Great Lakes Higher Education Corp. is one of seven companies that service federal loan debt by collecting and also tracking settlements. If Great Lakes is your pupil loan servicer, here’s what it can aid you do.

Register for on-line access to your account. As soon as you have gain access to you can speak to Great Lakes, gain access to your monthly invoicing statements and pay bills.

Enroll in autopay. Great Lakes Student Loans can deduct your settlements immediately from your bank account. Registering for autopay will certainly reduce your passion by 0.25 percentage point.

Register for income-driven payment. You can request income-driven settlement, which restricts your student loan settlements to a portion of your revenue, by finishing a paper type with Great Lakes. (You can apply online on studentaid.gov and after that recertify your earnings annually online as well.).

Process deferment and forbearance requests. Great Lakes can help you momentarily quit making payments or lower your payment amount if you certify. This aids you stay in good standing to prevent default. But throughout any periods of deferment or forbearance, passion can continue to construct.

Process monthly repayments and added payments. Great Lakes will certainly track as well as collect your settlements. If you wish to make added repayments, you can instruct Great Lakes (online, by phone or by mail) to use added repayments to your current balance. Or else, it might apply the added amount to following month’s payment instead.

” MORE: Student loan servicers: Who are they as well as what do they do?

Your loan servicer is assigned by the U.S. Department of Education and learning when your loan is paid out to your college for the very first time. The name of the firm sending you a federal loan expense every month is your servicer. If your loan repayments have not started or you’re unsure which business is your servicer, visit to My Federal Pupil Help to find out. You can likewise contact any of the loan servicer contact facilities by calling 1-800-4-FED-AID.

Servicers are there to assist you, yet they might use options that are best for the company, not the borrower. That indicates they can’t transform exactly how payments are refined and also may not suggest one of the most beneficial payment option for you. It’s most important to understand your repayment options so you can know the right questions to ask.

If Great Lakes reported your account at fault during auto forbearance.
Nearly 5 million debtors whose federal trainee loans are serviced by Great Lakes may have seen their credit history dip due to the fact that their financial obligations were mistakenly reported to the significant credit report bureaus during the automated six-month forbearance that began in March 2020.

Your stopped briefly 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 actually made them. If you were current when forbearance started, for example, the status should be “current.”.

Deferred standing is not a racking up aspect under FICO credit scoring formulas, the ones most frequently utilized to make borrowing decisions. However deferred condition can lower the credit rating generated by VantageScore solutions– ball games most generally used free of cost to consumers as a method to track their credit rating.

Great Lakes says it is dealing with credit rating reporting companies to correct the errors. When the information on the underlying credit rating record is correct, credit report ought to be unaffected.

Consumers need to check their debt records from each of the 3 credit reporting bureaus at AnnualCreditReport.com, the cost-free, government-run site.

Great Lakes asks that borrowers contact it straight if their credit rating reports are incorrect. Call 800-236-4300. Get much more info on calling Great Lakes client service or making a problem below.

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

The Department of Education is planning to shift the student loan servicing landscape by authorizing brand-new servicing agreements with 5 business to ultimately take over all loan maintenance. That suggests your loan servicer is likely to alter. Great Lakes is arranged to continue servicing loans with December 2023.

Before servicing agreements ending, debtors must do the following:.

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

Update your call info with your latest address, telephone number as well as email address.

You’ll be notified when a loan servicing transfer takes place, as well as you’ll handle payments with the brand-new servicer. All servicers provide the exact same options and also programs, but customer care might differ from one to an additional.