Great Lakes College Corp. is among seven companies that service federal loan financial debt by collecting and also tracking settlements. If Great Lakes is your trainee loan servicer, right here’s what it can aid you do.
Register for on-line access to your account. As soon as you have gain access to you can get in touch with Great Lakes, gain access to your regular monthly invoicing declarations as well as pay expenses.
Enlist in autopay. Student Loans Great Lakes can deduct your repayments immediately from your checking account. Enrolling in autopay will decrease your passion by 0.25 percentage point.
Sign up for income-driven repayment. You can request income-driven payment, which limits your student loan settlements to a percent of your income, by finishing a paper type with Great Lakes. (You can apply online on studentaid.gov and then recertify your income every year online too.).
Refine deferment and also forbearance demands. Great Lakes can assist you temporarily stop making payments or decrease your repayment amount if you certify. This assists you remain in excellent standing to stay clear of default. Yet throughout any kind of periods of deferment or forbearance, rate of interest can remain to develop.
Process month-to-month settlements as well as added settlements. Great Lakes will certainly track and also accumulate your payments. If you intend to make added payments, you can advise Great Lakes (online, by phone or by mail) to apply additional settlements to your existing balance. Otherwise, it might use the added amount to next month’s repayment rather.
” MORE: Student loan servicers: That are they as well as what do they do?
Your loan servicer is assigned by the U.S. Department of Education when your loan is disbursed to your college for the first time. The name of the business sending you a government loan expense every month is your servicer. If your loan repayments have not begun or you’re not exactly sure which business is your servicer, visit to My Federal Pupil Aid to learn. You can also connect with any of the loan servicer get in touch with centers by calling 1-800-4-FED-AID.
Servicers are there to assist you, but they may supply selections that are best for the company, not the borrower. That implies they can’t alter how payments are refined as well as may not suggest one of the most advantageous settlement alternative for you. It’s essential to recognize your repayment options so you can know the right inquiries to ask.
If Great Lakes reported your account at fault during car forbearance.
Nearly 5 million debtors whose federal student loans are serviced by Great Lakes might have seen their credit history dip because their debts were mistakenly reported to the major credit bureaus throughout the automated six-month forbearance that began in March 2020.
Your stopped settlements might have been reported as “postponed” as a result of a coding error. The paused repayments need to have been reported as if you had actually made them. If you were current when forbearance started, for example, the standing ought to be “current.”.
Deferred condition is not a racking up variable under FICO credit scoring solutions, the ones most frequently used to make borrowing choices. However deferred condition can lower the credit report generated by VantageScore solutions– the scores most frequently offered for free to customers as a means to track their credit rating.
Great Lakes claims it is working with credit reporting agencies to deal with the mistakes. When the details on the underlying debt record is right, credit scores should be untouched.
Borrowers must check their credit scores records from each of the three credit scores reporting bureaus at AnnualCreditReport.com, the complimentary, government-run internet site.
Great Lakes asks that customers contact it directly if their credit scores reports are incorrect. Call 800-236-4300. Obtain much more info on getting in touch with Great Lakes customer service or making an issue below.
Am I stuck to Great Lakes till my loans are settled?
Loans are often transferred from one servicer to another by the Division of Education.
The Division of Education is preparing to move the trainee loan servicing landscape by authorizing new servicing agreements with five companies to ultimately take over all loan servicing. That suggests your loan servicer is likely to alter. Great Lakes is arranged to continue servicing loans through December 2023.
Before servicing agreements ending, customers ought to do the following:.
Download as well as save your repayment history from your online account or request a copy from your servicer.
Update your call details with your most recent address, contact number and e-mail address.
You’ll be informed when a loan maintenance transfer occurs, and you’ll handle repayments with the brand-new servicer. All servicers provide the very same alternatives and also programs, however customer support might differ from one to another.