Great Lakes College Corp. is just one of 7 business that service federal loan debt by gathering and tracking settlements. If Great Lakes is your student loan servicer, here’s what it can help you do.
Register for on-line accessibility to your account. When you have access you can call Great Lakes, accessibility your month-to-month billing statements and also pay costs.
Enlist in autopay. Great Lakes Loans can subtract your repayments immediately from your checking account. Registering for autopay will reduce your passion by 0.25 percentage point.
Sign up for income-driven payment. You can ask for income-driven repayment, which restricts your trainee loan settlements to a percent of your revenue, by completing a paper type with Great Lakes. (You can use online on studentaid.gov and then recertify your earnings annually online as well.).
Process deferment and also forbearance requests. Great Lakes can help you momentarily quit paying or reduce your repayment amount if you qualify. This assists you remain in great standing to avoid default. But during any kind of durations of deferment or forbearance, passion can continue to develop.
Refine monthly repayments and also extra repayments. Great Lakes will track and also accumulate your payments. If you want to make extra settlements, you can instruct Great Lakes (online, by phone or by mail) to use additional repayments to your existing balance. Or else, it might apply the extra total up to following month’s settlement rather.
” MORE: Student loan servicers: That are they as well as what do they do?
Your loan servicer is appointed by the united state Department of Education when your loan is disbursed to your university for the very first time. The name of the firm sending you a federal loan bill monthly is your servicer. If your loan repayments have not started or you’re not sure which business is your servicer, log in to My Federal Pupil Help to discover. You can also contact any of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers are there to assist you, however they may provide selections that are best for the business, not the consumer. That implies they can not change just how payments are refined and also may not recommend one of the most valuable settlement choice for you. It’s crucial to understand your payment alternatives so you can recognize the appropriate inquiries to ask.
If Great Lakes reported your account at fault during vehicle forbearance.
Virtually 5 million consumers whose government student loans are serviced by Great Lakes may have seen their credit history dip since their debts were erroneously reported to the significant credit score bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped payments might have been reported as “deferred” as a result of a coding error. The stopped repayments need to have been reported as if you had actually made them. If you were current when forbearance began, as an example, the status must be “present.”.
Deferred condition is not a racking up variable under FICO credit rating formulas, the ones most typically made use of to make lending choices. However deferred status can lower the credit history generated by VantageScore formulas– ball games most frequently used free of cost to customers as a method to track their credit rating.
Great Lakes says it is dealing with credit history reporting companies to remedy the errors. As soon as the info on the underlying credit rating record is right, credit history ought to be untouched.
Borrowers must inspect their credit score records from each of the 3 credit scores reporting bureaus at AnnualCreditReport.com, the free, government-run website.
Great Lakes asks that borrowers call it straight if their credit history records are incorrect. Call 800-236-4300. Get extra details on speaking to Great Lakes customer service or making an issue here.
Am I stuck to Great Lakes up until my loans are paid off?
Loans are occasionally moved from one servicer to one more by the Division of Education.
The Division of Education and learning is preparing to change the pupil loan servicing landscape by authorizing brand-new maintenance agreements with 5 firms to eventually take over all loan maintenance. That indicates your loan servicer is likely to transform. Great Lakes is set up to proceed servicing loans via December 2023.
Before servicing agreements finishing, debtors need to do the following:.
Download as well as save your payment history from your online account or demand a copy from your servicer.
Update your contact info with your newest address, phone number and email address.
You’ll be alerted when a loan servicing transfer happens, and also you’ll handle repayments with the new servicer. All servicers provide the same options and also programs, yet customer care may vary from one to an additional.