Great Lakes Higher Education Corp. is among 7 firms that service federal loan debt by accumulating and also tracking payments. If Great Lakes is your pupil loan servicer, here’s what it can assist you do.
Register for online access to your account. When you have gain access to you can contact Great Lakes, accessibility your regular monthly invoicing declarations and pay bills.
Enlist in autopay. Great Lakes Student Loans can deduct your repayments immediately from your savings account. Signing up for autopay will minimize your interest by 0.25 percentage point.
Register for income-driven payment. You can ask for income-driven payment, which restricts your trainee loan repayments to a percentage of your revenue, by completing a paper kind with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your earnings annually online also.).
Process deferment as well as forbearance requests. Great Lakes can aid you temporarily quit making payments or lower your payment amount if you certify. This assists you remain in great standing to stay clear of default. But throughout any kind of periods of deferment or forbearance, interest can remain to develop.
Refine monthly settlements and also extra settlements. Great Lakes will track and collect your payments. If you want to make added repayments, you can advise Great Lakes (online, by phone or by mail) to apply added settlements to your current balance. Or else, it may apply the extra amount to following month’s repayment rather.
” MORE: Pupil loan servicers: That are they and also what do they do?
Your loan servicer is appointed by the united state Division of Education and learning when your loan is disbursed to your college for the first time. The name of the firm sending you a government loan bill each month is your servicer. If your loan repayments have not begun or you’re uncertain which company is your servicer, visit to My Federal Student Aid to learn. You can likewise contact any of the loan servicer call centers by calling 1-800-4-FED-AID.
Servicers exist to help you, however they may supply choices that are best for the company, not the debtor. That means they can’t change just how payments are processed and also may not recommend the most helpful payment choice for you. It’s crucial to recognize your settlement options so you can know the right questions to ask.
If Great Lakes reported your account in error during car forbearance.
Virtually 5 million consumers whose government trainee loans are serviced by Great Lakes might have seen their credit rating dip because their financial obligations were wrongly reported to the significant credit score bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped repayments might have been reported as “delayed” as a result of a coding mistake. The stopped briefly repayments need to have been reported as if you had actually made them. If you were current when forbearance started, for instance, the standing should be “current.”.
Deferred status is not a racking up aspect under FICO credit history formulas, the ones most frequently made use of to make financing choices. But deferred status can decrease the credit report produced by VantageScore solutions– the scores most frequently supplied completely free to consumers as a way to track their credit history.
Great Lakes says it is dealing with credit report coverage agencies to correct the errors. Once the details on the underlying credit score record is correct, credit scores ought to be unaffected.
Borrowers ought to examine their credit report records from each of the 3 debt reporting bureaus at AnnualCreditReport.com, the totally free, government-run website.
Great Lakes asks that borrowers call it directly if their credit report records are incorrect. Call 800-236-4300. Get much more information on speaking to Great Lakes customer service or making a grievance here.
Am I stuck to Great Lakes until my loans are paid off?
Loans are sometimes transferred from one servicer to an additional by the Department of Education and learning.
The Department of Education is planning to change the trainee loan servicing landscape by authorizing new maintenance contracts with 5 companies to ultimately take over all loan servicing. That indicates your loan servicer is most likely to transform. Great Lakes is set up to continue servicing loans with December 2023.
Prior to servicing agreements ending, consumers must do the following:.
Download and install and also save your repayment history from your online account or demand a duplicate from your servicer.
Update your call information with your latest address, contact number and also email address.
You’ll be alerted when a loan servicing transfer occurs, as well as you’ll manage settlements with the new servicer. All servicers provide the same alternatives as well as programs, yet client service may differ from one to another.