Great Lakes College Corp. is among seven companies that service federal loan financial obligation by gathering as well as tracking payments. If Great Lakes is your trainee loan servicer, below’s what it can help 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 month-to-month invoicing declarations and pay costs.
Enroll in autopay. Great Lakes Student Loans can deduct your payments automatically from your bank account. Enrolling in autopay will certainly minimize your rate of interest by 0.25 percentage point.
Sign up for income-driven settlement. You can ask for income-driven repayment, which restricts your pupil loan repayments to a percent of your earnings, by completing a paper kind with Great Lakes. (You can apply online on studentaid.gov and afterwards recertify your income annually online too.).
Refine deferment as well as forbearance requests. Great Lakes can help you momentarily stop making payments or lower your payment amount if you qualify. This helps you stay in good standing to avoid default. But throughout any durations of deferment or forbearance, rate of interest can remain to construct.
Process month-to-month settlements and additional repayments. Great Lakes will track and also collect your payments. If you intend to make additional payments, you can advise Great Lakes (online, by phone or by mail) to apply extra repayments to your existing equilibrium. Or else, it may apply the added total up to following month’s settlement instead.
” EVEN MORE: Trainee loan servicers: Who are they and what do they do?
Your loan servicer is appointed 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 business sending you a government loan expense each month is your servicer. If your loan settlements haven’t started or you’re not sure which business is your servicer, visit to My Federal Pupil Help to find out. You can also get in touch with any of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers are there to help you, however they might provide choices that are best for the company, not the customer. That suggests they can not alter exactly how payments are processed and also might not recommend the most valuable payment option for you. It’s crucial to know your settlement alternatives so you can understand the appropriate questions to ask.
If Great Lakes reported your account in error during vehicle forbearance.
Virtually 5 million debtors whose federal pupil loans are serviced by Great Lakes might have seen their credit report dip since their debts were incorrectly reported to the significant credit report bureaus during the automatic six-month forbearance that began in March 2020.
Your paused payments might have been reported as “deferred” as a result of a coding error. The stopped repayments should have been reported as if you had actually made them. If you were current when forbearance began, for example, the status needs to be “current.”.
Deferred status is not a racking up aspect under FICO credit report formulas, the ones most commonly made use of to make loaning decisions. Yet deferred standing can lower the credit scores generated by VantageScore formulas– ball games most typically used free of cost to consumers as a means to track their credit history.
Great Lakes says it is working with debt reporting agencies to fix the mistakes. Once the info on the underlying credit score report is proper, credit scores ought to be unaffected.
Consumers should examine their credit rating reports from each of the 3 credit reporting bureaus at AnnualCreditReport.com, the free, government-run website.
Great Lakes asks that customers call it straight if their credit rating reports are incorrect. Call 800-236-4300. Get a lot more info on speaking to Great Lakes customer care or making a problem here.
Am I stuck with Great Lakes until my loans are settled?
Loans are occasionally transferred from one servicer to an additional by the Division of Education and learning.
The Division of Education and learning is planning to change the trainee loan servicing landscape by authorizing brand-new servicing agreements with 5 business to ultimately take over all loan maintenance. That means your loan servicer is most likely to transform. Great Lakes is set up to continue servicing loans with December 2023.
Before servicing contracts ending, consumers ought to do the following:.
Download and install as well as conserve your settlement history from your online account or demand a duplicate from your servicer.
Update your contact details with your most recent address, phone number as well as e-mail address.
You’ll be alerted when a loan servicing transfer takes place, and also you’ll handle payments with the brand-new servicer. All servicers provide the same choices as well as programs, but customer support might differ from one to an additional.