Great Lakes Higher Education Corp. is one of seven companies that service government loan debt by accumulating as well as tracking repayments. If Great Lakes is your trainee loan servicer, below’s what it can aid you do.
Register for on-line access to your account. When you have access you can get in touch with Great Lakes, accessibility your month-to-month invoicing statements and pay costs.
Enlist in autopay. Great Lakes Loans can deduct your payments immediately from your bank account. Enrolling in autopay will decrease your rate of interest by 0.25 percentage factor.
Enroll in income-driven repayment. You can request income-driven payment, which limits your trainee loan repayments to a portion 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 requests. Great Lakes can assist you briefly quit making payments or decrease your payment amount if you certify. This helps you remain in great standing to stay clear of default. However during any kind of durations of deferment or forbearance, interest can continue to build.
Process regular monthly settlements and also additional settlements. Great Lakes will track and gather your settlements. If you want to make added settlements, you can instruct Great Lakes (online, by phone or by mail) to use extra repayments to your existing equilibrium. Or else, it might apply the additional total up to next month’s repayment instead.
” MORE: Student loan servicers: Who are they as well as what do they do?
Your loan servicer is appointed by the U.S. Division of Education and learning when your loan is paid out to your university for the very first time. The name of the business sending you a government loan costs on a monthly basis is your servicer. If your loan repayments have not started or you’re unsure which business is your servicer, visit to My Federal Pupil Help to find out. You can also contact any one of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers are there to aid you, yet they might provide choices that are best for the business, not the borrower. That implies they can not transform how payments are processed and also may not recommend one of the most advantageous payment option for you. It’s crucial to recognize your settlement options so you can understand the appropriate questions to ask.
If Great Lakes reported your account at fault during automobile forbearance.
Almost 5 million customers whose government trainee loans are serviced by Great Lakes might have seen their credit scores dip since their debts were wrongly reported to the significant credit report bureaus during the automated six-month forbearance that started in March 2020.
Your paused repayments might have been reported as “deferred” as a result of a coding error. The stopped briefly payments must have been reported as if you had actually made them. If you were current when forbearance began, for instance, the status should be “present.”.
Deferred standing is not a racking up aspect under FICO credit report formulas, the ones most typically made use of to make financing decisions. However deferred condition can reduce the credit rating produced by VantageScore formulas– ball games most typically provided free of cost to consumers as a way to track their credit report.
Great Lakes states it is working with credit rating reporting agencies to fix the errors. As soon as the details on the underlying credit score record is appropriate, credit report must be untouched.
Borrowers ought to inspect their credit score reports from each of the three credit history reporting bureaus at AnnualCreditReport.com, the free, government-run website.
Great Lakes asks that debtors call it directly if their credit score records are incorrect. Call 800-236-4300. Obtain extra info on calling Great Lakes customer service or making a grievance here.
Am I stuck with Great Lakes up until my loans are settled?
Loans are often transferred from one servicer to one more by the Department of Education and learning.
The Department of Education is preparing to shift the trainee loan servicing landscape by authorizing brand-new servicing agreements with five firms to at some point take control of all loan servicing. That implies your loan servicer is most likely to alter. Great Lakes is scheduled to continue servicing loans through December 2023.
Before servicing agreements finishing, consumers ought to do the following:.
Download and install as well as save your payment background from your online account or request a copy from your servicer.
Update your get in touch with details with your newest address, telephone number and also email address.
You’ll be alerted when a loan maintenance transfer happens, and you’ll handle settlements with the brand-new servicer. All servicers supply the exact same options and programs, yet customer care may vary from one to another.