Great Lakes College Corp. is among 7 companies that service government loan financial debt by collecting and tracking payments. If Great Lakes is your trainee loan servicer, right here’s what it can assist you do.
Register for on-line access to your account. Once you have gain access to you can contact Great Lakes, gain access to your regular monthly billing declarations and also pay expenses.
Register in autopay. My Great Lakes Student Loans can subtract your repayments immediately from your bank account. Enrolling in autopay will certainly decrease your rate of interest by 0.25 percent factor.
Enroll in income-driven repayment. You can ask for income-driven settlement, which limits your pupil loan repayments to a portion of your earnings, by finishing a paper kind with Great Lakes. (You can apply online on studentaid.gov and then recertify your income annually online too.).
Process deferment and also forbearance demands. Great Lakes can assist you momentarily quit making payments or decrease your settlement quantity if you qualify. This assists you remain in great standing to stay clear of default. But throughout any type of durations of deferment or forbearance, interest can continue to construct.
Process monthly payments as well as extra settlements. Great Lakes will track as well as accumulate your repayments. If you want to make added repayments, you can advise Great Lakes (online, by phone or by mail) to apply additional payments to your existing balance. Otherwise, it may use the extra total up to next month’s payment rather.
” EVEN MORE: Student loan servicers: That are they and also what do they do?
Your loan servicer is assigned by the U.S. Department of Education when your loan is paid out to your college for the first time. The name of the firm sending you a government loan bill monthly is your servicer. If your loan settlements haven’t started or you’re unsure which business is your servicer, log in to My Federal Pupil Help to figure out. You can likewise contact any of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers are there to aid you, yet they may use choices that are best for the business, not the debtor. That indicates they can’t change just how repayments are processed as well as might not suggest one of the most useful payment option for you. It’s essential to recognize your settlement alternatives so you can recognize the appropriate inquiries to ask.
If Great Lakes reported your account at fault during vehicle forbearance.
Nearly 5 million borrowers whose federal pupil loans are serviced by Great Lakes may have seen their credit scores dip due to the fact that their debts were incorrectly reported to the significant credit score bureaus during the automated six-month forbearance that started in March 2020.
Your paused payments might have been reported as “delayed” as a result of a coding mistake. The stopped repayments must have been reported as if you had actually made them. If you were current when forbearance began, for example, the condition needs to be “present.”.
Deferred condition is not a scoring aspect under FICO credit history solutions, the ones most frequently utilized to make loaning choices. But deferred status can reduce the credit report produced by VantageScore formulas– the scores most commonly provided free of cost to customers as a method to track their credit rating.
Great Lakes claims it is working with debt coverage companies to fix the errors. As soon as the information on the underlying credit history record is correct, credit rating should be untouched.
Customers should examine their credit history reports from each of the three credit reporting bureaus at AnnualCreditReport.com, the free, government-run site.
Great Lakes asks that customers call it straight if their debt records are incorrect. Call 800-236-4300. Obtain much more details on speaking to Great Lakes customer care or making a complaint right here.
Am I stuck with Great Lakes till my loans are paid off?
Loans are often moved from one servicer to another by the Division of Education and learning.
The Department of Education is intending to change the trainee loan servicing landscape by authorizing new maintenance contracts with 5 companies to ultimately take over all loan maintenance. That implies your loan servicer is likely to change. Great Lakes is arranged to proceed servicing loans with December 2023.
Prior to servicing agreements finishing, borrowers should do the following:.
Download as well as conserve your payment history from your online account or demand a duplicate from your servicer.
Update your call information with your most recent address, contact number and also e-mail address.
You’ll be informed when a loan servicing transfer takes place, and also you’ll manage payments with the brand-new servicer. All servicers provide the very same options as well as programs, however customer care may vary from one to an additional.