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7 Myths and Facts About Federal Student Loans

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If you have federal student loans, demystifying their common myths can help you in the long-run. Can you separate myth from fact?

MYTH Great Lakes owns my student loans.

MYTH Great Lakes controls my student loan interest rate and profits from the interest.

MYTH I need to pay a fee to sign up for Auto Pay, or apply for loan consolidation or an income-driven repayment plan.

MYTH I don't have to pay back my student loan if I can't find a job after graduation.

MYTH I don't have to think about my loans until it's time to pay them back.

MYTH Past due payments cannot affect my credit score.

MYTH Past due payments cannot affect my ability to obtain services or other loans and their interest rates.

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