Great Lakes College Corp. is among seven companies that service federal loan debt by accumulating as well as tracking settlements. If Great Lakes is your student loan servicer, here’s what it can assist you do.
Register for online accessibility to your account. Once you have access you can speak to Great Lakes, access your monthly payment statements and pay bills.
Register in autopay. My Great Lakes Student Loans can subtract your settlements immediately from your savings account. Registering for autopay will minimize your rate of interest by 0.25 percent factor.
Enroll in income-driven settlement. You can request income-driven repayment, which limits your pupil loan payments to a portion of your income, by finishing a paper form with Great Lakes. (You can use online on studentaid.gov and then recertify your revenue each year online too.).
Refine deferment and also forbearance demands. Great Lakes can aid you temporarily stop making payments or minimize your settlement amount if you certify. This helps you stay in excellent standing to prevent default. Yet during any type of periods of deferment or forbearance, rate of interest can remain to build.
Process month-to-month payments as well as added settlements. Great Lakes will certainly track as well as gather your payments. If you want to make extra payments, you can instruct Great Lakes (online, by phone or by mail) to apply additional settlements to your existing equilibrium. Or else, it might apply the added amount to following month’s settlement instead.
” MORE: Student loan servicers: Who 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 university for the very first time. The name of the business sending you a federal loan costs on a monthly basis is your servicer. If your loan payments have not begun or you’re unsure which company is your servicer, log in to My Federal Pupil Aid to learn. You can likewise get in touch with any of the loan servicer call centers by calling 1-800-4-FED-AID.
Servicers exist to assist you, but they may use selections that are best for the company, not the borrower. That means they can not alter just how settlements are processed and may not suggest one of the most valuable repayment alternative for you. It’s most important to understand your settlement alternatives so you can know the best inquiries to ask.
If Great Lakes reported your account in error during car forbearance.
Virtually 5 million customers whose government pupil loans are serviced by Great Lakes may have seen their credit scores dip due to the fact that their debts were mistakenly reported to the major debt bureaus throughout the automated six-month forbearance that started in March 2020.
Your stopped briefly payments might have been reported as “deferred” as a result of a coding mistake. The stopped settlements should have been reported as if you had made them. If you were current when forbearance began, for instance, the status should be “existing.”.
Deferred condition is not a racking up element under FICO credit rating solutions, the ones most typically used to make loaning choices. But deferred status can decrease the credit history created by VantageScore solutions– the scores most frequently provided absolutely free to customers as a means to track their credit rating.
Great Lakes claims it is collaborating with credit reporting firms to remedy the errors. Once the information on the underlying debt report is right, credit report ought to be untouched.
Consumers ought to inspect their credit records from each of the three credit history reporting bureaus at AnnualCreditReport.com, the cost-free, government-run website.
Great Lakes asks that debtors contact it directly if their credit scores records are incorrect. Call 800-236-4300. Get a lot more information on contacting Great Lakes customer support or making an issue below.
Am I stuck with Great Lakes up until my loans are repaid?
Loans are occasionally transferred from one servicer to an additional by the Division of Education and learning.
The Department of Education and learning is planning to change the pupil loan servicing landscape by signing new maintenance contracts with five firms to ultimately take control of all loan servicing. That means your loan servicer is most likely to alter. Great Lakes is scheduled to continue servicing loans through December 2023.
Before servicing agreements ending, consumers must do the following:.
Download and install as well as conserve your payment history from your online account or demand a duplicate from your servicer.
Update your get in touch with info with your most recent address, phone number as well as email address.
You’ll be notified when a loan servicing transfer occurs, and you’ll manage payments with the new servicer. All servicers provide the same choices as well as programs, but customer service may vary from one to one more.