Great Lakes College Corp. is just one of seven firms that service government loan financial debt by gathering and tracking payments. If Great Lakes is your trainee loan servicer, here’s what it can assist you do.
Register for online accessibility to your account. Once you have access you can call Great Lakes, access your regular monthly payment declarations and also pay costs.
Register in autopay. Great Lakes Loans can deduct your settlements immediately from your bank account. Enrolling in autopay will reduce your passion by 0.25 portion point.
Enroll in income-driven repayment. You can ask for income-driven settlement, which limits your trainee loan repayments to a portion of your revenue, by finishing a paper type with Great Lakes. (You can apply online on studentaid.gov and then recertify your income annually online also.).
Refine deferment and forbearance demands. Great Lakes can aid you briefly stop paying or decrease your settlement amount if you certify. This assists you stay in great standing to stay clear of default. However during any durations of deferment or forbearance, passion can remain to develop.
Refine monthly settlements and also additional repayments. Great Lakes will track and also gather your settlements. If you wish to make extra settlements, you can instruct Great Lakes (online, by phone or by mail) to apply extra repayments to your current equilibrium. Or else, it might apply the extra amount to following month’s repayment instead.
” MORE: Pupil loan servicers: Who are they as well as what do they do?
Your loan servicer is assigned by the united state Department of Education and learning when your loan is paid out to your university for the first time. The name of the company sending you a federal loan expense every month is your servicer. If your loan settlements have not started or you’re not exactly sure which business is your servicer, log in to My Federal Pupil Help to figure out. You can additionally contact any one of the loan servicer contact facilities by calling 1-800-4-FED-AID.
Servicers exist to help you, but they may offer choices that are best for the company, not the customer. That suggests they can’t alter how repayments are refined as well as might not suggest one of the most advantageous payment alternative for you. It’s crucial to recognize your repayment alternatives so you can recognize the best inquiries to ask.
If Great Lakes reported your account in error during car forbearance.
Almost 5 million customers whose government pupil loans are serviced by Great Lakes might have seen their credit history dip because their financial debts were incorrectly reported to the major credit score bureaus during the automated six-month forbearance that started in March 2020.
Your stopped payments may have been reported as “postponed” as a result of a coding error. The paused settlements need to have been reported as if you had actually made them. If you were current when forbearance started, as an example, the standing needs to be “present.”.
Deferred standing is not a racking up variable under FICO credit rating formulas, the ones most frequently used to make lending choices. Yet deferred condition can lower the credit report generated by VantageScore formulas– ball games most commonly supplied totally free to customers as a means to track their credit rating.
Great Lakes says it is working with credit coverage firms to deal with the inaccuracies. When the info on the underlying credit scores report is correct, credit rating must be unaffected.
Customers need to examine their credit rating reports from each of the three credit reporting bureaus at AnnualCreditReport.com, the free, government-run web site.
Great Lakes asks that borrowers call it directly if their credit reports are incorrect. Call 800-236-4300. Get much more details on calling Great Lakes customer support or making a problem right here.
Am I stuck to Great Lakes until my loans are paid off?
Loans are in some cases moved from one servicer to an additional by the Division of Education and learning.
The Division of Education is intending to shift the pupil loan servicing landscape by authorizing brand-new servicing contracts with five business to at some point take over all loan maintenance. That indicates your loan servicer is likely to change. Great Lakes is scheduled to proceed servicing loans through December 2023.
Before servicing contracts finishing, debtors must do the following:.
Download and install as well as save your repayment background from your online account or request a duplicate from your servicer.
Update your get in touch with details with your latest address, contact number and also email address.
You’ll be notified when a loan maintenance transfer takes place, and you’ll handle payments with the brand-new servicer. All servicers supply the exact same choices and also programs, but customer support might vary from one to one more.