Great Lakes is just one of 7 government student loan servicers that manage loans and consumer payments.

Great Lakes College Corp. is among 7 business that service federal loan debt by accumulating as well as tracking repayments. If Great Lakes is your student loan servicer, right here’s what it can aid you do.

Register for on-line accessibility to your account. Once you have access you can speak to Great Lakes, access your month-to-month billing statements and pay bills.

Enroll in autopay. Student Loans Great Lakes can deduct your settlements automatically from your savings account. Signing up for autopay will lower your rate of interest by 0.25 percentage factor.

Register for income-driven payment. You can request income-driven payment, which limits your trainee loan payments to a portion of your earnings, by finishing a paper form with Great Lakes. (You can use online on studentaid.gov and after that recertify your income yearly online as well.).

Process deferment as well as forbearance demands. Great Lakes can help you briefly stop paying or minimize your settlement quantity if you qualify. This helps you remain in good standing to prevent default. However throughout any type of durations of deferment or forbearance, interest can continue to build.

Process regular monthly payments and added settlements. Great Lakes will certainly track and also collect your payments. If you intend to make added payments, you can advise Great Lakes (online, by phone or by mail) to use additional repayments to your existing balance. Otherwise, it might use the extra amount to next month’s payment rather.

” MORE: Pupil loan servicers: Who are they as well as 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 company sending you a government loan expense every month is your servicer. If your loan repayments haven’t started or you’re not sure which firm is your servicer, visit to My Federal Student Aid to discover. You can additionally connect with any of the loan servicer contact facilities by calling 1-800-4-FED-AID.

Servicers exist to help you, but they may provide options that are best for the company, not the customer. That means they can not change how payments are refined as well as might not recommend the most useful settlement choice for you. It’s essential to understand your repayment choices so you can recognize the best questions to ask.

If Great Lakes reported your account in error during vehicle forbearance.
Almost 5 million customers whose federal student loans are serviced by Great Lakes might have seen their credit scores dip since their financial debts were erroneously reported to the significant credit scores bureaus during the automatic six-month forbearance that began in March 2020.

Your paused repayments may have been reported as “postponed” as a result of a coding mistake. The paused repayments should have been reported as if you had actually made them. If you were current when forbearance began, as an example, the status should be “present.”.

Deferred status is not a scoring aspect under FICO credit rating solutions, the ones most commonly utilized to make financing decisions. However deferred condition can decrease the credit scores produced by VantageScore solutions– the scores most commonly used free of charge to consumers as a means to track their credit rating.

Great Lakes says it is dealing with credit score reporting agencies to deal with the inaccuracies. As soon as the info on the underlying credit rating record is correct, credit rating need to be unaffected.

Debtors need to examine their credit score reports from each of the three credit rating reporting bureaus at AnnualCreditReport.com, the free, government-run site.

Great Lakes asks that customers contact it directly if their credit rating records are incorrect. Call 800-236-4300. Get a lot more info on getting in touch with Great Lakes customer service or making a complaint right here.

Am I stuck to Great Lakes up until my loans are repaid?
Loans are in some cases moved from one servicer to one more by the Division of Education.

The Division of Education is preparing to move the trainee loan servicing landscape by authorizing brand-new maintenance agreements with 5 firms to ultimately take over all loan maintenance. That implies your loan servicer is likely to transform. Great Lakes is set up to continue servicing loans with December 2023.

Prior to servicing contracts ending, debtors should do the following:.

Download and install and also conserve your payment background from your online account or demand a copy from your servicer.

Update your contact information with your most recent address, contact number and e-mail address.

You’ll be notified when a loan servicing transfer happens, and also you’ll manage settlements with the brand-new servicer. All servicers supply the very same options as well as programs, yet customer support might differ from one to one more.

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