Great Lakes is just one of seven federal student loan servicers that take care of loans and also borrower settlements.
Great Lakes College Corp. is among 7 business that service federal loan debt by accumulating and tracking settlements. If Great Lakes is your student loan servicer, below’s what it can help you do.
Register for on-line access to your account. Once you have accessibility you can contact Great Lakes, gain access to your month-to-month billing statements and also pay expenses.
Register in autopay. My Great Lakes Student Loans can deduct your repayments instantly from your checking account. Signing up for autopay will certainly minimize your rate of interest by 0.25 portion factor.
Enroll in income-driven settlement. You can request income-driven settlement, which restricts your pupil loan repayments to a percent of your income, by finishing a paper form with Great Lakes. (You can apply online on studentaid.gov and after that recertify your income each year online too.).
Process deferment and forbearance requests. Great Lakes can help you temporarily stop making payments or minimize your repayment quantity if you qualify. This assists you stay in good standing to prevent default. Yet during any type of periods of deferment or forbearance, interest can continue to construct.
Process regular monthly payments and also added payments. Great Lakes will track and collect your payments. If you want to make added settlements, you can advise Great Lakes (online, by phone or by mail) to apply additional repayments to your current equilibrium. Otherwise, it may use the extra amount to following month’s repayment rather.
” MORE: Pupil loan servicers: Who are they and also what do they do?
Your loan servicer is assigned by the U.S. Division of Education and learning when your loan is paid out to your college for the very first time. The name of the company sending you a government loan costs each month is your servicer. If your loan payments have not begun or you’re uncertain which company is your servicer, log in to My Federal Pupil Aid to discover. You can additionally get in touch with any of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers exist to assist you, however they may supply selections that are best for the firm, not the debtor. That indicates they can not transform exactly how payments are processed and may not suggest the most useful settlement alternative for you. It’s crucial to know your payment alternatives so you can recognize the appropriate concerns to ask.
If Great Lakes reported your account at fault during car forbearance.
Nearly 5 million debtors whose government trainee loans are serviced by Great Lakes might have seen their credit report dip due to the fact that their financial debts were mistakenly reported to the major credit history bureaus throughout the automated six-month forbearance that started in March 2020.
Your paused payments may have been reported as “deferred” as a result of a coding error. The stopped briefly repayments need to have been reported as if you had actually made them. If you were current when forbearance began, as an example, the status should be “present.”.
Deferred status is not a racking up factor under FICO credit rating solutions, the ones most commonly made use of to make financing choices. Yet deferred condition can lower the credit scores produced by VantageScore formulas– the scores most commonly used free of cost to customers as a method to track their credit history.
Great Lakes claims it is collaborating with credit scores coverage firms to correct the mistakes. As soon as the details on the underlying credit history record is appropriate, credit history need to be untouched.
Consumers need to inspect their credit history records from each of the 3 credit report reporting bureaus at AnnualCreditReport.com, the complimentary, government-run site.
Great Lakes asks that consumers call it directly if their credit history reports are incorrect. Call 800-236-4300. Obtain extra info on contacting Great Lakes client service or making a problem right here.
Am I stuck with Great Lakes up until my loans are settled?
Loans are occasionally transferred from one servicer to an additional by the Department of Education and learning.
The Division of Education is planning to shift the student loan servicing landscape by authorizing new servicing contracts with 5 business to eventually take control of all loan maintenance. That implies your loan servicer is most likely to alter. Great Lakes is set up to proceed servicing loans via December 2023.
Prior to servicing contracts ending, customers ought to do the following:.
Download as well as save your settlement history from your online account or demand a duplicate from your servicer.
Update your get in touch with information with your latest address, telephone number and email address.
You’ll be alerted when a loan maintenance transfer occurs, and you’ll manage payments with the new servicer. All servicers supply the same choices and also programs, yet client service might vary from one to one more.