Have Actually Questions About Your Transferred Federal Education Loan?

Have Actually Questions About Your Transferred Federal Education Loan?

You might have already been notified that your particular loans had been utilized in Great Lakes. We all know you could have lots of questions, therefore 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 pupil loan servicer who had been opted for because of the U.S. Department of Education (ED) to program your federal student education loans. We help keep you up-to-date with details about your loans and assistance you handle paying them back once again. As the servicer, our company is 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 merchant account on our logging and website in to see your Account Overview. To see your entire federal loans, including people that have other servicers, see 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 transported?

ED agreements with a few servicers, like Great Lakes, to aid pupils as if you manage your loans successfully. ED selected us to program your loans. According to just just how numerous loans you have actually, you could nevertheless have loans with another servicer.

Can there be such a thing i must do?

The thing that is best you could do is join account access for those who haven’t currently. Oahu is the easiest method to access your balance and rate of interest, estimate and work out re re payments, review assistance choices, and continue maintaining your overall contact information. If it is your very first time on our site, there are numerous resources readily available for you.

Additionally you must make sure you are making payments to Great Lakes moving forward so we can put on them for your requirements. Applying for Auto Pay with Great Lakes is a great solution to handle your figuratively speaking. If perhaps you were employing a bill pay solution to pay for these loans along with your past servicer, be certain to adjust your settings to truly have the re payments delivered to Great Lakes.

How does my old servicer still show that I have actually the exact same loan account together with them?

It will take a time that is little everybody to upgrade their system. For a couple times, it might probably appear to be there is the exact same loan with both your old servicer along with Great Lakes. Please be patient while everybody’s documents are updated.

Seven to ten times after your loan transfer, you are able to log into StudentAid.gov to see all your loans. This can allow you to keep an eye on exactly how much your debt, whom to deliver re re payments to, and who to make contact with with concerns.

What the results are towards the payment not long ago i delivered to my past servicer?

Any re re payments which you designed to your past servicer should 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 all your payments and paperwork to procedure, therefore please be client.

Did the transfer impact my payment plan?

No, the transfer will not improve your repayment plan. The actual only real modification is at this point you intend to make your instalments to Great Lakes.

Let’s say I had automated repayments or bill spend put up with my past servicer?

Automated Re Re Re Payments

In the event that you had automated payments put up together easy payday loans Illinois online with your previous servicer, your automated repayment information almost certainly transmitted and also you don’t have to do any such thing. The dining dining table below explains each situation. To validate if the reports transmitted, log on to see your bank Account Summary.

Bill Pay

If you work with a bill pay solution, you have to upgrade the details to start making repayments to Great Lakes. There is every one of the given information you’ll need on your re re re payment routine.

Does the transfer replace the regards to my loan?

No. Balance, rate of interest, and time you need to repay your loan never have changed due to the transfer.

Does the transfer influence my eligibility for forbearance, deferment, or forgiveness?

Your loan status (such as for instance at school, payment, or deferment) had been transmitted together with your loans so any deferment, forbearance, or forgiveness options you’re qualified to receive did not modification. It could take a couple weeks for people to get all your information, but we shall contact you about any next actions you need to simply take.

Who can deliver me personally 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 when it comes to interest you paid as they serviced your loans. In the event that you add the totals together, you can easily figure out the full total interest you taken care of the season.

That do I contact for assistance?

At any time—we’re here to help if you have additional questions, you can contact us.

Make contact

Are you experiencing questions or like to give us some feedback? Join and see our e mail us page to contact a representative or even to deliver us your ideas.

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