Great Lakes Higher Education Corp. is just one of 7 firms that service government loan financial obligation 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 online access to your account. When you have access you can call Great Lakes, access your regular monthly invoicing statements as well as pay costs.
Register in autopay. Student Loans Great Lakes can deduct your repayments immediately from your checking account. Enrolling in autopay will reduce your interest by 0.25 percentage point.
Sign up for income-driven repayment. You can request income-driven payment, which limits your pupil loan repayments to a portion of your income, by finishing a paper form with Great Lakes. (You can use online on studentaid.gov and after that recertify your income every year online as well.).
Process deferment and also forbearance demands. Great Lakes can help you temporarily quit paying or reduce your settlement quantity if you qualify. This helps you remain in great standing to avoid default. Yet throughout any type of durations of deferment or forbearance, rate of interest can remain to construct.
Refine month-to-month payments and additional payments. Great Lakes will certainly track and collect your settlements. If you intend to make added settlements, you can advise Great Lakes (online, by phone or by mail) to apply added payments to your present balance. Or else, it may use the additional total up to next month’s payment rather.
” EVEN MORE: Trainee loan servicers: Who are they as well as what do they do?
Your loan servicer is assigned 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 firm sending you a government loan expense every month is your servicer. If your loan repayments have not started or you’re not exactly sure which company is your servicer, log in to My Federal Student Aid to figure out. You can also contact any of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers are there to assist you, yet they might provide selections that are best for the company, not the customer. That indicates they can’t change how repayments are processed as well as may not recommend the most helpful settlement alternative for you. It’s crucial to know your payment alternatives so you can recognize the appropriate questions to ask.
If Great Lakes reported your account at fault during vehicle forbearance.
Virtually 5 million customers whose federal pupil loans are serviced by Great Lakes might have seen their credit report dip because their debts were mistakenly reported to the major credit history bureaus during 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 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 condition should be “existing.”.
Deferred condition is not a racking up variable under FICO credit report formulas, the ones most commonly made use of to make financing decisions. But deferred standing can lower the credit scores produced by VantageScore formulas– the scores most typically used totally free to customers as a method to track their credit rating.
Great Lakes states it is working with credit scores coverage firms to deal with the mistakes. Once the info on the underlying credit rating record is right, credit history should be untouched.
Consumers must examine their credit score reports from each of the 3 debt reporting bureaus at AnnualCreditReport.com, the totally free, government-run site.
Great Lakes asks that borrowers call it straight if their credit records are incorrect. Call 800-236-4300. Get much more details on getting in touch with Great Lakes customer support or making an issue right here.
Am I stuck to Great Lakes up until my loans are settled?
Loans are occasionally moved from one servicer to another by the Division of Education.
The Department of Education and learning is preparing to move the trainee loan servicing landscape by authorizing brand-new maintenance contracts with five companies to ultimately take control of all loan servicing. That indicates your loan servicer is likely to change. Great Lakes is scheduled to continue servicing loans through December 2023.
Before servicing contracts ending, debtors need to do the following:.
Download and conserve your settlement history from your online account or request a copy from your servicer.
Update your call info with your most recent address, contact number and also e-mail address.
You’ll be notified when a loan servicing transfer takes place, and also you’ll take care of settlements with the new servicer. All servicers supply the very same choices and programs, yet customer service may differ from one to another.