Great Lakes Higher Education Corp. is one of 7 companies that service federal loan debt by accumulating as well as tracking payments. If Great Lakes is your student loan servicer, right here’s what it can assist you do.
Register for online accessibility to your account. Once you have accessibility you can contact Great Lakes, gain access to your regular monthly billing declarations as well as pay bills.
Enlist in autopay. Great Lakes Loans can deduct your settlements immediately from your savings account. Signing up for autopay will lower your rate of interest by 0.25 percent point.
Enroll in income-driven repayment. You can request income-driven settlement, which limits your student loan payments to a portion of your income, by completing a paper kind with Great Lakes. (You can apply online on studentaid.gov and then recertify your revenue yearly online also.).
Refine deferment and forbearance demands. Great Lakes can assist you temporarily stop paying or minimize your payment quantity if you qualify. This aids you remain in great standing to prevent default. Yet during any periods of deferment or forbearance, interest can continue to construct.
Process regular monthly repayments as well as additional repayments. Great Lakes will track and also collect your payments. If you wish to make added payments, you can advise Great Lakes (online, by phone or by mail) to use extra repayments to your existing equilibrium. Otherwise, it may use the added total up to following month’s repayment rather.
” EVEN MORE: Trainee loan servicers: Who are they as well as what do they do?
Your loan servicer is designated by the united state Department of Education when your loan is disbursed to your college for the first time. The name of the business sending you a federal loan expense monthly is your servicer. If your loan repayments haven’t begun or you’re not sure which company is your servicer, log in to My Federal Pupil Aid to learn. You can likewise contact any of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers exist to assist you, yet they may supply options that are best for the business, not the debtor. That means they can’t change how settlements are processed and may not suggest the most valuable settlement alternative for you. It’s essential to recognize your repayment options so you can know the appropriate questions to ask.
If Great Lakes reported your account in error throughout automobile forbearance.
Almost 5 million consumers whose federal student loans are serviced by Great Lakes might have seen their credit rating dip due to the fact that their debts were incorrectly reported to the major debt bureaus throughout the automatic six-month forbearance that started in March 2020.
Your paused settlements may have been reported as “deferred” as a result of a coding error. The paused payments must have been reported as if you had made them. If you were current when forbearance started, as an example, the standing needs to be “current.”.
Deferred status is not a racking up aspect under FICO credit scoring solutions, the ones most generally made use of to make borrowing choices. But deferred standing can decrease the credit scores generated by VantageScore formulas– the scores most typically provided free of cost to consumers as a way to track their credit rating.
Great Lakes claims it is dealing with credit scores reporting agencies to fix the errors. When the info on the underlying credit scores report is appropriate, credit report must be unaffected.
Borrowers ought to check their debt reports from each of the 3 credit history reporting bureaus at AnnualCreditReport.com, the cost-free, government-run website.
Great Lakes asks that borrowers contact it straight if their credit report records are incorrect. Call 800-236-4300. Get extra details on speaking to Great Lakes customer service or making an issue right here.
Am I stuck to Great Lakes up until my loans are paid off?
Loans are occasionally transferred from one servicer to an additional by the Division of Education and learning.
The Division of Education is preparing to move the trainee loan servicing landscape by signing brand-new servicing contracts with five business to ultimately take over all loan maintenance. That suggests your loan servicer is likely to change. Great Lakes is set up to proceed servicing loans through December 2023.
Before servicing agreements finishing, customers should do the following:.
Download and install as well as save your settlement history from your online account or demand a duplicate from your servicer.
Update your call information with your most recent address, contact number as well as e-mail address.
You’ll be notified when a loan servicing transfer takes place, as well as you’ll take care of repayments with the brand-new servicer. All servicers supply the very same options as well as programs, but customer care might vary from one to an additional.