Great Lakes College Corp. is just one of seven firms that service federal loan financial debt by gathering and also tracking payments. If Great Lakes is your student loan servicer, right here’s what it can help you do.
Register for on-line access to your account. Once you have access you can speak to Great Lakes, access your regular monthly payment declarations and pay expenses.
Enroll in autopay. StudentĀ Loans Great Lakes can subtract your repayments automatically from your savings account. Signing up for autopay will certainly lower your rate of interest by 0.25 portion point.
Enroll in income-driven settlement. You can ask for income-driven repayment, which limits your student loan settlements to a portion of your revenue, by finishing a paper kind with Great Lakes. (You can apply online on studentaid.gov and after that recertify your income each year online too.).
Refine deferment and forbearance demands. Great Lakes can aid you momentarily stop making payments or lower your settlement quantity if you certify. This helps you remain in good standing to prevent default. However during any periods of deferment or forbearance, interest can remain to develop.
Process monthly payments as well as added settlements. Great Lakes will track and also gather your settlements. If you wish to make added settlements, you can advise Great Lakes (online, by phone or by mail) to apply extra repayments to your current balance. Or else, it may apply the added amount to following month’s settlement rather.
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Your loan servicer is designated by the united state Department of Education and learning when your loan is disbursed to your college for the very first time. The name of the firm sending you a federal loan costs every month is your servicer. If your loan repayments haven’t begun or you’re not exactly sure which business is your servicer, visit to My Federal Trainee Help to find out. You can also get in touch with any of the loan servicer call centers by calling 1-800-4-FED-AID.
Servicers are there to aid you, but they might supply selections that are best for the firm, not the customer. That implies they can’t change just how repayments are processed and also might not suggest the most advantageous settlement option for you. It’s most important to understand your settlement alternatives so you can understand the best questions to ask.
If Great Lakes reported your account in error throughout vehicle forbearance.
Nearly 5 million debtors whose federal student loans are serviced by Great Lakes might have seen their credit history dip since their financial obligations were wrongly reported to the major credit scores bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped briefly payments may have been reported as “deferred” as a result of a coding error. The stopped settlements need to have been reported as if you had made them. If you were current when forbearance started, for example, the status must be “current.”.
Deferred standing is not a racking up element under FICO credit report solutions, the ones most frequently made use of to make lending choices. Yet deferred standing can reduce the credit rating created by VantageScore formulas– the scores most commonly offered free of charge to customers as a method to track their credit history.
Great Lakes states it is dealing with credit scores coverage companies to correct the errors. Once the info on the underlying credit rating record is appropriate, credit rating should be unaffected.
Debtors should examine their credit report reports from each of the three debt reporting bureaus at AnnualCreditReport.com, the free, government-run internet site.
Great Lakes asks that consumers call it straight if their debt reports are incorrect. Call 800-236-4300. Get extra details on calling Great Lakes customer support or making a grievance right here.
Am I stuck to Great Lakes till my loans are repaid?
Loans are often transferred from one servicer to another by the Department of Education and learning.
The Department of Education and learning is planning to move the student loan servicing landscape by authorizing new servicing contracts with 5 business to eventually take over all loan servicing. That indicates your loan servicer is most likely to transform. Great Lakes is scheduled to proceed servicing loans with December 2023.
Before servicing contracts finishing, customers should do the following:.
Download and install and also save your repayment background from your online account or demand a copy from your servicer.
Update your contact details with your newest address, contact number and email address.
You’ll be notified when a loan servicing transfer takes place, and you’ll manage repayments with the brand-new servicer. All servicers provide the exact same alternatives and programs, however customer support might differ from one to an additional.