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"The Solution" Federal Consolidation Loan is designed for you if you are making separate payments on several student loans. "The Solution" can bundle all your eligible federally funded student loans into one low, manageable payment each month. The rate of a consolidation loan is a weighted average of the loans being consolidated, rounded up to the next 1/8 percent. Repayment period will be determined by the amount being consolidated. There is not a pre-payment penalty.
Great Lakes Higher Education processes consolidation loans for AnchorBank. An online consolidation application is available here. A paper version of the application is also available to print off and complete at www.mygreatlakes.com. Great Lakes Higher Education's Consolidation Hotline is 1-800-950-0152.
AnchorBank requires a minimum of $50,000 of federal loans to consolidate. Borrowers must have at least one student loan with AnchorBank to have their loans consolidated by AnchorBank.
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