidation Loan is right for you. Or call the credit union at 877-642-SFCU.

 

Apply for a Consolidation Loan Today

Complete and print the Consolidation Loan Application and Promissory Note and Addendum to Consolidation Application. Return the Consolidation Application with your signature to the address below.

If you have existing consolidation loan with Great Lakes Higher Educational Loan Services and you would like to add a new loan to that, please print and complete the following form; Consolidation Request to Add Loans

Great Lakes Higher Educational Loan Services, Inc
Po Box 7987
Madison, WI 53707-7987

Make Payments Conveniently Online

You can log on to www.mygreatlakes.com 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.

The Sidney Federal 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.

Need help?

For help with the student loan process, call the credit union 877-642-SFCU, ask for Nicole Krom. Or email at Nkrom@sidneyfcu.org