Great Lakes College Corp. is among 7 business that service government loan debt by gathering as well as tracking repayments. If Great Lakes is your pupil loan servicer, below’s what it can assist you do.
Register for on-line access to your account. Once you have access you can get in touch with Great Lakes, access your regular monthly invoicing declarations and pay expenses.
Sign up in autopay. Student Loans Great Lakes can deduct your repayments automatically from your savings account. Signing up for autopay will decrease your rate of interest by 0.25 percent point.
Enroll in income-driven repayment. You can ask for income-driven payment, which restricts your student loan settlements to a percent of your earnings, by completing a paper form with Great Lakes. (You can use online on studentaid.gov and then recertify your income annually online as well.).
Process deferment and forbearance requests. Great Lakes can help you briefly quit making payments or minimize your repayment amount if you qualify. This assists you stay in great standing to avoid default. However during any type of periods of deferment or forbearance, interest can remain to construct.
Process regular monthly repayments and added settlements. Great Lakes will track as well as collect your payments. If you want to make extra repayments, you can advise Great Lakes (online, by phone or by mail) to apply added payments to your present balance. Otherwise, it may apply the additional total up to following month’s payment instead.
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Your loan servicer is designated by the U.S. Department of Education and learning when your loan is disbursed to your university for the first time. The name of the company sending you a government loan bill every month is your servicer. If your loan payments have not started or you’re uncertain which company is your servicer, log in to My Federal Student Aid to figure out. You can also connect with any one of the loan servicer call centers by calling 1-800-4-FED-AID.
Servicers are there to help you, however they may provide selections that are best for the company, not the borrower. That indicates they can not change exactly how payments are refined as well as may not suggest one of the most helpful payment choice for you. It’s essential to recognize your settlement alternatives so you can recognize the right questions to ask.
If Great Lakes reported your account in error throughout vehicle forbearance.
Virtually 5 million borrowers whose federal student loans are serviced by Great Lakes might have seen their credit rating dip due to the fact that their financial debts were wrongly reported to the significant credit history bureaus throughout the automatic six-month forbearance that started in March 2020.
Your stopped briefly settlements may have been reported as “postponed” as a result of a coding error. The stopped repayments ought to have been reported as if you had actually made them. If you were current when forbearance began, for example, the condition needs to be “existing.”.
Deferred standing is not a racking up factor under FICO credit history formulas, the ones most commonly used to make lending choices. However deferred status can reduce the credit report created by VantageScore solutions– ball games most frequently provided completely free to consumers as a method to track their credit report.
Great Lakes claims it is dealing with credit rating reporting agencies to correct the errors. Once the details on the underlying credit scores record is correct, credit report ought to be untouched.
Consumers must examine their debt reports from each of the three debt reporting bureaus at AnnualCreditReport.com, the totally free, government-run web site.
Great Lakes asks that borrowers call it directly if their credit score reports are incorrect. Call 800-236-4300. Get much more details on contacting Great Lakes customer service or making a grievance below.
Am I stuck with Great Lakes until my loans are repaid?
Loans are occasionally transferred from one servicer to an additional by the Department of Education.
The Department of Education and learning is planning to change the pupil loan servicing landscape by signing brand-new servicing agreements with five business to at some point take over all loan servicing. That means your loan servicer is likely to transform. Great Lakes is arranged to proceed servicing loans through December 2023.
Before servicing contracts finishing, customers need to do the following:.
Download and install as well as conserve your settlement history from your online account or request a duplicate from your servicer.
Update your call information with your most recent address, phone number and e-mail address.
You’ll be alerted when a loan servicing transfer occurs, and you’ll handle payments with the new servicer. All servicers provide the same choices and also programs, however customer care might vary from one to another.