Consolidate Your Student Loans 

Congratulations, you have graduated! Now is the time to get off on the right financial foot. After
your Federal Stafford loan 6-month grace period has ended, you will need to begin making
payments on your student loan(s). Regardless of where you originally got your loan, you
may be able to save by consolidating your loans with a fixed-rate Consolidation loan at
HealthCare Federal Credit Union.

A Consolidation Loan could benefit you in three important ways:

1. Lock into a 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 when even 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.

2. Reduce your Monthly Payments
If you have more than one student loan, you can reduce your monthly payments by consolidating
your loans. Use the Federal Loan Consolidation Calculator to estimate your loan payments. To use
the calculator you will need to know the amount and interest rate of your current loans. If your loans
are with HealthCare Federal Credit Union you can find that information at mygreatlakes.org.

3. 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 the 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 mygreatlakes.org. 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 Frequently Asked Consolidation Questions can also provide more details to help you determine
if a Consolidation Loan is right for you. Or contact Great Lakes at 1-800-950-0152.

Apply for a Consolidation Loan Today 
Log on to www.mygreatlakes.org, go to Borrowers and click "Consolidate My Loans" to access the 
Consolidation Loan Assistant. The Consolidation Loan Assistant will guide you through the Federal
Consolidation Loan Application and Promissory Note and provide you with the opportunity to sign and
submit your application electronically.

Make Payments Conveniently Online
You can log on to www.mygreatlakes.org 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.

 HealthCare FCU 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.

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