Posted on March 21, 2022
Great Lakes is among seven federal student loan servicers that take care of loans and also customer payments.
Great Lakes College Corp. is among 7 firms that service government loan financial obligation by accumulating and also tracking repayments. If Great Lakes is your pupil loan servicer, below’s what it can assist you do.
Register for on-line accessibility to your account. Once you have accessibility you can contact Great Lakes, gain access to your month-to-month billing statements and pay bills.
Enlist in autopay. My Great Lakes Student Loans can subtract your payments immediately from your checking account. Registering for autopay will lower your passion by 0.25 portion factor.
Register for income-driven repayment. You can ask for income-driven payment, which limits your pupil loan settlements to a percentage of your earnings, by completing a paper form with Great Lakes. (You can use online on studentaid.gov and then recertify your earnings annually online as well.).
Refine deferment and forbearance demands. Great Lakes can help you briefly stop paying or reduce your payment quantity if you certify. This aids you stay in great standing to stay clear of default. Yet throughout any kind of periods of deferment or forbearance, interest can remain to develop.
Refine regular monthly repayments and extra payments. Great Lakes will track and also gather your repayments. If you want to make added repayments, you can instruct Great Lakes (online, by phone or by mail) to apply extra payments to your existing equilibrium. Or else, it might apply the added amount to next month’s repayment instead.
” MORE: Pupil loan servicers: Who are they and also what do they do?
Your loan servicer is assigned by the united state Department of Education when your loan is paid out to your university for the very first time. The name of the business sending you a federal loan costs monthly is your servicer. If your loan settlements haven’t begun or you’re not exactly sure which company is your servicer, log in to My Federal Student Help to find out. You can also contact any one of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers exist to aid you, but they might supply selections that are best for the business, not the consumer. That suggests they can not alter just how settlements are processed and might not suggest one of the most useful repayment choice for you. It’s most important to recognize your settlement alternatives so you can understand the best inquiries to ask.
If Great Lakes reported your account at fault throughout car forbearance.
Nearly 5 million consumers whose government trainee loans are serviced by Great Lakes might have seen their credit report dip because their debts were wrongly reported to the significant credit score bureaus throughout the automatic six-month forbearance that began in March 2020.
Your paused payments might have been reported as “delayed” as a result of a coding mistake. The stopped briefly payments must have been reported as if you had actually made them. If you were current when forbearance started, for instance, the condition ought to be “existing.”.
Deferred status is not a racking up element under FICO credit report formulas, the ones most commonly used to make lending decisions. But deferred condition can reduce the credit history generated by VantageScore formulas– ball games most generally provided free of charge to customers as a method to track their credit report.
Great Lakes says it is dealing with debt coverage agencies to remedy the inaccuracies. Once the information on the underlying debt report is right, credit rating ought to be unaffected.
Borrowers ought to inspect their credit report reports from each of the 3 credit scores reporting bureaus at AnnualCreditReport.com, the cost-free, government-run web site.
Great Lakes asks that customers contact it straight if their credit reports are incorrect. Call 800-236-4300. Obtain much more details on getting in touch with Great Lakes customer care or making a complaint below.
Am I stuck with Great Lakes till my loans are settled?
Loans are often transferred from one servicer to one more by the Department of Education and learning.
The Division of Education and learning is preparing to shift the student loan servicing landscape by signing brand-new maintenance agreements with 5 companies to eventually take control of all loan maintenance. That indicates your loan servicer is most likely to transform. Great Lakes is scheduled to proceed servicing loans through December 2023.
Before servicing contracts finishing, consumers should do the following:.
Download and install and also conserve your repayment history from your online account or request a duplicate from your servicer.
Update your contact details with your latest address, telephone number and also email address.
You’ll be informed when a loan servicing transfer happens, as well as you’ll manage payments with the brand-new servicer. All servicers deliver the very same choices as well as programs, but customer support may differ from one to one more.