Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.When you apply, you can choose one of the listed federal loan servicers—including Great Lakes—to complete the consolidation and then service your Direct Consolidation loan. For loans consolidated and serviced by Great Lakes, you'll receive your first communications from us within one-to-two business days after submitting your online application.Federal Consolidation Loans for Borrowers in Default As of July 1, 2010, the Direct Loan consolidation program is the only government consolidation loan program. Decide how considerably you need to fork out too much expenses in case you neglect your settlement.Since you must select a repayment plan on your application, start by determining which plan makes the most sense for your situation.
Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.You'll also be able to view your application's progress on your account.Consolidation to get out of default works well for many borrowers with defaulted loans.You may be able to change plans at any time, based on eligiblity requirements.Note: Depending on your situation, there may be eligibility requirements for certain plans.