Great Lakes College Corp. is one of seven companies that service government loan debt by gathering and also tracking repayments. If Great Lakes is your student loan servicer, here’s what it can assist you do.
Register for on-line accessibility to your account. As soon as you have gain access to you can get in touch with Great Lakes, gain access to your monthly payment statements and also pay costs.
Enlist in autopay. My Great Lakes Student Loans can deduct your repayments immediately from your checking account. Enrolling in autopay will certainly minimize your rate of interest by 0.25 percent factor.
Register for income-driven settlement. You can request income-driven settlement, which restricts your student loan settlements to a portion of your revenue, by finishing a paper form with Great Lakes. (You can use online on studentaid.gov and after that recertify your revenue yearly online too.).
Refine deferment as well as forbearance demands. Great Lakes can help you momentarily stop paying or lower your payment amount if you qualify. This assists you stay in excellent standing to stay clear of default. Yet during any type of periods of deferment or forbearance, rate of interest can continue to build.
Refine month-to-month settlements as well as additional settlements. Great Lakes will track and also gather your settlements. If you want to make added payments, you can advise Great Lakes (online, by phone or by mail) to apply additional settlements to your current balance. Otherwise, it might use the additional amount to next month’s payment instead.
” EVEN MORE: Trainee loan servicers: Who are they and what do they do?
Your loan servicer is assigned by the U.S. Division of Education when your loan is paid out to your university for the very first time. The name of the firm sending you a federal loan bill monthly is your servicer. If your loan repayments have not started or you’re uncertain which business is your servicer, log in to My Federal Student Help to discover. You can additionally connect with any one of the loan servicer contact facilities by calling 1-800-4-FED-AID.
Servicers are there to assist you, but they might offer options that are best for the company, not the customer. That implies they can not alter just how settlements are refined as well as may not recommend the most advantageous payment alternative for you. It’s crucial to understand your repayment options so you can know the appropriate concerns to ask.
If Great Lakes reported your account at fault during automobile forbearance.
Almost 5 million borrowers whose federal trainee loans are serviced by Great Lakes may have seen their credit scores dip since their financial obligations were incorrectly reported to the significant credit scores bureaus throughout the automated six-month forbearance that started in March 2020.
Your stopped payments might have been reported as “delayed” as a result of a coding error. The stopped briefly repayments ought to have been reported as if you had actually made them. If you were current when forbearance began, for example, the standing ought to be “existing.”.
Deferred standing is not a scoring factor under FICO credit rating solutions, the ones most typically used to make lending choices. Yet deferred standing can lower the credit history generated by VantageScore solutions– ball games most commonly offered completely free to customers as a method to track their credit report.
Great Lakes claims it is collaborating with credit history coverage companies to correct the inaccuracies. When the info on the underlying credit history record is right, credit rating ought to be untouched.
Borrowers ought to check their credit history records from each of the 3 credit rating reporting bureaus at AnnualCreditReport.com, the cost-free, government-run site.
Great Lakes asks that consumers call it straight if their credit report records are incorrect. Call 800-236-4300. Obtain more info on speaking to Great Lakes customer service or making an issue below.
Am I stuck with Great Lakes until my loans are paid off?
Loans are sometimes transferred from one servicer to an additional by the Division of Education and learning.
The Department of Education and learning is preparing to move the pupil loan servicing landscape by signing brand-new servicing agreements with 5 firms to eventually take control of all loan maintenance. That implies your loan servicer is likely to change. Great Lakes is set up to proceed servicing loans with December 2023.
Before servicing contracts finishing, consumers ought to do the following:.
Download and also conserve your repayment background from your online account or demand a duplicate from your servicer.
Update your contact information with your newest address, phone number and also e-mail address.
You’ll be notified when a loan maintenance transfer happens, and you’ll manage repayments with the new servicer. All servicers supply the very same alternatives as well as programs, however customer support might vary from one to another.