What is Great Lakes Student Loan?
Great Lakes Student Loan is an educational loan servicer in the US. It is a student loan provider having a legal contract with the Education department of the US. Great Lakes Student Loan is one of the most popular student loan providers in the US. The service is mainly based in the Great Lakes Region of Wisconsin and Madison, so that the organization is named as ‘Great lakes‘ to justify their location though they provide their services nationwide. Great Lakes Student Loan is one of the most reputed companies among the nine largest student loan providers in the US. Apart from that the concerned organization has a legal license with the Department of Education of the US for handling accounts of Federal Student Loans.
The whole world is fighting against the forbearance situation due to the Covid-19 pandemic. Great Lakes Students Loan along with the US Department of Education (ED) and Federal Student Aid (FSA) is keeping an eye on measuring relief for student loans pertaining to the global emergency due to the pandemic.
The student loan holders can log in to their Great Lakes account which is 24*7 accessible to see their loan status. They can also visit FSA’s COVID-19 information page (StudentAid.gov/corona virus) for detailed information. The Great Lakes Students Loan holders should be encouraged to check FSA’s COVID-19 page frequently to get information about relief to Federal Student Loan borrowers and those who found defaulted on their federal student loans.
Additional Important Information related to COVID-19 related administrative forbearance-
In this pandemic situation, few things should be kept in mind of the borrowers. If any borrower wants to save money in this situation then he should pay a look in COVID-19 related administrative forbearance. The borrower should just log in to his Great Lakes account to make a one-time payment.
The borrowers who pay the instalment through Auto Pay, made between 13th March 2020 and 31st January, 2021can be refunded. They should request a refund and contact the Great Lake executives who can provide the entire information properly. Apart from that, borrowers who want to opt-out of the COVID-19 related administrative forbearance also can contact the servicer. By opting out, the payments of the borrower will be forwarded every month and the borrower will receive either paper billing or online statement depending on the borrower’s communication preference of selection. And in this case, no extra interest will be generated up to 31st January 2021.
If any Great Lakes Students Loan holder is a user of Auto Pay, the COVID-19 related administrative forbearance will stop the Auto Pay payments. If the borrower wants to continue AutoPay during this pandemic period, the borrower should modify the settings by entering new amounts and selecting new payment dates. The borrower also can continue Auto Pay payments by contacting the lenders directly to opt-out of the COVID-19 related administrative forbearance.
Great Lakes Student Loans will consider the forbearance towards forgiveness. The number of remaining months of the loan will be counted toward International Depository Receipt (IDR) forgiveness and Public Service Loan Forgiveness (PSLF) in the COVID-19 related administrative forbearance if all the qualifying factors are met, though no payments need to be made through 31st January 2021.
The relief forbearance due to COVID-19 related administrative forbearance is a non-capitalized forbearance, therefore will not cause extra-ordinary interest to capitalize. But if the borrower has any accrued interest on the 13th of March, 2020 when the COVID-19 related administrative forbearance started, then the outstanding rate of interest of the borrower may capitalize after 31st January, 2021. But the whole process will be depended on the borrower’s condition. The borrower should call the lender’s executive director to be satisfied with all the queries and the lender will also investigate the specific circumstances of the borrower before offering the extra-benefitted facilities in this pandemic situation.