Great Lakes is among 7 federal student loan servicers that manage loans and debtor repayments.

Great Lakes Higher Education Corp. is just one of seven business that service government loan debt by gathering and also tracking settlements. If Great Lakes is your student loan servicer, below’s what it can assist you do.

Register for online accessibility to your account. Once you have accessibility you can call Great Lakes, gain access to your monthly billing declarations and also pay expenses.

Sign up in autopay. Great Lakes Student Loans can deduct your settlements automatically from your bank account. Registering for autopay will reduce your rate of interest by 0.25 portion factor.

Register for income-driven settlement. You can ask for income-driven payment, which restricts your pupil loan payments to a portion of your income, by finishing a paper kind with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your income every year online too.).

Process deferment and also forbearance requests. Great Lakes can assist you briefly stop making payments or reduce your repayment amount if you certify. This aids you remain in good standing to avoid default. But during any periods of deferment or forbearance, rate of interest can remain to construct.

Refine regular monthly payments as well as additional repayments. Great Lakes will track and also gather your payments. If you intend to make added payments, you can advise Great Lakes (online, by phone or by mail) to use added payments to your present balance. Or else, it might apply the extra amount to next month’s settlement instead.

” EVEN MORE: Student loan servicers: Who 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 company sending you a federal loan bill every month is your servicer. If your loan settlements have not begun or you’re not exactly sure which firm is your servicer, visit to My Federal Student Aid to figure out. You can likewise contact any one of the loan servicer call facilities by calling 1-800-4-FED-AID.

Servicers are there to assist you, however they might use choices that are best for the firm, not the debtor. That suggests they can’t transform just how payments are refined and also may not recommend one of the most beneficial repayment alternative for you. It’s most important to recognize your repayment options so you can recognize the ideal questions to ask.

If Great Lakes reported your account in error during car forbearance.
Nearly 5 million borrowers whose government student loans are serviced by Great Lakes may have seen their credit history dip because their debts were mistakenly reported to the significant credit report bureaus during the automated six-month forbearance that began in March 2020.

Your stopped settlements might have been reported as “delayed” as a result of a coding error. The stopped repayments must have been reported as if you had actually made them. If you were current when forbearance began, for example, the status should be “existing.”.

Deferred status is not a scoring factor under FICO credit history solutions, the ones most frequently utilized to make financing choices. Yet deferred condition can lower the credit scores produced by VantageScore formulas– the scores most frequently offered totally free to consumers as a means to track their credit report.

Great Lakes says it is working with credit history coverage agencies to fix the mistakes. As soon as the information on the underlying credit history record is right, credit rating should be untouched.

Debtors must inspect their credit scores records from each of the 3 credit history reporting bureaus at AnnualCreditReport.com, the free, government-run site.

Great Lakes asks that debtors contact it directly if their credit records are incorrect. Call 800-236-4300. Obtain much more info on speaking to Great Lakes client service or making an issue below.

Am I stuck to Great Lakes up until my loans are paid off?
Loans are often transferred from one servicer to another by the Department of Education.

The Department of Education is intending to shift the pupil loan servicing landscape by signing brand-new maintenance agreements with five firms to eventually take control of all loan maintenance. That implies your loan servicer is most likely to alter. Great Lakes is scheduled to proceed servicing loans via December 2023.

Prior to servicing agreements finishing, consumers should do the following:.

Download and install as well as save your payment history from your online account or request a copy from your servicer.

Update your get in touch with info with your most recent address, phone number as well as e-mail address.

You’ll be notified when a loan maintenance transfer happens, as well as you’ll manage repayments with the brand-new servicer. All servicers provide the exact same choices and also programs, yet customer support may differ from one to an additional.

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