Great Lakes College Corp. is one of 7 companies that service government loan financial obligation by accumulating and tracking repayments. If Great Lakes is your student loan servicer, below’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, gain access to your regular monthly payment statements and also pay costs.
Register in autopay. Great Lakes Loans can subtract your payments immediately from your checking account. Registering for autopay will certainly decrease your passion by 0.25 portion point.
Register for income-driven payment. You can ask for income-driven repayment, which limits your pupil loan settlements to a percent of your earnings, by completing a paper type with Great Lakes. (You can apply online on studentaid.gov and after that recertify your income each year online too.).
Process deferment and also forbearance demands. Great Lakes can aid you briefly quit paying or decrease your payment amount if you qualify. This assists you stay in excellent standing to avoid default. But throughout any periods of deferment or forbearance, interest can remain to build.
Refine month-to-month payments and added settlements. Great Lakes will certainly track as well as collect your settlements. If you wish to make extra payments, you can advise Great Lakes (online, by phone or by mail) to apply added repayments to your existing balance. Otherwise, it may use the additional total up to next month’s settlement rather.
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Your loan servicer is designated by the united state Division of Education and learning when your loan is disbursed to your university for the first time. The name of the company sending you a federal loan costs on a monthly basis is your servicer. If your loan settlements haven’t started or you’re uncertain which firm is your servicer, visit to My Federal Student Aid to learn. You can likewise contact any of the loan servicer get in touch with centers by calling 1-800-4-FED-AID.
Servicers exist to aid you, yet they might provide options that are best for the business, not the debtor. That suggests they can’t change just how payments are processed and also might not recommend the most advantageous settlement choice for you. It’s essential to understand your settlement alternatives so you can recognize the right inquiries to ask.
If Great Lakes reported your account at fault during automobile forbearance.
Nearly 5 million borrowers whose federal pupil loans are serviced by Great Lakes might have seen their credit scores dip because their financial obligations were mistakenly reported to the significant credit score bureaus during the automated six-month forbearance that began in March 2020.
Your stopped repayments may have been reported as “deferred” as a result of a coding error. The stopped settlements need to have been reported as if you had actually made them. If you were current when forbearance began, for example, the condition needs to be “current.”.
Deferred status is not a racking up element under FICO credit history solutions, the ones most generally used to make borrowing choices. But deferred status can reduce the credit report produced by VantageScore solutions– the scores most generally supplied free of charge to consumers as a method to track their credit rating.
Great Lakes states it is dealing with credit rating coverage agencies to deal with the mistakes. As soon as the information on the underlying credit score record is appropriate, credit rating need to be untouched.
Consumers must check their credit score reports from each of the three debt reporting bureaus at AnnualCreditReport.com, the totally free, government-run website.
Great Lakes asks that debtors call it straight if their credit scores records are incorrect. Call 800-236-4300. Obtain extra information on calling Great Lakes customer support or making a complaint below.
Am I stuck to Great Lakes up until my loans are settled?
Loans are in some cases transferred from one servicer to another by the Division of Education.
The Department of Education and learning is planning to change the student loan servicing landscape by authorizing brand-new servicing agreements with 5 companies to ultimately take over all loan maintenance. That indicates your loan servicer is likely to change. Great Lakes is scheduled to proceed servicing loans with December 2023.
Prior to servicing agreements finishing, debtors need to do the following:.
Download and install as well as save your repayment background from your online account or demand a copy from your servicer.
Update your call info with your latest address, telephone number as well as e-mail address.
You’ll be informed when a loan servicing transfer happens, and you’ll manage settlements with the new servicer. All servicers deliver the same alternatives and programs, but customer care may vary from one to an additional.