Great Lakes College Corp. is just one of 7 companies that service government loan financial obligation by collecting as well as tracking repayments. If Great Lakes is your trainee loan servicer, below’s what it can help you do.
Register for online access to your account. When you have gain access to you can get in touch with Great Lakes, access your month-to-month billing declarations as well as pay costs.
Enroll in autopay. Student Loans Great Lakes can subtract your repayments automatically from your checking account. Signing up for autopay will certainly minimize your rate of interest by 0.25 portion factor.
Sign up for income-driven settlement. You can ask for income-driven repayment, which restricts your pupil loan payments to a percent of your revenue, by completing a paper form with Great Lakes. (You can use online on studentaid.gov and then recertify your earnings every year online as well.).
Refine deferment and forbearance demands. Great Lakes can help you momentarily quit making payments or decrease your settlement quantity if you certify. This assists you stay in good standing to avoid default. But throughout any kind of durations of deferment or forbearance, passion can continue to build.
Refine regular monthly payments and also extra repayments. Great Lakes will track as well as accumulate your payments. If you intend to make additional settlements, you can advise Great Lakes (online, by phone or by mail) to use additional payments to your current balance. Otherwise, it might use the additional amount to next month’s repayment rather.
” MORE: Student loan servicers: Who are they and also what do they do?
Your loan servicer is appointed by the U.S. Division of Education and learning when your loan is paid out to your college for the first time. The name of the business sending you a federal loan bill on a monthly basis is your servicer. If your loan repayments have not started or you’re not exactly sure which firm is your servicer, log in to My Federal Trainee Help to learn. You can additionally get in touch with any of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers exist to help you, yet they might offer options that are best for the business, not the consumer. That indicates they can not change just how settlements are refined and might not suggest the most beneficial payment alternative for you. It’s most important to recognize your settlement options so you can recognize the best inquiries to ask.
If Great Lakes reported your account in error throughout automobile forbearance.
Virtually 5 million consumers whose federal trainee loans are serviced by Great Lakes may have seen their credit scores dip because their financial obligations were mistakenly reported to the significant debt bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped settlements may have been reported as “deferred” as a result of a coding mistake. The stopped briefly repayments must have been reported as if you had made them. If you were current when forbearance started, for instance, the standing must be “current.”.
Deferred status is not a scoring variable under FICO credit report formulas, the ones most commonly made use of to make lending decisions. However deferred condition can lower the credit report generated by VantageScore solutions– ball games most frequently used for free to consumers as a method to track their credit history.
Great Lakes claims it is collaborating with credit reporting companies to correct the mistakes. As soon as the info on the underlying credit record is correct, credit scores should be unaffected.
Consumers should inspect their debt records from each of the three credit scores reporting bureaus at AnnualCreditReport.com, the totally free, government-run site.
Great Lakes asks that customers contact it directly if their credit rating records are incorrect. Call 800-236-4300. Obtain more information on speaking to Great Lakes customer service or making a grievance below.
Am I stuck with Great Lakes until my loans are paid off?
Loans are occasionally transferred from one servicer to one more by the Division of Education.
The Department of Education is intending to move the trainee loan servicing landscape by authorizing new servicing agreements with five firms to ultimately take control of all loan servicing. That suggests your loan servicer is likely to alter. Great Lakes is set up to proceed servicing loans through December 2023.
Before servicing agreements ending, borrowers need to do the following:.
Download and conserve your repayment history from your online account or request a duplicate from your servicer.
Update your call information with your newest address, phone number as well as email address.
You’ll be notified when a loan maintenance transfer takes place, and also you’ll take care of repayments with the brand-new servicer. All servicers provide the exact same options and also programs, however client service might vary from one to one more.