Q:

What is a Great Lakes student loan deferment?

A:

Quick Answer

Great Lakes student loan deferments allows students to delay paying student loans if they meet certain conditions. Great Lakes Higher Education Corporation and Affiliates is a non-profit organization that helps students borrow money to attend college.

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Full Answer

Deferment may be available for students enrolled in school at least half-time, students who are unemployed or working only part time, students who are having temporary difficulty paying bills, or for those actively serving in the military. Other situations may also warrant deferment.

Students are responsible for paying any interest that accrues while the loan is in deferment. After deferment, unpaid interest is added back to the total amount that was borrowed. This process is called capitalization.

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