Great Lakes Higher Education Corp. is just one of seven companies that service federal loan financial debt by gathering and tracking settlements. If Great Lakes is your trainee loan servicer, below’s what it can assist you do.
Register for online access to your account. As soon as you have accessibility you can call Great Lakes, gain access to your regular monthly invoicing statements and also pay expenses.
Sign up in autopay. Student Loans Great Lakes can subtract your repayments immediately from your checking account. Signing up for autopay will certainly reduce your interest by 0.25 percentage factor.
Enroll in income-driven repayment. You can ask for income-driven repayment, which limits your trainee loan payments to a percent of your revenue, by finishing a paper type with Great Lakes. (You can use online on studentaid.gov and then recertify your earnings annually online as well.).
Process deferment and forbearance requests. Great Lakes can aid you briefly stop making payments or lower your payment amount if you certify. This helps you stay in great standing to prevent default. But throughout any type of durations of deferment or forbearance, passion can remain to build.
Refine month-to-month payments and also added repayments. Great Lakes will track and collect your repayments. If you want to make added payments, you can instruct Great Lakes (online, by phone or by mail) to apply added payments to your present balance. Or else, it may apply the added amount to next month’s payment instead.
” EVEN MORE: Student loan servicers: Who are they and what do they do?
Your loan servicer is designated by the U.S. Division of Education when your loan is paid out to your college for the very first time. The name of the firm sending you a federal loan bill monthly is your servicer. If your loan payments haven’t begun or you’re unsure which firm is your servicer, visit to My Federal Student Help to learn. You can also connect with any of the loan servicer get in touch with facilities by calling 1-800-4-FED-AID.
Servicers are there to help you, but they may use options that are best for the firm, not the borrower. That implies they can not alter just how settlements are refined as well as may not recommend the most advantageous repayment alternative for you. It’s most important to know your settlement alternatives so you can recognize the right concerns to ask.
If Great Lakes reported your account in error during vehicle forbearance.
Virtually 5 million customers whose government pupil loans are serviced by Great Lakes might have seen their credit scores dip since their financial debts were wrongly reported to the major credit bureaus throughout the automatic six-month forbearance that began in March 2020.
Your stopped briefly payments might have been reported as “postponed” as a result of a coding error. The stopped payments should have been reported as if you had actually made them. If you were current when forbearance began, for instance, the standing must be “present.”.
Deferred status is not a racking up factor under FICO credit scoring solutions, the ones most typically utilized to make borrowing decisions. Yet deferred status can reduce the credit rating generated by VantageScore formulas– the scores most frequently offered absolutely free to consumers as a way to track their credit history.
Great Lakes states it is working with credit reporting agencies to correct the errors. When the info on the underlying credit score record is right, credit scores must be untouched.
Borrowers need to inspect their credit history reports from each of the three debt reporting bureaus at AnnualCreditReport.com, the totally free, government-run website.
Great Lakes asks that consumers call it straight if their credit reports are incorrect. Call 800-236-4300. Obtain a lot more information on speaking to Great Lakes client service or making a grievance below.
Am I stuck to Great Lakes till my loans are repaid?
Loans are occasionally moved from one servicer to an additional by the Department of Education and learning.
The Division of Education is planning to shift the student loan servicing landscape by authorizing brand-new servicing contracts with five business to eventually take control of all loan servicing. That implies your loan servicer is likely to change. Great Lakes is scheduled to proceed servicing loans via December 2023.
Prior to servicing contracts ending, borrowers need to do the following:.
Download and install and conserve your settlement history from your online account or demand a copy from your servicer.
Update your get in touch with information with your most recent address, telephone number and e-mail address.
You’ll be notified when a loan servicing transfer takes place, and also you’ll manage repayments with the new servicer. All servicers supply the same choices as well as programs, but customer care might vary from one to another.