Great Lakes College Corp. is one of 7 business that service government loan debt by gathering and also tracking repayments. If Great Lakes is your pupil loan servicer, below’s what it can assist you do.
Register for on the internet accessibility to your account. Once you have access you can call Great Lakes, accessibility your regular monthly invoicing statements and pay expenses.
Sign up in autopay. My Great Lakes Student Loans can subtract your settlements automatically from your bank account. Registering for autopay will decrease your interest by 0.25 percent factor.
Register for income-driven payment. You can ask for income-driven settlement, which limits your trainee loan repayments to a percentage of your revenue, by finishing a paper kind with Great Lakes. (You can apply online on studentaid.gov and afterwards recertify your income each year online as well.).
Process deferment as well as forbearance requests. Great Lakes can help you briefly quit paying or reduce your settlement amount if you qualify. This aids you remain in good standing to stay clear of default. Yet throughout any periods of deferment or forbearance, rate of interest can remain to develop.
Process regular monthly repayments as well as added payments. Great Lakes will certainly track and also gather your settlements. If you want to make additional repayments, you can instruct Great Lakes (online, by phone or by mail) to apply additional repayments to your existing balance. Or else, it might apply the additional total up to next month’s payment rather.
” MORE: Pupil loan servicers: Who are they and also what do they do?
Your loan servicer is appointed by the united state Division of Education when your loan is paid out to your university for the first time. The name of the company sending you a government loan bill on a monthly basis is your servicer. If your loan payments have not started or you’re uncertain which business is your servicer, visit to My Federal Trainee Aid to learn. You can likewise contact any of the loan servicer contact facilities by calling 1-800-4-FED-AID.
Servicers are there to aid you, however they may offer selections that are best for the company, not the consumer. That indicates they can’t change just how payments are processed and also might not suggest the most beneficial payment option for you. It’s most important to know your settlement alternatives so you can know the appropriate inquiries to ask.
If Great Lakes reported your account in error during car forbearance.
Virtually 5 million customers whose federal pupil loans are serviced by Great Lakes might have seen their credit rating dip due to the fact that their debts were wrongly reported to the major credit score bureaus during the automated six-month forbearance that began in March 2020.
Your stopped briefly settlements may have been reported as “postponed” as a result of a coding error. The stopped payments should have been reported as if you had made them. If you were current when forbearance started, as an example, the standing ought to be “current.”.
Deferred condition is not a scoring variable under FICO credit report formulas, the ones most generally utilized to make financing choices. However deferred standing can reduce the credit scores generated by VantageScore formulas– the scores most typically provided for free to consumers as a means to track their credit history.
Great Lakes states it is collaborating with credit history coverage companies to deal with the errors. As soon as the info on the underlying credit rating report is correct, credit scores must be unaffected.
Debtors ought to check their credit history records from each of the 3 credit score reporting bureaus at AnnualCreditReport.com, the complimentary, government-run web site.
Great Lakes asks that borrowers call it straight if their credit records are incorrect. Call 800-236-4300. Obtain more info on calling Great Lakes customer support or making a problem below.
Am I stuck to Great Lakes up until my loans are settled?
Loans are occasionally moved from one servicer to an additional by the Department of Education.
The Department of Education is preparing to move the student loan servicing landscape by authorizing brand-new maintenance contracts with 5 companies to eventually take control of all loan maintenance. That suggests your loan servicer is most likely to transform. Great Lakes is arranged to proceed servicing loans through December 2023.
Prior to servicing agreements finishing, borrowers should do the following:.
Download and install and also save your repayment history from your online account or demand a copy from your servicer.
Update your contact details with your latest address, contact number and e-mail address.
You’ll be informed when a loan maintenance transfer occurs, as well as you’ll take care of repayments with the new servicer. All servicers supply the exact same alternatives and also programs, but client service may vary from one to one more.