Great Lakes is among seven federal student loan servicers that manage loans and borrower settlements.

Great Lakes Higher Education Corp. is just one of seven companies that service federal loan financial debt by gathering as well as tracking payments. If Great Lakes is your trainee loan servicer, right here’s what it can assist you do.

Register for on-line accessibility to your account. When you have accessibility you can get in touch with Great Lakes, access your month-to-month invoicing declarations and pay bills.

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

Sign up for income-driven payment. You can ask for income-driven settlement, which limits your trainee loan repayments to a percent of your earnings, by finishing a paper form with Great Lakes. (You can apply online on studentaid.gov and then recertify your income annually online as well.).

Process deferment and forbearance requests. Great Lakes can assist you briefly quit making payments or minimize your repayment amount if you qualify. This helps you stay in great standing to avoid default. However during any durations of deferment or forbearance, passion can remain to build.

Process month-to-month payments and also additional payments. Great Lakes will track as well as collect your repayments. If you want to make added repayments, you can instruct Great Lakes (online, by phone or by mail) to use additional payments to your current balance. Or else, it may apply the extra total up to following month’s payment instead.

” MORE: Pupil loan servicers: Who are they and also what do they do?

Your loan servicer is designated by the united state Department of Education and learning when your loan is disbursed to your college for the very first time. The name of the business sending you a federal loan costs monthly is your servicer. If your loan repayments haven’t begun or you’re unsure which firm is your servicer, visit to My Federal Pupil Aid to discover. You can additionally connect with any of the loan servicer call facilities by calling 1-800-4-FED-AID.

Servicers are there to aid you, yet they might offer options that are best for the firm, not the debtor. That implies they can’t transform just how settlements are refined and may not recommend the most valuable payment choice for you. It’s most important to recognize your repayment alternatives so you can recognize the best inquiries to ask.

If Great Lakes reported your account in error during auto forbearance.
Almost 5 million debtors whose federal student loans are serviced by Great Lakes might have seen their credit rating dip because their debts were wrongly reported to the major credit bureaus throughout the automatic six-month forbearance that started in March 2020.

Your paused payments might have been reported as “delayed” as a result of a coding mistake. The stopped briefly settlements should have been reported as if you had actually made them. If you were current when forbearance began, for example, the standing needs to be “current.”.

Deferred condition is not a scoring factor under FICO credit rating solutions, the ones most generally utilized to make lending decisions. However deferred standing can decrease the credit report created by VantageScore solutions– ball games most typically provided completely free to customers as a means to track their credit history.

Great Lakes claims it is working with credit report coverage agencies to fix the mistakes. As soon as the info on the underlying credit history report is correct, credit report must be untouched.

Borrowers should examine their credit rating records from each of the 3 credit reporting bureaus at AnnualCreditReport.com, the complimentary, government-run internet site.

Great Lakes asks that debtors contact it directly if their credit score reports are incorrect. Call 800-236-4300. Obtain extra information on contacting Great Lakes customer support or making a complaint right here.

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

The Department of Education and learning is intending to move the trainee loan servicing landscape by signing new servicing agreements with 5 companies to eventually take control of all loan maintenance. That implies your loan servicer is most likely to alter. Great Lakes is set up to proceed servicing loans via December 2023.

Before servicing contracts ending, consumers should do the following:.

Download and install and save your payment background from your online account or demand a duplicate from your servicer.

Update your contact details with your latest address, contact number and also email address.

You’ll be informed when a loan maintenance transfer happens, and also you’ll manage settlements with the new servicer. All servicers deliver the very same alternatives and programs, but customer care might vary from one to an additional.

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