Great Lakes College Corp. is just one of seven business that service government loan debt by accumulating and tracking settlements. If Great Lakes is your trainee loan servicer, here’s what it can assist you do.
Register for online access to your account. When you have gain access to you can get in touch with Great Lakes, accessibility your month-to-month invoicing statements and also pay costs.
Sign up in autopay. Great Lakes Student Loans can deduct your payments automatically from your checking account. Signing up for autopay will certainly reduce your rate of interest by 0.25 percentage point.
Register for income-driven payment. You can ask for income-driven repayment, which limits your student loan settlements to a percentage of your earnings, by completing a paper kind with Great Lakes. (You can apply online on studentaid.gov and afterwards recertify your revenue each year online too.).
Refine deferment and forbearance demands. Great Lakes can aid you momentarily quit paying or minimize your repayment amount if you qualify. This aids you stay in excellent standing to stay clear of default. Yet throughout any type of durations of deferment or forbearance, interest can continue to build.
Process regular monthly repayments and extra settlements. Great Lakes will track as well as collect your repayments. If you want to make extra repayments, you can advise Great Lakes (online, by phone or by mail) to use extra payments to your current balance. Or else, it might use the extra amount to following month’s repayment instead.
” EVEN MORE: Pupil loan servicers: Who are they and also what do they do?
Your loan servicer is assigned by the united state Division of Education and learning when your loan is disbursed to your college for the very first time. The name of the company sending you a federal loan costs each month is your servicer. If your loan settlements have not started or you’re not exactly sure which firm is your servicer, visit to My Federal Pupil Aid to learn. You can likewise contact any of the loan servicer contact facilities by calling 1-800-4-FED-AID.
Servicers exist to assist you, yet they may offer options that are best for the firm, not the customer. That suggests they can not alter exactly how payments are refined and also might not suggest one of the most useful repayment alternative for you. It’s crucial to know your repayment options so you can recognize the right questions to ask.
If Great Lakes reported your account in error during car forbearance.
Almost 5 million debtors whose federal trainee loans are serviced by Great Lakes may have seen their credit report dip because their financial debts were incorrectly reported to the major credit bureaus throughout the automated six-month forbearance that started in March 2020.
Your stopped briefly settlements might have been reported as “delayed” as a result of a coding error. The stopped repayments need to have been reported as if you had made them. If you were current when forbearance started, as an example, the standing needs to be “current.”.
Deferred condition is not a scoring aspect under FICO credit history solutions, the ones most typically made use of to make borrowing decisions. Yet deferred status can decrease the credit scores produced by VantageScore solutions– ball games most commonly supplied free of charge to customers as a means to track their credit history.
Great Lakes says it is collaborating with credit scores coverage firms to remedy the mistakes. When the info on the underlying credit scores report is proper, credit history should be unaffected.
Consumers should check their credit history records from each of the 3 credit score reporting bureaus at AnnualCreditReport.com, the free, government-run site.
Great Lakes asks that borrowers contact it directly if their credit scores records are incorrect. Call 800-236-4300. Obtain much more information on speaking to Great Lakes customer care or making a problem below.
Am I stuck with Great Lakes until my loans are settled?
Loans are occasionally transferred from one servicer to an additional by the Department of Education.
The Division of Education and learning is intending to move the pupil loan servicing landscape by signing brand-new maintenance agreements with five business to ultimately take control of all loan maintenance. That indicates your loan servicer is most likely to transform. Great Lakes is set up to proceed servicing loans via December 2023.
Before servicing agreements finishing, consumers need to do the following:.
Download and also save your settlement history from your online account or demand a duplicate from your servicer.
Update your contact information with your most recent address, phone number and email address.
You’ll be alerted when a loan maintenance transfer occurs, and you’ll take care of repayments with the brand-new servicer. All servicers provide the exact same alternatives and programs, however customer service may vary from one to an additional.