Posted on March 17, 2022
Great Lakes is one of 7 government student loan servicers that take care of loans and also customer repayments.
Great Lakes Higher Education Corp. is just one of 7 firms that service government loan financial debt by collecting and also tracking settlements. If Great Lakes is your student 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, access your regular monthly billing declarations as well as pay bills.
Enroll in autopay. Great Lakes Student Loans can deduct your payments instantly from your checking account. Signing up for autopay will minimize your passion by 0.25 portion point.
Enroll in income-driven payment. You can request income-driven settlement, which restricts your student loan payments to a percentage of your income, by completing a paper type with Great Lakes. (You can use online on studentaid.gov and after that recertify your earnings each year online too.).
Process deferment and forbearance requests. Great Lakes can help you momentarily stop making payments or minimize your settlement quantity if you qualify. This assists you remain in good standing to avoid default. But throughout any periods of deferment or forbearance, rate of interest can continue to build.
Refine regular monthly repayments and additional payments. Great Lakes will certainly track and gather your payments. If you want to make extra payments, you can instruct Great Lakes (online, by phone or by mail) to apply extra payments to your present balance. Otherwise, it might use the extra total up to following month’s settlement rather.
” EVEN MORE: Pupil loan servicers: Who are they and also what do they do?
Your loan servicer is appointed by the united state Division of Education when your loan is paid out to your college for the first time. The name of the company sending you a government loan expense every month is your servicer. If your loan payments have not begun or you’re unsure which firm is your servicer, visit to My Federal Student Help to find out. You can also get in touch with any of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers are there to help you, however they may use selections that are best for the firm, not the customer. That suggests they can not transform how payments are refined and may not suggest the most valuable settlement alternative for you. It’s essential to recognize your payment choices so you can know the appropriate concerns to ask.
If Great Lakes reported your account in error throughout vehicle forbearance.
Almost 5 million customers whose government pupil loans are serviced by Great Lakes may have seen their credit rating dip due to the fact that their financial obligations were mistakenly reported to the significant credit bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped repayments may have been reported as “delayed” as a result of a coding error. The paused settlements ought to have been reported as if you had actually made them. If you were current when forbearance started, for example, the condition should be “current.”.
Deferred standing is not a racking up variable under FICO credit report formulas, the ones most frequently used to make borrowing choices. Yet deferred condition can reduce the credit rating produced by VantageScore solutions– the scores most typically offered absolutely free to customers as a method to track their credit history.
Great Lakes states it is working with credit coverage agencies to deal with the mistakes. Once the details on the underlying credit score report is correct, credit rating must be unaffected.
Consumers need to check their credit records from each of the three credit score reporting bureaus at AnnualCreditReport.com, the free, government-run website.
Great Lakes asks that customers call it straight if their credit score reports are incorrect. Call 800-236-4300. Get a lot more details on speaking to Great Lakes customer service or making an issue below.
Am I stuck with Great Lakes till my loans are repaid?
Loans are sometimes moved from one servicer to one more by the Department of Education.
The Department of Education and learning is intending to change the trainee loan servicing landscape by signing brand-new maintenance agreements with 5 business to ultimately take control of all loan servicing. That indicates your loan servicer is likely to transform. Great Lakes is arranged to proceed servicing loans with December 2023.
Before servicing agreements finishing, debtors should do the following:.
Download and install and also save your repayment history from your online account or request a copy from your servicer.
Update your get in touch with info with your most recent address, contact number and e-mail address.
You’ll be informed when a loan maintenance transfer takes place, as well as you’ll handle settlements with the new servicer. All servicers provide the very same options and programs, however client service might vary from one to one more.