You may have already been notified that the loans had been utilized in Great Lakes. We understand you’ve probably lots of questions, so we pulled together some questions that are common responses to help you through the transfer procedure.
That is Great Lakes?
Great Lakes is really a learning education loan servicer who was simply plumped for because of the U.S. Department of Education (ED) to service your federal figuratively speaking. We help keep you up-to-date with details about your loans and assistance you manage paying them back once again. As the servicer, we have been your point that is primary of for questions regarding your loans.
It is possible you have got other student education loans serviced by another servicer. You’ll find out which loans Great Lakes services by producing a free account on our website and logging in to see your bank Account Overview. To see all your loans that are federal including people that have other servicers, visit StudentAid.gov . Your bank account in StudentAid.gov must certanly be updated to mirror your updated servicer information within 7 to 10 days after your loans are transported.
Why had been my loans transmitted?
ED contracts with a few servicers, like Great Lakes, to greatly help pupils as you effectively manage your loans. ED opted for us to program your loans. Dependent on exactly exactly how numerous loans you have, you may continue to have loans with another servicer.
Is there any such thing i must do?
The smartest thing you could do is sign up for account access when you yourself haven’t currently. Oahu is the way that is easiest to access your bank balance and rate of interest, estimate and then make payments, review assistance options, and keep your overall email address. Whether or not it’s your time that is first on internet site, there are several resources designed for you.
Additionally you must make sure you are making re payments to Great Lakes moving forward so we can put on them for your requirements. Registering for Auto Pay with Great Lakes is a fantastic option to manage your student education loans. If you were making use of a bill pay service to pay these loans together with your past servicer, be certain to adjust your settings to really have the payments provided for Great Lakes.
How come my old servicer still show that I have actually the loan that is same using them?
It will take a time that is little everyone else to upgrade their system. For some times, it might appear to be you have the same loan with both your old servicer along with Great Lakes. Please be patient while every person’s documents are updated.
Seven to ten times after your loan transfer, you can easily log into StudentAid.gov to see all your loans. This can help you keep an eye on just how much you borrowed from, whom to deliver re payments to, and who to get hold of with questions.
What the results are towards the re payment not long ago i delivered to my previous servicer?
Any payments you meant to your past servicer will likely be forwarded to us them to your account and backdate them to the date your servicer received the payments so we can apply. It could take a weeks that are few your re re payments and paperwork to procedure, therefore please be client.
Did the transfer impact my payment plan?
No, the transfer doesn’t replace your payment plan. The only real modification is that at this point you have to make your instalments to Great Lakes.
Imagine if I experienced payments that are automatic bill spend put up with my past servicer?
Automated Re Payments
In the event that you had automated payments arranged together with your past servicer, your automatic payment information almost certainly moved and also you don’t have to do any such thing. The dining table below explains each situation. To confirm in case the reports moved, log on to see your Account Summary.
Great Lakes Auto Pay is straightforward to utilize and it’s really free. Your lender may also give you mortgage loan decrease if your repayments are created through Auto Pay. Arrange it now.
If you are using a bill pay service, you need to upgrade the data to begin with making repayments to Great Lakes. You will find most of the given information you’ll need on your repayment routine.
Does the transfer replace the terms of my loan?
No. Your balance, rate of interest, and time you have to repay your loan never have changed due to the transfer.
Does the transfer affect my eligibility for forbearance https://paydayloanssolution.org/payday-loans-hi/, deferment, or forgiveness?
Your loan status (such as for instance at school, payment, or deferment) had been moved along with your loans so any deferment, forbearance, or forgiveness options you had been qualified to receive did not modification. It might take a few weeks about any next steps that you need to take for us to receive all of your information, but we will contact you.
That will send me my 1098-E?
We shall give you a 1098-E when it comes to interest you paid to us following the transfer. Your servicer that is previous should that you 1098-E for the interest you paid as they serviced your loans. You can determine the total interest you paid for the year if you add the totals together.
That do I contact for help?
When you have extra questions, you can easily e mail us at any timeâ€”we’re right here to simply help.
Get in contact
Have you got questions or like to give us some feedback? Sign in and go to our Contact Us page to contact a representative or even to deliver us your thinking.