Great Lakes Higher Education Corp. is one of seven firms that service federal loan debt by gathering as well as tracking settlements. If Great Lakes is your student loan servicer, below’s what it can aid you do.
Register for online accessibility to your account. As soon as you have accessibility you can call Great Lakes, access your regular monthly payment statements and pay costs.
Enroll in autopay. Student Loans Great Lakes can deduct your repayments immediately from your checking account. Enrolling in autopay will lower your rate of interest by 0.25 percent factor.
Sign up for income-driven repayment. You can ask for income-driven settlement, which limits your pupil loan payments to a percentage of your income, by finishing a paper kind with Great Lakes. (You can apply online on studentaid.gov and after that recertify your earnings every year online as well.).
Process deferment and also forbearance requests. Great Lakes can assist you temporarily quit paying or decrease your repayment amount if you qualify. This assists you stay in great standing to stay clear of default. Yet during any kind of periods of deferment or forbearance, interest can remain to build.
Refine regular monthly settlements and added payments. Great Lakes will track and also gather your repayments. If you want to make additional repayments, you can instruct Great Lakes (online, by phone or by mail) to use added repayments to your present balance. Or else, it may use the additional total up to next month’s repayment instead.
” MORE: Pupil loan servicers: That are they and what do they do?
Your loan servicer is assigned by the united state Division of Education and learning when your loan is disbursed to your university for the first time. The name of the business sending you a federal loan bill on a monthly basis is your servicer. If your loan payments have not started or you’re not sure which business is your servicer, log in to My Federal Pupil Help to find out. You can additionally contact any one of the loan servicer get in touch with centers by calling 1-800-4-FED-AID.
Servicers are there to aid you, but they may use selections that are best for the business, not the customer. That suggests they can’t change exactly how payments are refined and also might not suggest the most helpful settlement option for you. It’s essential to know your repayment choices so you can know the ideal inquiries to ask.
If Great Lakes reported your account at fault throughout vehicle forbearance.
Almost 5 million borrowers whose federal pupil loans are serviced by Great Lakes may have seen their credit report dip due to the fact that their financial obligations were erroneously reported to the significant credit history bureaus during the automated six-month forbearance that began in March 2020.
Your stopped settlements might have been reported as “postponed” as a result of a coding mistake. The stopped repayments must have been reported as if you had actually made them. If you were current when forbearance started, for instance, the status ought to be “existing.”.
Deferred standing is not a scoring aspect under FICO credit rating formulas, the ones most typically made use of to make lending decisions. Yet deferred standing can lower the credit report generated by VantageScore solutions– the scores most typically provided for free to consumers as a means to track their credit rating.
Great Lakes says it is dealing with credit history reporting companies to correct the errors. When the details on the underlying credit report is correct, credit scores should be unaffected.
Borrowers must inspect their credit history records from each of the 3 credit scores reporting bureaus at AnnualCreditReport.com, the totally free, government-run website.
Great Lakes asks that borrowers contact it straight if their credit history records are incorrect. Call 800-236-4300. Get a lot more information on getting in touch with Great Lakes customer care or making an issue here.
Am I stuck with Great Lakes till my loans are settled?
Loans are sometimes moved from one servicer to an additional by the Division of Education.
The Department of Education is preparing to shift the student loan servicing landscape by signing new servicing agreements with 5 business to at some point take control of all loan servicing. That means your loan servicer is most likely to alter. Great Lakes is scheduled to continue servicing loans with December 2023.
Prior to servicing contracts finishing, borrowers need 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 get in touch with information with your latest address, telephone number as well as e-mail address.
You’ll be notified when a loan maintenance transfer occurs, and also you’ll manage payments with the brand-new servicer. All servicers deliver the exact same alternatives and programs, but customer support may vary from one to one more.