Great Lakes College Corp. is among seven business that service government loan financial obligation by accumulating and tracking repayments. If Great Lakes is your trainee loan servicer, here’s what it can assist you do.
Register for on the internet access to your account. When you have accessibility you can speak to Great Lakes, gain access to your monthly payment declarations as well as pay costs.
Enroll in autopay. My Great Lakes Student Loans can subtract your payments immediately from your bank account. Enrolling in autopay will decrease your interest by 0.25 portion point.
Sign up for income-driven repayment. You can ask for income-driven payment, which restricts your pupil loan payments to a percentage of your earnings, by completing a paper form with Great Lakes. (You can apply online on studentaid.gov and afterwards recertify your income yearly online also.).
Process deferment as well as forbearance requests. Great Lakes can aid you momentarily stop making payments or minimize your payment quantity if you qualify. This aids you stay in excellent standing to stay clear of default. However throughout any kind of periods of deferment or forbearance, rate of interest can remain to build.
Process regular monthly repayments and also extra repayments. Great Lakes will track and also collect your repayments. If you want to make added payments, you can advise Great Lakes (online, by phone or by mail) to use additional settlements to your existing balance. Or else, it might apply the extra amount to next month’s repayment instead.
” MORE: Student loan servicers: That are they and what do they do?
Your loan servicer is designated by the U.S. Department of Education when your loan is disbursed to your college for the first time. The name of the business sending you a federal loan bill every month is your servicer. If your loan settlements have not started or you’re not sure which company is your servicer, visit to My Federal Pupil Help to figure out. You can likewise get in touch with any of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers are there to assist you, however they might offer choices that are best for the company, not the borrower. That indicates they can not change just how settlements are refined and might not suggest one of the most helpful payment option for you. It’s essential to understand your payment alternatives so you can understand the right concerns to ask.
If Great Lakes reported your account at fault throughout car forbearance.
Almost 5 million consumers whose federal pupil loans are serviced by Great Lakes may have seen their credit rating dip because their financial debts were incorrectly reported to the significant credit scores bureaus throughout the automatic six-month forbearance that started in March 2020.
Your stopped settlements may have been reported as “delayed” as a result of a coding error. The stopped briefly settlements need to have been reported as if you had made them. If you were current when forbearance started, as an example, the status should be “existing.”.
Deferred condition is not a scoring aspect under FICO credit report formulas, the ones most generally made use of to make loaning decisions. But deferred condition can decrease the credit rating created by VantageScore solutions– ball games most frequently offered free of cost to customers as a means to track their credit rating.
Great Lakes says it is collaborating with debt reporting agencies to deal with the errors. As soon as the details on the underlying debt report is correct, credit history need to be unaffected.
Borrowers must check their credit score records from each of the 3 credit score reporting bureaus at AnnualCreditReport.com, the free, government-run website.
Great Lakes asks that debtors call it straight if their credit history records are incorrect. Call 800-236-4300. Get extra information on contacting Great Lakes client service or making a problem below.
Am I stuck with Great Lakes up until my loans are paid off?
Loans are occasionally transferred from one servicer to an additional by the Department of Education and learning.
The Division of Education is planning to shift the trainee loan servicing landscape by signing brand-new maintenance contracts with 5 companies to eventually take control of all loan maintenance. That suggests your loan servicer is likely to transform. Great Lakes is scheduled to continue servicing loans via December 2023.
Prior to servicing agreements finishing, debtors need to do the following:.
Download as well as conserve your repayment history from your online account or demand a copy from your servicer.
Update your contact info with your latest address, phone number and also email address.
You’ll be alerted when a loan servicing transfer happens, as well as you’ll handle repayments with the new servicer. All servicers supply the very same options and also programs, yet customer care may vary from one to one more.