Great Lakes Higher Education Corp. is among seven companies that service government loan debt by gathering and tracking settlements. If Great Lakes is your trainee loan servicer, here’s what it can assist you do.
Register for on-line accessibility to your account. When you have access you can contact Great Lakes, gain access to your month-to-month billing statements as well as pay costs.
Sign up in autopay. Great Lakes Loans can subtract your settlements automatically from your savings account. Registering for autopay will minimize your passion by 0.25 percent point.
Register for income-driven settlement. You can ask for income-driven payment, which restricts your student loan settlements to a portion of your earnings, by completing a paper form with Great Lakes. (You can use online on studentaid.gov and then recertify your income annually online also.).
Refine deferment as well as forbearance demands. Great Lakes can assist you briefly quit making payments or decrease your settlement amount if you qualify. This helps you remain in good standing to avoid default. But throughout any type of periods of deferment or forbearance, passion can continue to develop.
Process month-to-month repayments and also added repayments. Great Lakes will certainly track and collect your repayments. If you wish to make added repayments, you can instruct Great Lakes (online, by phone or by mail) to apply extra settlements to your present balance. Otherwise, it may use the added total up to following month’s payment instead.
” EVEN MORE: Trainee loan servicers: Who are they and what do they do?
Your loan servicer is assigned by the U.S. Division of Education and learning when your loan is paid out to your university for the first time. The name of the business sending you a government loan expense monthly is your servicer. If your loan settlements have not begun or you’re uncertain which company is your servicer, visit to My Federal Student Help to discover. You can also contact any of the loan servicer call facilities by calling 1-800-4-FED-AID.
Servicers exist to help you, but they might use choices that are best for the business, not the customer. That indicates they can not alter how repayments are processed and may not suggest one of the most advantageous payment choice for you. It’s crucial to know your settlement options so you can know the right inquiries to ask.
If Great Lakes reported your account at fault throughout automobile forbearance.
Almost 5 million consumers whose government student loans are serviced by Great Lakes might have seen their credit rating dip since their debts were mistakenly reported to the significant credit report bureaus throughout the automated six-month forbearance that began in March 2020.
Your paused payments may have been reported as “postponed” as a result of a coding error. The stopped briefly settlements need to have been reported as if you had actually made them. If you were current when forbearance started, for example, the status ought to be “present.”.
Deferred condition is not a racking up element under FICO credit report formulas, the ones most commonly utilized to make loaning choices. But deferred standing can decrease the credit history created by VantageScore formulas– ball games most generally offered free of charge to consumers as a way to track their credit rating.
Great Lakes claims it is working with credit history reporting companies to deal with the inaccuracies. As soon as the information on the underlying credit rating record is proper, credit history need to be unaffected.
Consumers should inspect their debt records from each of the three credit score reporting bureaus at AnnualCreditReport.com, the complimentary, government-run website.
Great Lakes asks that consumers contact it directly if their credit scores reports are incorrect. Call 800-236-4300. Get much more information on calling Great Lakes client service or making a complaint here.
Am I stuck to Great Lakes till my loans are paid off?
Loans are in some cases transferred from one servicer to one more by the Department of Education and learning.
The Division of Education and learning is intending to change the trainee loan servicing landscape by authorizing new servicing agreements with five companies to at some point take control of all loan maintenance. That implies your loan servicer is most likely to alter. Great Lakes is scheduled to continue servicing loans through December 2023.
Prior to servicing agreements ending, customers ought to do the following:.
Download and install and also save your payment history from your online account or request a copy from your servicer.
Update your contact information with your latest address, telephone number as well as email address.
You’ll be notified when a loan servicing transfer takes place, and you’ll handle repayments with the new servicer. All servicers supply the very same options as well as programs, but client service may vary from one to one more.