Great Lakes College Corp. is among seven business that service government loan financial obligation by collecting as well as tracking repayments. If Great Lakes is your pupil loan servicer, here’s what it can aid you do.
Register for on-line access to your account. As soon as you have accessibility you can contact Great Lakes, access your month-to-month billing statements and also pay costs.
Sign up in autopay. Great Lakes Loans can deduct your payments instantly from your savings account. Enrolling in autopay will certainly decrease your passion by 0.25 percentage point.
Sign up for income-driven payment. You can ask for income-driven repayment, which limits your student loan payments to a portion of your earnings, by completing a paper type with Great Lakes. (You can apply online on studentaid.gov and after that recertify your earnings every year online as well.).
Refine deferment and also forbearance requests. Great Lakes can help you briefly stop paying or reduce your payment quantity if you certify. This aids you remain in good standing to prevent default. But during any durations of deferment or forbearance, passion can remain to construct.
Process month-to-month settlements as well as extra repayments. Great Lakes will certainly track and accumulate your repayments. If you wish to make added repayments, you can advise Great Lakes (online, by phone or by mail) to use extra settlements to your present balance. Or else, it may apply the added amount to following month’s payment rather.
” EVEN MORE: Pupil loan servicers: That are they and also what do they do?
Your loan servicer is designated by the U.S. Division of Education and learning when your loan is disbursed to your university for the very first time. The name of the business sending you a government loan expense on a monthly basis is your servicer. If your loan payments have not started or you’re unsure which business is your servicer, log in to My Federal Pupil Help to figure out. You can also get in touch with any of the loan servicer contact centers by calling 1-800-4-FED-AID.
Servicers exist to help you, yet they may provide selections that are best for the firm, not the customer. That indicates they can’t change how repayments are refined and may not suggest one of the most advantageous repayment alternative for you. It’s essential to understand your payment alternatives so you can recognize the best concerns to ask.
If Great Lakes reported your account at fault throughout automobile forbearance.
Virtually 5 million consumers whose federal trainee loans are serviced by Great Lakes might have seen their credit rating dip because their debts were incorrectly reported to the significant credit score bureaus during the automatic six-month forbearance that started in March 2020.
Your stopped briefly repayments might have been reported as “deferred” as a result of a coding mistake. The stopped briefly repayments should have been reported as if you had made them. If you were current when forbearance began, for example, the standing should be “existing.”.
Deferred status is not a scoring element under FICO credit rating formulas, the ones most generally utilized to make financing choices. But deferred standing can reduce the credit history produced by VantageScore formulas– the scores most generally used free of charge to consumers as a means to track their credit report.
Great Lakes states it is collaborating with credit score reporting agencies to remedy the inaccuracies. When the details on the underlying credit score record is correct, credit rating ought to be unaffected.
Debtors must examine their debt reports from each of the 3 credit score reporting bureaus at AnnualCreditReport.com, the totally free, government-run web site.
Great Lakes asks that customers contact it straight if their credit history records are incorrect. Call 800-236-4300. Get extra information on speaking to Great Lakes customer care or making a grievance below.
Am I stuck with Great Lakes till my loans are repaid?
Loans are in some cases transferred from one servicer to an additional by the Department of Education.
The Division of Education is preparing to shift the trainee loan servicing landscape by signing brand-new servicing contracts with five companies to at some point take over all loan maintenance. That suggests your loan servicer is likely to alter. Great Lakes is arranged to continue servicing loans through December 2023.
Prior to servicing contracts ending, debtors ought to do the following:.
Download and install as well as save your payment history from your online account or demand a duplicate from your servicer.
Update your get in touch with details with your most recent address, phone number as well as email address.
You’ll be alerted when a loan servicing transfer happens, and also you’ll take care of settlements with the new servicer. All servicers deliver the exact same choices and also programs, but customer support might vary from one to an additional.