Great Lakes is among 7 federal student loan servicers that handle loans and consumer payments.

Great Lakes Higher Education Corp. is just one of seven firms that service federal loan financial debt by accumulating and also tracking payments. If Great Lakes is your trainee loan servicer, here’s what it can assist you do.

Register for on the internet access to your account. Once you have access you can speak to Great Lakes, accessibility your monthly invoicing statements and also pay expenses.

Register in autopay. My Great Lakes Student Loans can subtract your settlements automatically from your bank account. Enrolling in autopay will minimize your interest by 0.25 percentage point.

Sign up for income-driven payment. You can ask for income-driven repayment, which limits your pupil loan settlements to a percent of your income, by completing a paper kind with Great Lakes. (You can use online on studentaid.gov and afterwards recertify your revenue annually online as well.).

Refine deferment as well as forbearance demands. Great Lakes can aid you briefly quit making payments or reduce your repayment amount if you qualify. This aids you remain in excellent standing to prevent default. However throughout any durations of deferment or forbearance, passion can remain to build.

Process monthly payments and extra payments. Great Lakes will track as well as gather your repayments. If you intend to make added settlements, you can instruct Great Lakes (online, by phone or by mail) to apply extra settlements to your existing balance. Or else, it might use the extra amount to next month’s payment rather.

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

Your loan servicer is appointed 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 government loan expense on a monthly basis is your servicer. If your loan repayments have not begun or you’re unsure which firm is your servicer, log in to My Federal Trainee Aid to learn. You can also connect with any of the loan servicer call facilities by calling 1-800-4-FED-AID.

Servicers exist to help you, but they may offer choices that are best for the company, not the debtor. That implies they can not transform how repayments are processed and may not recommend one of the most helpful settlement alternative for you. It’s crucial to understand your repayment options so you can understand the ideal questions to ask.

If Great Lakes reported your account in error throughout car forbearance.
Virtually 5 million debtors whose government pupil loans are serviced by Great Lakes may have seen their credit history dip since their financial debts were wrongly reported to the significant credit scores bureaus during the automated six-month forbearance that began in March 2020.

Your stopped briefly repayments may have been reported as “postponed” as a result of a coding mistake. The paused settlements must have been reported as if you had made them. If you were current when forbearance started, for instance, the standing ought to be “present.”.

Deferred standing is not a racking up variable under FICO credit history solutions, the ones most frequently utilized to make lending decisions. However deferred condition can lower the credit history produced by VantageScore formulas– ball games most generally provided absolutely free to consumers as a way to track their credit report.

Great Lakes says it is working with credit scores coverage firms to remedy the mistakes. As soon as the information on the underlying credit rating record is proper, credit scores ought to be unaffected.

Customers ought to examine their credit history records from each of the 3 credit score reporting bureaus at AnnualCreditReport.com, the totally free, government-run internet site.

Great Lakes asks that customers contact it directly if their credit records are incorrect. Call 800-236-4300. Obtain extra info on speaking to Great Lakes client service or making an issue right here.

Am I stuck with Great Lakes till my loans are repaid?
Loans are occasionally moved from one servicer to an additional by the Division of Education and learning.

The Department of Education and learning is intending to shift the pupil loan servicing landscape by authorizing new maintenance contracts with five firms to eventually take control of all loan servicing. That indicates your loan servicer is likely to change. Great Lakes is scheduled to proceed servicing loans through December 2023.

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

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

Update your contact information with your newest address, telephone number and also e-mail address.

You’ll be informed when a loan maintenance transfer takes place, and you’ll manage repayments with the brand-new servicer. All servicers supply the same choices as well as programs, but customer support might vary from one to an additional.