Great Lakes Higher Education Corp. is just one of 7 firms that service government loan financial obligation by accumulating and tracking payments. If Great Lakes is your student loan servicer, right here’s what it can assist you do.
Register for on the internet accessibility to your account. When you have access you can get in touch with Great Lakes, gain access to your regular monthly invoicing declarations and pay expenses.
Register in autopay. My Great Lakes Student Loans can deduct your settlements immediately from your checking account. Enrolling in autopay will decrease your interest by 0.25 portion factor.
Register for income-driven repayment. You can request income-driven settlement, which limits your trainee loan settlements to a portion of your earnings, by finishing a paper kind with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your earnings annually online as well.).
Process deferment as well as forbearance demands. Great Lakes can aid you momentarily stop making payments or minimize your repayment quantity if you certify. This aids you stay in great standing to stay clear of default. Yet during any periods of deferment or forbearance, passion can continue to develop.
Process monthly payments and additional repayments. Great Lakes will certainly track and also gather your settlements. If you want to make extra settlements, you can instruct Great Lakes (online, by phone or by mail) to use extra payments to your current equilibrium. Otherwise, it might use the extra amount to next month’s settlement rather.
” EVEN MORE: Trainee loan servicers: Who are they and also what do they do?
Your loan servicer is assigned by the united state Division of Education when your loan is paid out to your college for the very first time. The name of the company sending you a federal loan costs each month is your servicer. If your loan payments haven’t started or you’re uncertain which business is your servicer, log in to My Federal Trainee Aid to discover. You can also get in touch with any of the loan servicer call centers by calling 1-800-4-FED-AID.
Servicers exist to assist you, however they might supply choices that are best for the company, not the borrower. That indicates they can not alter just how repayments are refined as well as might not suggest the most advantageous repayment choice for you. It’s most important to know your payment options so you can recognize the appropriate inquiries to ask.
If Great Lakes reported your account at fault throughout auto forbearance.
Nearly 5 million customers whose government trainee loans are serviced by Great Lakes might have seen their credit history dip since their debts were incorrectly reported to the significant credit report bureaus throughout the automated six-month forbearance that began in March 2020.
Your stopped briefly payments may have been reported as “delayed” as a result of a coding mistake. The stopped briefly repayments ought to have been reported as if you had actually made them. If you were current when forbearance started, for example, the condition needs to be “existing.”.
Deferred standing is not a scoring aspect under FICO credit rating formulas, the ones most commonly used to make borrowing decisions. Yet deferred status can decrease the credit history produced by VantageScore solutions– ball games most generally used totally free to customers as a method to track their credit history.
Great Lakes says it is dealing with credit reporting firms to deal with the inaccuracies. When the information on the underlying credit score record is correct, credit report should be untouched.
Debtors should check their debt reports from each of the three credit score reporting bureaus at AnnualCreditReport.com, the totally free, government-run internet site.
Great Lakes asks that debtors call it straight if their debt records are incorrect. Call 800-236-4300. Obtain a lot more information on calling Great Lakes client service or making a problem below.
Am I stuck with Great Lakes till my loans are repaid?
Loans are sometimes moved from one servicer to an additional by the Division of Education and learning.
The Division of Education is preparing to move the student loan servicing landscape by signing new servicing agreements with 5 firms to ultimately take over all loan servicing. That implies your loan servicer is most likely to change. Great Lakes is arranged to proceed servicing loans with December 2023.
Prior to servicing contracts ending, borrowers need to do the following:.
Download and also save your repayment history from your online account or request a copy from your servicer.
Update your contact details with your most recent address, contact number and also email address.
You’ll be informed when a loan servicing transfer occurs, and also you’ll manage settlements with the new servicer. All servicers deliver the exact same choices and programs, but client service may vary from one to another.