Great Lakes College Corp. is just one of 7 business that service government 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 online access to your account. Once you have access you can get in touch with Great Lakes, accessibility your regular monthly billing statements and pay costs.
Register in autopay. Student Loans Great Lakes can subtract your settlements instantly from your bank account. Registering for autopay will certainly reduce your passion by 0.25 percent point.
Register for income-driven settlement. You can ask for income-driven settlement, which limits your student loan repayments to a portion of your income, by finishing a paper form with Great Lakes. (You can apply online on studentaid.gov and afterwards recertify your income yearly online as well.).
Process deferment and forbearance demands. Great Lakes can aid you briefly quit making payments or reduce your repayment amount if you qualify. This aids you stay in great standing to avoid default. But throughout any kind of periods of deferment or forbearance, rate of interest can continue to develop.
Process monthly payments and extra payments. Great Lakes will track and also accumulate your payments. If you intend to make extra repayments, you can instruct Great Lakes (online, by phone or by mail) to use added payments to your present balance. Or else, it might apply the additional total up to following month’s payment rather.
” EVEN MORE: Trainee loan servicers: Who are they as well as what do they do?
Your loan servicer is assigned by the U.S. Department of Education when your loan is paid out to your university for the first time. The name of the business sending you a government loan expense each month is your servicer. If your loan repayments have not begun or you’re not exactly sure which firm is your servicer, log in to My Federal Student Aid to discover. You can additionally contact any one of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers are there to assist you, yet they may supply selections that are best for the business, not the consumer. That means they can not change how settlements are processed and also may not suggest the most helpful repayment alternative for you. It’s essential to understand your repayment options so you can understand the ideal inquiries to ask.
If Great Lakes reported your account in error throughout auto forbearance.
Nearly 5 million debtors whose government student loans are serviced by Great Lakes might have seen their credit scores dip because their debts were wrongly reported to the major credit history bureaus during the automatic six-month forbearance that began in March 2020.
Your stopped payments might have been reported as “deferred” as a result of a coding mistake. The stopped payments ought to have been reported as if you had made them. If you were current when forbearance started, for instance, the standing should be “current.”.
Deferred condition is not a racking up factor under FICO credit rating solutions, the ones most generally made use of to make borrowing choices. However deferred condition can reduce the credit scores created by VantageScore solutions– ball games most generally used for free to customers as a means to track their credit history.
Great Lakes states it is dealing with debt reporting firms to correct the inaccuracies. As soon as the details on the underlying credit score record is proper, credit scores should be unaffected.
Customers ought to examine their debt records from each of the three credit history reporting bureaus at AnnualCreditReport.com, the cost-free, government-run site.
Great Lakes asks that debtors call it straight if their credit records are incorrect. Call 800-236-4300. Obtain more details on contacting Great Lakes customer care or making a complaint below.
Am I stuck to Great Lakes till my loans are paid off?
Loans are sometimes moved from one servicer to one more by the Department of Education and learning.
The Division of Education is preparing to move the trainee loan servicing landscape by authorizing new maintenance contracts with 5 business to ultimately take control of all loan maintenance. That indicates your loan servicer is likely to alter. Great Lakes is set up to continue servicing loans with December 2023.
Prior to servicing contracts finishing, customers should do the following:.
Download and install as well as save your payment background from your online account or demand a duplicate from your servicer.
Update your contact details with your most recent address, telephone number and email address.
You’ll be alerted when a loan servicing transfer happens, and also you’ll handle payments with the new servicer. All servicers deliver the exact same alternatives and programs, yet customer service might vary from one to another.