Great Lakes is one of 7 government student loan servicers that manage loans as well as consumer repayments.

Great Lakes College Corp. is among 7 business that service government loan debt by accumulating as well as tracking settlements. If Great Lakes is your student loan servicer, below’s what it can help you do.

Register for on-line accessibility to your account. When you have access you can call Great Lakes, access your regular monthly payment declarations and also pay bills.

Sign up in autopay. StudentĀ Loans Great Lakes can subtract your settlements instantly from your savings account. Signing up for autopay will certainly lower your rate of interest by 0.25 percentage factor.

Sign up for income-driven payment. You can request income-driven payment, which restricts your trainee loan payments to a portion of your income, by completing a paper type with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your earnings annually online as well.).

Process deferment as well as forbearance demands. Great Lakes can help you temporarily quit making payments or lower your repayment quantity if you qualify. This aids you remain in good standing to prevent default. But during any kind of durations of deferment or forbearance, passion can remain to develop.

Refine month-to-month repayments and added settlements. Great Lakes will track as well as accumulate your repayments. If you wish to make additional repayments, you can instruct Great Lakes (online, by phone or by mail) to use additional repayments to your current balance. Otherwise, it might use the added amount to next month’s settlement instead.

” MORE: Student loan servicers: That are they and also what do they do?

Your loan servicer is assigned by the U.S. Division of Education when your loan is disbursed to your university for the first time. The name of the company sending you a government loan bill every month is your servicer. If your loan settlements have not begun or you’re unsure which business is your servicer, visit to My Federal Student Help to learn. You can likewise connect with any one of the loan servicer get in touch with centers by calling 1-800-4-FED-AID.

Servicers exist to help you, but they might offer choices that are best for the firm, not the customer. That indicates they can’t alter exactly how payments are processed and also might not recommend the most advantageous payment option for you. It’s crucial to understand your payment alternatives so you can recognize the best inquiries to ask.

If Great Lakes reported your account at fault throughout auto forbearance.
Virtually 5 million borrowers whose federal trainee loans are serviced by Great Lakes may have seen their credit rating dip because their financial obligations were incorrectly reported to the major credit report bureaus throughout the automated six-month forbearance that began in March 2020.

Your paused settlements 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 made them. If you were current when forbearance began, as an example, the status must be “existing.”.

Deferred condition is not a racking up factor under FICO credit report solutions, the ones most commonly utilized to make lending decisions. Yet deferred condition can lower the credit report generated by VantageScore formulas– the scores most commonly offered totally free to consumers as a method to track their credit history.

Great Lakes states it is working with credit rating reporting firms to remedy the errors. As soon as the info on the underlying credit history record is appropriate, credit history need to be untouched.

Customers must inspect their debt reports from each of the 3 credit report reporting bureaus at AnnualCreditReport.com, the free, government-run internet site.

Great Lakes asks that borrowers call it directly if their credit scores records are incorrect. Call 800-236-4300. Obtain much more info on calling Great Lakes customer support or making a complaint here.

Am I stuck to Great Lakes up until my loans are settled?
Loans are in some cases transferred from one servicer to an additional by the Department of Education.

The Department of Education is preparing to shift the student loan servicing landscape by signing new servicing agreements with 5 firms to at some point take control of all loan maintenance. That indicates your loan servicer is most likely to change. Great Lakes is arranged to proceed servicing loans with December 2023.

Before servicing agreements ending, borrowers need to do the following:.

Download and install and also save your repayment background from your online account or request a copy from your servicer.

Update your call information with your latest address, phone number as well as email address.

You’ll be informed when a loan maintenance transfer happens, and also you’ll take care of repayments with the brand-new servicer. All servicers supply the very same alternatives and also programs, however client service might vary from one to another.