Private College Student Loan

US Department of Education and MyGreatLakes?

The US Dept of Education is now servicing my student stafford loan through Great Lakes. They are charging me 6.8% daily. Can they do this? Why isn't this happening to my peers in college with the same loan? The money hasn't even been disbursed to me yet, and they are saying that the interest is accruing daily. I know this is the right interest rate because we called the lenders already. This is a big headache. The money hasn't even been disbursed to me yet, and they are saying that the interest is accruing daily. I know this is the right interest rate because we called the lenders already. This is a big headache.

Public Comments

1. I highly recommend contacting your lender if they are charging you 6.8% interest daily. That sounds horribly wrong, unless you went into default, then it would sound right for about a month. But from what you mentioned it sounds like some information may have been crossed at some point, and you need to just contact your lender, who is Great Lakes.