Great Lakes College Corp. is one of 7 firms that service federal loan financial debt by gathering as well as tracking repayments. If Great Lakes is your trainee loan servicer, below’s what it can assist you do.
Register for on-line access to your account. As soon as you have access you can call Great Lakes, gain access to your monthly invoicing declarations and pay bills.
Enlist in autopay. Great Lakes Student Loans can subtract your settlements immediately from your checking account. Enrolling in autopay will reduce your passion by 0.25 percentage point.
Register for income-driven repayment. You can request income-driven settlement, which restricts your trainee loan settlements to a portion of your income, by finishing a paper kind with Great Lakes. (You can use online on studentaid.gov and then recertify your earnings annually online also.).
Process deferment and forbearance demands. Great Lakes can aid you momentarily stop making payments or lower your repayment quantity if you qualify. This helps you remain in great standing to stay clear of default. Yet throughout any kind of durations of deferment or forbearance, passion can continue to develop.
Process month-to-month payments and also additional settlements. Great Lakes will track and collect your settlements. If you wish to make extra payments, you can advise Great Lakes (online, by phone or by mail) to use extra payments to your present equilibrium. Otherwise, it might use the additional total up to next month’s settlement instead.
” EVEN MORE: Trainee loan servicers: Who are they and what do they do?
Your loan servicer is assigned by the U.S. Department 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 bill on a monthly basis is your servicer. If your loan repayments have not started or you’re uncertain which company is your servicer, visit to My Federal Trainee Help to discover. You can also contact any of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers are there to aid you, but they might supply options that are best for the company, not the consumer. That suggests they can’t transform how payments are refined as well as may not suggest one of the most valuable settlement option for you. It’s crucial to recognize your settlement alternatives so you can understand the appropriate concerns to ask.
If Great Lakes reported your account at fault during vehicle forbearance.
Nearly 5 million debtors whose federal pupil loans are serviced by Great Lakes might have seen their credit scores dip since their debts were erroneously reported to the major credit report bureaus during the automated six-month forbearance that started in March 2020.
Your paused settlements might have been reported as “deferred” as a result of a coding mistake. The stopped briefly payments must have been reported as if you had actually made them. If you were current when forbearance began, as an example, the condition should be “current.”.
Deferred standing is not a racking up aspect under FICO credit report solutions, the ones most commonly made use of to make loaning decisions. But deferred condition can lower the credit history produced by VantageScore formulas– the scores most frequently supplied free of cost to consumers as a way to track their credit history.
Great Lakes says it is working with credit scores reporting agencies to correct the errors. Once the information on the underlying credit score record is right, credit report need to be unaffected.
Debtors ought to inspect their credit rating records from each of the three debt reporting bureaus at AnnualCreditReport.com, the cost-free, government-run web site.
Great Lakes asks that borrowers call it straight if their debt reports are incorrect. Call 800-236-4300. Get extra info on calling Great Lakes customer service or making a problem below.
Am I stuck with Great Lakes till my loans are settled?
Loans are often transferred from one servicer to an additional by the Division of Education.
The Division of Education and learning is intending to change the student loan servicing landscape by authorizing brand-new servicing agreements with five business to at some point take control of all loan servicing. That means your loan servicer is most likely to alter. Great Lakes is arranged to proceed servicing loans via December 2023.
Before servicing agreements ending, debtors need to do the following:.
Download and conserve your settlement history from your online account or request a duplicate from your servicer.
Update your get in touch with details with your most recent address, telephone number and e-mail address.
You’ll be notified when a loan maintenance transfer takes place, and you’ll handle repayments with the brand-new servicer. All servicers provide the exact same options as well as programs, yet customer support may vary from one to one more.