Great Lakes College Corp. is just one of seven business that service federal loan debt by accumulating as well as tracking settlements. If Great Lakes is your trainee loan servicer, right here’s what it can assist you do.
Register for on the internet access to your account. Once you have access you can speak to Great Lakes, gain access to your month-to-month invoicing statements and also pay costs.
Enlist in autopay. Great Lakes Loans can deduct your payments instantly from your bank account. Registering for autopay will certainly minimize your passion by 0.25 percentage point.
Enroll in income-driven settlement. You can request income-driven settlement, which restricts your student loan repayments to a percentage of your income, by finishing a paper form with Great Lakes. (You can use online on studentaid.gov and then recertify your earnings each year online as well.).
Refine deferment as well as forbearance requests. Great Lakes can aid you momentarily stop paying or minimize your payment quantity if you certify. This assists you stay in good standing to prevent default. However throughout any type of durations of deferment or forbearance, rate of interest can remain to construct.
Process monthly payments as well as additional settlements. Great Lakes will certainly track and also accumulate your payments. If you wish to make added payments, you can advise Great Lakes (online, by phone or by mail) to use extra settlements to your current balance. Or else, it may apply the extra total up to following month’s settlement rather.
” MORE: Student loan servicers: That are they and also what do they do?
Your loan servicer is designated by the U.S. Division of Education and learning when your loan is disbursed to your university for the very first time. The name of the company sending you a government loan expense each month is your servicer. If your loan settlements have not begun or you’re not sure which business is your servicer, log in to My Federal Student Help to find out. You can additionally get in touch with any of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers are there to help you, yet they may use options that are best for the company, not the consumer. That suggests they can not change exactly how settlements are refined as well as may not suggest the most advantageous settlement option for you. It’s most important to know your settlement options so you can know the best questions to ask.
If Great Lakes reported your account in error during auto forbearance.
Nearly 5 million debtors whose government pupil loans are serviced by Great Lakes may have seen their credit rating dip because their financial debts were incorrectly reported to the major credit report bureaus throughout the automated six-month forbearance that began in March 2020.
Your stopped settlements may have been reported as “delayed” as a result of a coding mistake. The stopped repayments ought to have been reported as if you had made them. If you were current when forbearance started, as an example, the condition should be “existing.”.
Deferred condition is not a racking up variable under FICO credit scoring formulas, the ones most commonly utilized to make loaning choices. But deferred standing can reduce the credit rating created by VantageScore solutions– ball games most frequently offered absolutely free to customers as a way to track their credit history.
Great Lakes states it is dealing with credit rating reporting agencies to fix the inaccuracies. Once the information on the underlying credit rating report is proper, credit report should be untouched.
Debtors must examine their credit scores reports from each of the three credit reporting bureaus at AnnualCreditReport.com, the totally free, government-run web site.
Great Lakes asks that consumers contact it straight if their credit report reports are incorrect. Call 800-236-4300. Get a lot more info on calling Great Lakes customer care or making a problem below.
Am I stuck to Great Lakes till my loans are settled?
Loans are occasionally transferred from one servicer to one more by the Department of Education and learning.
The Division of Education and learning is intending to shift the student loan servicing landscape by authorizing new maintenance contracts with five companies to eventually take over all loan maintenance. That suggests your loan servicer is most likely to transform. Great Lakes is arranged to proceed servicing loans through December 2023.
Prior to servicing contracts ending, consumers need to do the following:.
Download and install and conserve your payment background from your online account or request a duplicate from your servicer.
Update your call information with your most recent address, contact number and email address.
You’ll be informed when a loan servicing transfer happens, and you’ll handle repayments with the brand-new servicer. All servicers supply the exact same choices and programs, however customer care may differ from one to one more.