Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Whether you're an undergraduate, career training, or graduate student, get money for school from Sallie Mae®
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
These loans are made by Sallie Mae Bank or a lender partner. GLCU is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.
Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Need additional financial assistance? Learn more about GLCU Scholarships, planning college visits, selecting a school, and navigating loans for college students by visiting our College Resource Center.
Having a co-signer who is creditworthy can assist applicants with limited credit history in increasing eligibility for a private student loan. A creditworthy consigner may also raise the likelihood of an interest rate reduction on the student loan.
"Scott was great at getting my loan set up, giving me all the info I needed to send and timing. Looking forward to doing additional business with GLCU!"
Chris D., - March 24, 2023
Q: Are student loans eligible for interest tax deduction?
A: Yes! Qualifying student loans may be eligible for interest tax deduction.
Q: Who can co-sign on a private student loan?
A: Anyone can co-sign on a private student loan. Co-signers do not need to be a parent or guardian. A family member, trusted friend, distant relative, or anyone else in good financial standing that will agree to apply jointly with you can be a co-signer.
Q: When applying for a student loan with a co-signer, does the co-signer have the same responsibility to the loan?
A: Yes. The primary borrower and the co-signer share equal responsibility for the student loan. Should something result in the primary borrower being unable to make payments or defaulting on the loan, the co-signer is legally obligated to step in and make payments.
Q: Can a co-signer be removed from a student loan?
A: Yes, under certain conditions a co-signer can be removed from a student loan. The conditions are often specific to the lender with most requiring a history of on-time payments and the primary borrower meeting the lender’s credit and income requirements.
Q: Do you have to be a member or live within GLCU’s Field of Membership to apply?
A: Nope. While many of our applications are for Illinois student loans, those outside of Illinois can apply for private student loans through Great Lakes Credit Union.
1 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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