Great Lakes College Corp. is one of 7 companies that service federal loan debt by accumulating as well as tracking payments. If Great Lakes is your trainee loan servicer, right here’s what it can help you do.
Register for on-line accessibility to your account. When you have gain access to you can speak to Great Lakes, gain access to your regular monthly payment statements as well as pay bills.
Register in autopay. Student Loans Great Lakes can deduct your settlements immediately from your bank account. Enrolling in autopay will reduce your passion by 0.25 percentage factor.
Sign up for income-driven settlement. You can request income-driven repayment, which restricts your trainee loan repayments to a percentage of your earnings, by finishing a paper form with Great Lakes. (You can apply online on studentaid.gov and after that recertify your earnings each year online also.).
Refine deferment and also forbearance demands. Great Lakes can aid you temporarily stop paying or decrease your settlement amount if you qualify. This helps you remain in excellent standing to avoid default. But during any kind of durations of deferment or forbearance, rate of interest can continue to build.
Refine month-to-month repayments and also added repayments. Great Lakes will certainly track and gather your repayments. If you want to make added payments, you can instruct Great Lakes (online, by phone or by mail) to use additional repayments to your current balance. Or else, it might apply the extra amount to following month’s repayment rather.
” MORE: Trainee loan servicers: That are they and also what do they do?
Your loan servicer is designated by the U.S. Division of Education when your loan is disbursed to your college for the very first time. The name of the firm sending you a government loan bill each month is your servicer. If your loan settlements haven’t begun or you’re not exactly sure which firm is your servicer, log in to My Federal Pupil Help to learn. You can additionally get in touch with any of the loan servicer contact centers by calling 1-800-4-FED-AID.
Servicers are there to aid you, but they may offer selections that are best for the business, not the consumer. That indicates they can not change how payments are processed and also might not recommend one of the most advantageous settlement choice for you. It’s essential to know your settlement choices so you can understand the ideal inquiries to ask.
If Great Lakes reported your account in error during car forbearance.
Almost 5 million customers whose government trainee loans are serviced by Great Lakes might have seen their credit scores dip because their financial obligations were wrongly reported to the significant debt bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped repayments may have been reported as “delayed” as a result of a coding mistake. The stopped settlements should have been reported as if you had actually made them. If you were current when forbearance started, for instance, the condition should be “present.”.
Deferred status is not a scoring factor under FICO credit scoring formulas, the ones most commonly made use of to make borrowing choices. However deferred standing can lower the credit history generated by VantageScore solutions– ball games most frequently supplied absolutely free to customers as a way to track their credit rating.
Great Lakes says it is working with credit score reporting companies to remedy the errors. Once the info on the underlying credit history record is right, credit rating should be untouched.
Borrowers ought to inspect their credit rating reports from each of the 3 credit reporting bureaus at AnnualCreditReport.com, the complimentary, government-run website.
Great Lakes asks that debtors contact it directly if their credit scores reports are incorrect. Call 800-236-4300. Obtain a lot more details on contacting Great Lakes customer support or making an issue below.
Am I stuck with Great Lakes till my loans are settled?
Loans are occasionally transferred from one servicer to one more by the Division of Education and learning.
The Division of Education and learning is intending to move the trainee loan servicing landscape by authorizing new servicing contracts with five firms to at some point take control of all loan maintenance. That means your loan servicer is likely to transform. Great Lakes is scheduled to proceed servicing loans via December 2023.
Prior to servicing agreements ending, borrowers must do the following:.
Download and install as well as conserve your payment background from your online account or demand a duplicate from your servicer.
Update your contact information with your newest address, phone number as well as email address.
You’ll be alerted when a loan servicing transfer takes place, and you’ll take care of payments with the new servicer. All servicers provide the same choices as well as programs, yet customer care may vary from one to an additional.