Great Lakes Higher Education Corp. is among seven firms that service government loan debt by collecting and also tracking payments. If Great Lakes is your student loan servicer, here’s what it can aid you do.
Register for on-line accessibility to your account. Once you have accessibility you can speak to Great Lakes, accessibility your month-to-month payment statements as well as pay costs.
Sign up in autopay. My Great Lakes Student Loans can subtract your settlements automatically from your bank account. Signing up for autopay will minimize your interest by 0.25 portion point.
Enroll in income-driven settlement. You can request income-driven payment, which restricts your pupil loan payments to a portion of your revenue, by completing a paper form with Great Lakes. (You can apply online on studentaid.gov and afterwards recertify your earnings each year online too.).
Refine deferment and forbearance requests. Great Lakes can assist you briefly quit making payments or lower your payment amount if you certify. This aids you stay in good standing to stay clear of default. However throughout any type of durations of deferment or forbearance, rate of interest can remain to develop.
Refine regular monthly payments as well as extra repayments. Great Lakes will track and collect your payments. If you wish to make added settlements, you can instruct Great Lakes (online, by phone or by mail) to apply added repayments to your current equilibrium. Otherwise, it might use the added amount to next month’s repayment instead.
” EVEN MORE: Pupil loan servicers: Who are they and what do they do?
Your loan servicer is assigned by the united state Department of Education and learning when your loan is disbursed to your university for the very first time. The name of the company sending you a government loan bill each month is your servicer. If your loan repayments haven’t started or you’re unsure which firm is your servicer, visit to My Federal Pupil Help to discover. You can additionally contact any of the loan servicer get in touch with centers by calling 1-800-4-FED-AID.
Servicers exist to assist you, however they might use choices that are best for the firm, not the borrower. That implies they can not change how payments are refined and also might not recommend one of the most advantageous settlement choice for you. It’s essential to know your payment choices so you can know the ideal inquiries to ask.
If Great Lakes reported your account in error throughout vehicle forbearance.
Virtually 5 million borrowers whose government student loans are serviced by Great Lakes may have seen their credit scores dip due to the fact that their debts were mistakenly reported to the significant credit scores bureaus during the automated six-month forbearance that began in March 2020.
Your paused repayments might have been reported as “delayed” as a result of a coding error. The paused settlements must have been reported as if you had actually made them. If you were current when forbearance started, as an example, the status must be “existing.”.
Deferred standing is not a racking up element under FICO credit rating solutions, the ones most commonly used to make loaning choices. But deferred condition can lower the credit rating generated by VantageScore solutions– ball games most commonly used totally free to customers as a method to track their credit rating.
Great Lakes states it is dealing with credit report reporting agencies to remedy the mistakes. When the details on the underlying credit score record is appropriate, credit rating must be unaffected.
Debtors must check their credit report reports from each of the three credit scores reporting bureaus at AnnualCreditReport.com, the free, government-run site.
Great Lakes asks that consumers contact it directly if their credit score records are incorrect. Call 800-236-4300. Obtain a lot more details on calling Great Lakes customer care or making an issue below.
Am I stuck to Great Lakes until my loans are repaid?
Loans are sometimes transferred from one servicer to an additional by the Division of Education.
The Department of Education is planning to move the student loan servicing landscape by signing new maintenance contracts with 5 business to at some point take over all loan maintenance. That means your loan servicer is likely to change. Great Lakes is set up to proceed servicing loans via December 2023.
Before servicing contracts ending, customers should do the following:.
Download and install as well as conserve your repayment background from your online account or request a copy from your servicer.
Update your get in touch with info with your newest address, contact number and also email address.
You’ll be alerted when a loan servicing transfer takes place, as well as you’ll handle repayments with the brand-new servicer. All servicers provide the very same options as well as programs, yet customer support may differ from one to an additional.