Great Lakes College Corp. is just one of seven companies that service federal loan financial obligation by collecting and also tracking payments. If Great Lakes is your trainee loan servicer, here’s what it can help you do.
Register for online access to your account. As soon as you have accessibility you can contact Great Lakes, accessibility your month-to-month payment statements and also pay expenses.
Sign up in autopay. Great Lakes Loans can subtract your repayments immediately from your checking account. Signing up for autopay will lower your interest by 0.25 percentage point.
Enroll in income-driven repayment. You can request income-driven repayment, which restricts your pupil loan settlements to a portion of your income, by finishing a paper type with Great Lakes. (You can use online on studentaid.gov and then recertify your income annually online as well.).
Refine deferment and forbearance demands. Great Lakes can aid you briefly stop paying or minimize your settlement amount if you qualify. This helps you remain in excellent standing to avoid default. But throughout any kind of periods of deferment or forbearance, rate of interest can remain to construct.
Refine regular monthly repayments and also additional payments. Great Lakes will track and gather your repayments. If you intend to make extra repayments, you can advise Great Lakes (online, by phone or by mail) to apply added repayments to your existing equilibrium. Otherwise, it may apply the added total up to following month’s payment instead.
” EVEN MORE: Student loan servicers: Who are they as well as what do they do?
Your loan servicer is appointed by the U.S. Department of Education and learning when your loan is paid out to your university for the first time. The name of the business sending you a federal loan bill every month is your servicer. If your loan settlements have not started or you’re unsure which company is your servicer, log in to My Federal Student Aid to discover. You can additionally connect with any one of the loan servicer contact facilities by calling 1-800-4-FED-AID.
Servicers exist to assist you, but they may offer options that are best for the company, not the debtor. That suggests they can’t alter how repayments are processed and might not suggest one of the most beneficial repayment alternative for you. It’s most important to recognize your payment options so you can recognize the appropriate inquiries to ask.
If Great Lakes reported your account in error during vehicle forbearance.
Almost 5 million debtors whose government trainee loans are serviced by Great Lakes might have seen their credit report dip because their financial obligations were wrongly reported to the major debt bureaus during the automatic six-month forbearance that began in March 2020.
Your stopped briefly payments may have been reported as “delayed” as a result of a coding error. The stopped repayments must have been reported as if you had actually made them. If you were current when forbearance started, for example, the status ought to be “present.”.
Deferred standing is not a scoring factor under FICO credit report formulas, the ones most typically used to make loaning decisions. Yet deferred status can decrease the credit history created by VantageScore solutions– ball games most typically supplied for free to consumers as a way to track their credit history.
Great Lakes states it is collaborating with debt coverage firms to fix the mistakes. Once the information on the underlying credit score record is correct, credit scores ought to be untouched.
Borrowers should inspect their debt reports from each of the 3 credit report reporting bureaus at AnnualCreditReport.com, the free, government-run site.
Great Lakes asks that customers call it straight if their credit score records are incorrect. Call 800-236-4300. Obtain much more details on getting in touch with Great Lakes customer support or making a problem right here.
Am I stuck with Great Lakes till my loans are settled?
Loans are in some cases moved from one servicer to one more by the Department of Education and learning.
The Division of Education and learning is intending to change the trainee loan servicing landscape by authorizing brand-new servicing contracts with 5 business to ultimately take over all loan maintenance. That means your loan servicer is most likely to alter. Great Lakes is scheduled to proceed servicing loans via December 2023.
Before servicing agreements finishing, consumers need to do the following:.
Download and conserve your settlement background from your online account or demand a duplicate from your servicer.
Update your contact info with your newest address, phone number and email address.
You’ll be informed when a loan maintenance transfer occurs, as well as you’ll handle repayments with the brand-new servicer. All servicers provide the same options and also programs, yet customer service may vary from one to an additional.