When you come to this page, you may want to find out some information about the Great Lakes Borrowing Services guide. If so, you are at the right place, as here we are going to share some information about that. Ensure you will read this article until the end.
About Great Lakes Educational Loan Services?
Firstly, you need to know what Great Lakes Educational Loan Service is. So, what is Great Lakes Educational Loan Services? For your information, Great Lakes is one of the companies which contract with the United States Department of Education (DE) to manage federal student loans, even though its contract was not renewed in 2020. Also, Great Lakes company services private student loans.
Keep in mind that Great Lakes does not lend money to borrowers, instead, Great Lakes handles the day-to-day tasks of managing loan payments. It means that it sends out the billing statements, processes payments, reports account activity to the credit bureaus, keeps track of loan balances and assists the borrowers with any questions or problems. For instance, if you need to change your payment plan or apply for deferment, then you are going to apply through Great Lakes.
How to Set up a Great Lakes Account?
To set up your online account with Great Lakes, you will need to give your Social Security number, date of birth and full name. Then, you have to make a username, password and personal identification number (which may later be utilized for identity verification). You have to save your details in a safe place. After you set up an account, then Great Lakes company will need your phone number, address, and email address. You are able to select to set up paperless statements or receive them in the mail.
Great Lakes Student Loan Payment Options
Great Lakes offers a few of payment methods:
- Automatic payments
Great Lakes company can automatically deduct the payments from your bank account on the due date. If you have federal student loans, you are going to get a 0.25% interest rate deduction by signing up for autopay. Also, several private student loan lenders may offer an autopay discount.
- Manual online payments
You are able to log into your account every month and create manual payments, even though you will not get the 0.25% interest rate discount.
- Phone call
You are able to pay over the phone by calling at 800-236-4300 during business hours: Monday – Friday, 7 a.m. to 9 p.m. CT. International callers are able to dial 608-246-1700.
- Bill pay
If your bank offers a bill pay feature, then you are able to have it send payments directly to Great Lakes. Because the payments might take several days to process, so you have to be sure to set this up in advance.
- Mobile app
You are able to pay your payment via mobile app. Try to download the Great Lakes Mobile app. It is available on iOS or Android devices. Then, you are able to log in to make or schedule a payment and view details about your loans. Also, you are able to set up notifications, so you will never miss a payment.
You are able to mail a check or money order to Great Lakes. When you do that, you have to include the payment insert from your billing statement and also write the payment reference number on your check.
Does Great Lakes Company Service My Loan?
After you take out a student loan, then the lender assigns your account to a loan servicer to manage your account and payments. Your servicer must contact you after it is assigned to your account that usually occurs right after you receive the funds.
From here, you will be able to contact this servicer for all matters relating to your student loans. If you are not sure which company services your loans, usually you are able to find out by checking your credit reports or logging in to your Federal Student Aid account. Also, you are able to call at 1-800-4-FED-AID to find out. Eventually, your lender may transfer your loan to a new servicer. If that happens, your new servicer is going to contact you and notify you of the change.
Great Lakes company could be your loan servicer if you have a federal Direct Loan, however it does service loans from private lenders as well.
How to Contact the Great Lakes Company?
You have several methods to get in touch with Great Lakes company:
- The first method is by logging into your Great Lakes account.
- The second method is by calling at 800-236-4300 Monday – Friday from 7 a.m. to 9 p.m. CT.
- The third method is by filling out a form on Great Lakes’ contact page.
- The fourth method is by sending a fax to 800-375-5288.
- Another method is by sending mail to Great Lakes, P.O. Box 7860, Madison, Wisconsin 53707-7860.
We get information the fastest method to get in touch with Great Lakes company is by calling them at 800-236-4300 Monday – Friday from 7 a.m. to 9 p.m. CT.
Complaints Against the Great Lakes Company
Based on the research, more than 100 borrowers have logged complaints against the Great Lakes company through the Consumer Financial Protection Bureau and the Better Business Bureau, the latter of which assigned a B- grade to the loan servicer. Also, the servicer is addressing a class action lawsuit after it reported the loan payments incorrectly during the automatic federal forbearance period which began in March 2020. Several payments were reported as deferred, however should have been coded as if the borrower created them. Millions of Great Lakes account holders probably have seen their credit scores dip as a result. If Great Lakes company services your loans, then you are able to pull your credit reports and check whether your loan payments have been reported properly. We highly suggest you contact the loan servicer if you discover the mistakes.