Great Lakes College Corp. is among seven companies that service government loan financial debt by gathering as well as tracking settlements. If Great Lakes is your trainee loan servicer, right here’s what it can help you do.
Register for online access to your account. When you have access you can call Great Lakes, gain access to your month-to-month billing declarations as well as pay bills.
Sign up in autopay. My Great Lakes Student Loans can deduct your settlements instantly from your checking account. Registering for autopay will certainly lower your interest by 0.25 percentage point.
Enroll in income-driven repayment. You can ask for income-driven payment, which limits your pupil loan repayments to a percent of your income, by finishing a paper kind with Great Lakes. (You can apply online on studentaid.gov and afterwards recertify your revenue yearly online too.).
Process deferment and forbearance requests. Great Lakes can help you momentarily stop making payments or decrease your repayment amount if you qualify. This aids you stay in excellent standing to avoid default. But throughout any kind of durations of deferment or forbearance, passion can remain to construct.
Process month-to-month repayments and additional payments. Great Lakes will certainly track and also accumulate your payments. If you want to make additional settlements, you can instruct Great Lakes (online, by phone or by mail) to use additional settlements to your existing equilibrium. Otherwise, it might use the extra amount to following month’s payment instead.
” EVEN MORE: Pupil loan servicers: That are they and what do they do?
Your loan servicer is appointed by the united state Division of Education when your loan is disbursed to your college for the very first time. The name of the company sending you a federal loan costs each month is your servicer. If your loan settlements haven’t started or you’re not exactly sure which business is your servicer, visit to My Federal Pupil Help to learn. You can also contact any one of the loan servicer call centers by calling 1-800-4-FED-AID.
Servicers are there to help you, but they might supply options that are best for the company, not the consumer. That indicates they can’t alter just how payments are refined as well as might not suggest one of the most useful repayment alternative for you. It’s most important to know your settlement alternatives so you can understand the best questions to ask.
If Great Lakes reported your account in error throughout car forbearance.
Virtually 5 million borrowers whose government student loans are serviced by Great Lakes may have seen their credit rating dip since their debts were incorrectly reported to the significant credit history bureaus throughout the automatic six-month forbearance that started in March 2020.
Your stopped payments may have been reported as “delayed” as a result of a coding error. The stopped settlements need to have been reported as if you had actually made them. If you were current when forbearance started, for example, the condition should be “present.”.
Deferred status is not a racking up element under FICO credit rating formulas, the ones most commonly used to make loaning decisions. But deferred standing can decrease the credit rating produced by VantageScore formulas– ball games most frequently used totally free to customers as a means to track their credit report.
Great Lakes says it is working with credit report coverage companies to correct the inaccuracies. When the details on the underlying credit history record is proper, credit report must be untouched.
Consumers should inspect their credit rating reports from each of the 3 credit reporting bureaus at AnnualCreditReport.com, the cost-free, government-run web site.
Great Lakes asks that consumers contact it straight if their credit scores reports are incorrect. Call 800-236-4300. Obtain more info on getting in touch with Great Lakes client service or making a problem below.
Am I stuck with Great Lakes till my loans are paid off?
Loans are sometimes transferred from one servicer to an additional by the Division of Education.
The Department of Education and learning is preparing to shift the student loan servicing landscape by signing brand-new servicing agreements with 5 companies to ultimately take control of all loan servicing. That indicates your loan servicer is likely to alter. Great Lakes is arranged to continue servicing loans through December 2023.
Before servicing contracts ending, consumers ought to do the following:.
Download and also save your payment history from your online account or demand a duplicate from your servicer.
Update your call details with your newest address, phone number as well as email address.
You’ll be informed when a loan maintenance transfer happens, and you’ll handle payments with the brand-new servicer. All servicers provide the very same choices and programs, but customer service might vary from one to another.