Great Lakes College Corp. is one of 7 business that service government loan financial obligation by accumulating and also tracking repayments. If Great Lakes is your pupil loan servicer, here’s what it can help you do.
Register for online access to your account. As soon as you have gain access to you can speak to Great Lakes, access your monthly invoicing statements and pay costs.
Enroll in autopay. Student Loans Great Lakes can subtract your payments immediately from your bank account. Signing up for autopay will lower your interest by 0.25 portion factor.
Sign up for income-driven settlement. You can request income-driven settlement, which restricts your student loan payments to a percent of your revenue, by completing a paper type with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your earnings each year online also.).
Process deferment and also forbearance requests. Great Lakes can aid you momentarily stop paying or decrease your payment amount if you qualify. This aids you stay in good standing to prevent default. However during any kind of durations of deferment or forbearance, interest can remain to construct.
Process month-to-month payments as well as extra settlements. Great Lakes will track as well as accumulate your repayments. If you wish to make additional settlements, you can instruct Great Lakes (online, by phone or by mail) to apply additional settlements to your current equilibrium. Or else, it might use the extra amount to following month’s payment instead.
” MORE: Trainee loan servicers: Who are they and 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 college for the first time. The name of the business sending you a federal loan expense on a monthly basis is your servicer. If your loan repayments have not started or you’re unsure which business is your servicer, log in to My Federal Student Help to find out. You can additionally connect with any of the loan servicer get in touch with centers by calling 1-800-4-FED-AID.
Servicers are there to aid you, but they may offer choices that are best for the company, not the debtor. That suggests they can’t alter just how repayments are refined and may not suggest the most advantageous payment option for you. It’s most important to understand your repayment options so you can recognize the appropriate inquiries to ask.
If Great Lakes reported your account in error during car forbearance.
Virtually 5 million borrowers whose government trainee loans are serviced by Great Lakes may have seen their credit rating dip because their debts were incorrectly reported to the major credit rating bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped briefly settlements may have been reported as “delayed” as a result of a coding mistake. The stopped briefly payments ought to have been reported as if you had actually made them. If you were current when forbearance began, as an example, the condition should be “present.”.
Deferred status is not a racking up variable under FICO credit history solutions, the ones most commonly utilized to make financing decisions. Yet deferred standing can decrease the credit history generated by VantageScore formulas– the scores most frequently used free of charge to customers as a way to track their credit report.
Great Lakes says it is dealing with credit scores reporting firms to fix the inaccuracies. Once the info on the underlying debt record is correct, credit scores should be untouched.
Customers should examine their debt records from each of the three credit report reporting bureaus at AnnualCreditReport.com, the complimentary, government-run site.
Great Lakes asks that customers contact it straight if their credit report reports are incorrect. Call 800-236-4300. Obtain much more information on calling Great Lakes customer service or making a complaint right here.
Am I stuck to Great Lakes till my loans are settled?
Loans are sometimes transferred from one servicer to another by the Division of Education.
The Division of Education is intending to shift the pupil loan servicing landscape by signing brand-new servicing contracts with five firms to at some point take control of all loan maintenance. That means your loan servicer is likely to alter. Great Lakes is set up to continue servicing loans via December 2023.
Before servicing agreements finishing, borrowers should do the following:.
Download and install and also conserve your payment background from your online account or request a copy from your servicer.
Update your call information with your latest address, contact number and email address.
You’ll be alerted when a loan maintenance transfer occurs, and you’ll take care of settlements with the new servicer. All servicers deliver the exact same options as well as programs, but client service might vary from one to another.