Great Lakes College Corp. is one of 7 firms that service government loan financial debt by accumulating as well as tracking settlements. If Great Lakes is your pupil loan servicer, here’s what it can aid you do.
Register for on-line accessibility to your account. When you have gain access to you can speak to Great Lakes, accessibility your regular monthly billing declarations and also pay costs.
Register in autopay. Great Lakes Loans can subtract your payments immediately from your bank account. Registering for autopay will certainly reduce your passion by 0.25 percent factor.
Enroll in income-driven payment. You can ask for income-driven payment, which limits your pupil loan repayments to a percentage of your revenue, by completing a paper form with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your income every year online too.).
Refine deferment as well as forbearance demands. Great Lakes can assist you briefly quit paying or lower your settlement amount if you certify. This helps you remain in excellent standing to prevent default. However throughout any durations of deferment or forbearance, passion can remain to construct.
Process month-to-month settlements as well as additional settlements. Great Lakes will track as well as collect your settlements. If you want to make added repayments, you can advise Great Lakes (online, by phone or by mail) to use added settlements to your existing balance. Otherwise, it might use the extra amount to next month’s settlement instead.
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Your loan servicer is assigned by the U.S. Division 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 costs every month is your servicer. If your loan payments have not begun or you’re not exactly sure which business is your servicer, visit to My Federal Pupil Aid to figure out. You can additionally contact any of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers exist to help you, however they might supply selections that are best for the business, not the borrower. That implies they can not change how payments are refined and also might not suggest the most advantageous settlement option for you. It’s most important to know your payment alternatives so you can understand the best concerns to ask.
If Great Lakes reported your account at fault throughout automobile forbearance.
Nearly 5 million borrowers whose federal pupil loans are serviced by Great Lakes may have seen their credit rating dip because their debts were erroneously reported to the significant credit report bureaus throughout the automated six-month forbearance that started in March 2020.
Your paused repayments might have been reported as “deferred” as a result of a coding mistake. The stopped briefly payments 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 status is not a racking up variable under FICO credit history solutions, the ones most commonly utilized to make lending choices. Yet deferred standing can lower the credit report produced by VantageScore formulas– the scores most commonly offered totally free to customers as a means to track their credit rating.
Great Lakes says it is dealing with credit score coverage firms to fix the errors. Once the details on the underlying credit rating report is proper, credit history must be untouched.
Borrowers must examine their credit score reports from each of the three debt reporting bureaus at AnnualCreditReport.com, the free, government-run internet site.
Great Lakes asks that debtors call it directly if their credit report reports are incorrect. Call 800-236-4300. Obtain extra info on contacting Great Lakes client service or making a complaint here.
Am I stuck with Great Lakes up until my loans are settled?
Loans are occasionally transferred from one servicer to another by the Department of Education.
The Division of Education is preparing to shift the student loan servicing landscape by signing new servicing contracts with five companies to ultimately take over all loan maintenance. That implies your loan servicer is most likely to alter. Great Lakes is arranged to continue servicing loans via December 2023.
Before servicing contracts finishing, customers should do the following:.
Download and install and save your settlement history from your online account or demand a copy from your servicer.
Update your call info with your newest address, phone number as well as e-mail address.
You’ll be notified when a loan maintenance transfer takes place, and also you’ll handle settlements with the new servicer. All servicers supply the exact same choices and also programs, but client service may differ from one to another.