Great Lakes College Corp. is just one of seven firms that service federal loan financial obligation by collecting and tracking repayments. If Great Lakes is your student loan servicer, here’s what it can aid you do.
Register for online accessibility to your account. As soon as you have access you can get in touch with Great Lakes, gain access to your month-to-month billing statements and also pay costs.
Enroll in autopay. Great Lakes Student Loans can subtract your settlements automatically from your savings account. Signing up for autopay will certainly minimize your passion by 0.25 percent factor.
Sign up for income-driven settlement. You can ask for income-driven repayment, which limits your student loan repayments to a percentage of your revenue, by completing a paper form with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your revenue each year online as well.).
Refine deferment as well as forbearance requests. Great Lakes can aid you momentarily quit making payments or lower your repayment amount if you qualify. This aids you remain in good standing to prevent default. However during any type of periods of deferment or forbearance, passion can continue to construct.
Process regular monthly repayments as well as extra settlements. Great Lakes will certainly track and also accumulate your payments. If you want to make additional settlements, you can advise Great Lakes (online, by phone or by mail) to use added payments to your current equilibrium. Or else, it might apply the additional total up to next month’s settlement instead.
” EVEN MORE: Pupil loan servicers: That are they as well as what do they do?
Your loan servicer is designated by the U.S. Department of Education and learning when your loan is paid out to your university for the first time. The name of the firm sending you a federal loan costs on a monthly basis is your servicer. If your loan settlements have not begun or you’re uncertain which business is your servicer, visit to My Federal Pupil Aid to find out. You can additionally connect with any one of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers exist to assist you, but they might supply options that are best for the business, not the debtor. That implies they can not transform just how settlements are processed and also may not recommend the most beneficial settlement choice for you. It’s essential to know your repayment choices so you can know the ideal 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 report dip because their financial obligations were mistakenly reported to the significant credit report bureaus throughout the automatic six-month forbearance that started in March 2020.
Your stopped repayments may have been reported as “postponed” as a result of a coding error. The paused settlements should have been reported as if you had made them. If you were current when forbearance started, as an example, the standing needs to be “current.”.
Deferred standing is not a scoring factor under FICO credit scoring solutions, the ones most generally utilized to make loaning decisions. Yet deferred condition can decrease the credit report generated by VantageScore solutions– ball games most typically offered for free to consumers as a method to track their credit history.
Great Lakes claims it is collaborating with credit scores reporting companies to fix the inaccuracies. As soon as the details on the underlying credit rating record is proper, credit report ought to be untouched.
Debtors should examine their credit score reports from each of the three credit report reporting bureaus at AnnualCreditReport.com, the totally free, government-run site.
Great Lakes asks that borrowers contact it straight if their credit report records are incorrect. Call 800-236-4300. Obtain more information on speaking to Great Lakes customer service or making a problem right here.
Am I stuck to Great Lakes until my loans are settled?
Loans are occasionally moved from one servicer to one more by the Division of Education.
The Division of Education is intending to change the student loan servicing landscape by signing brand-new maintenance agreements with 5 companies to at some point take over all loan servicing. That indicates your loan servicer is most likely to transform. Great Lakes is set up to proceed servicing loans through December 2023.
Prior to servicing contracts ending, borrowers should do the following:.
Download and install and also conserve your repayment background from your online account or request a copy from your servicer.
Update your get in touch with details with your most recent address, telephone number and also email address.
You’ll be notified when a loan servicing transfer occurs, as well as you’ll handle payments with the brand-new servicer. All servicers deliver the same options and programs, however customer support might vary from one to an additional.