Great Lakes Higher Education Corp. is among 7 companies that service government loan financial obligation by accumulating and tracking repayments. If Great Lakes is your trainee loan servicer, here’s what it can aid you do.
Register for on the internet access to your account. As soon as you have gain access to you can call Great Lakes, access your regular monthly invoicing statements and pay bills.
Register in autopay. Great Lakes Student Loans can subtract your payments automatically from your bank account. Registering for autopay will decrease your passion by 0.25 percentage point.
Sign up for income-driven repayment. You can request income-driven settlement, which limits your student loan repayments to a percentage of your income, by finishing a paper form with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your income annually online as well.).
Refine deferment and also forbearance demands. Great Lakes can aid you momentarily stop paying or reduce your payment quantity if you certify. This assists you remain in good standing to avoid default. Yet throughout any kind of durations of deferment or forbearance, rate of interest can remain to develop.
Refine month-to-month payments and added payments. Great Lakes will certainly track and also collect your repayments. If you want to make added payments, you can instruct Great Lakes (online, by phone or by mail) to apply additional payments to your present equilibrium. Otherwise, it may use the added total up to next month’s payment rather.
” EVEN MORE: Pupil loan servicers: Who are they as well as what do they do?
Your loan servicer is designated by the U.S. Department of Education and learning when your loan is disbursed to your university for the very first time. The name of the company sending you a government loan costs monthly is your servicer. If your loan repayments haven’t started or you’re not sure which company is your servicer, visit to My Federal Pupil Aid to find out. You can also contact any of the loan servicer contact centers by calling 1-800-4-FED-AID.
Servicers are there to aid you, yet they may offer options that are best for the business, not the customer. That suggests they can not change how repayments are processed and also may not suggest the most helpful settlement alternative for you. It’s most important to understand your payment alternatives so you can know the best inquiries to ask.
If Great Lakes reported your account at fault during auto forbearance.
Nearly 5 million debtors whose government pupil loans are serviced by Great Lakes may have seen their credit report dip since their debts were erroneously reported to the significant credit report bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped payments might have been reported as “postponed” as a result of a coding mistake. The paused payments should have been reported as if you had actually made them. If you were current when forbearance began, for example, the condition ought to be “present.”.
Deferred standing is not a racking up factor under FICO credit history solutions, the ones most frequently used to make lending choices. But deferred status can reduce the credit report generated by VantageScore formulas– ball games most generally supplied for free to customers as a method to track their credit history.
Great Lakes states it is dealing with credit scores reporting agencies to correct the inaccuracies. Once the details on the underlying credit scores report is proper, credit report need to be unaffected.
Consumers ought to inspect their credit history records from each of the 3 credit rating reporting bureaus at AnnualCreditReport.com, the cost-free, government-run web site.
Great Lakes asks that debtors contact it straight if their credit score reports are incorrect. Call 800-236-4300. Get extra details on contacting Great Lakes customer service or making an issue here.
Am I stuck with Great Lakes till my loans are paid off?
Loans are often transferred from one servicer to an additional by the Department of Education.
The Division of Education and learning is preparing to shift the student loan servicing landscape by authorizing brand-new maintenance contracts with 5 business to eventually take control of all loan maintenance. That means your loan servicer is most likely to change. Great Lakes is arranged to continue servicing loans through December 2023.
Before servicing contracts ending, debtors need to do the following:.
Download and install and save your payment background from your online account or demand a copy from your servicer.
Update your call information with your newest address, phone number and email address.
You’ll be alerted when a loan servicing transfer occurs, and also you’ll take care of settlements with the brand-new servicer. All servicers supply the same alternatives and also programs, but customer care may vary from one to an additional.