topic Re: Great Lakes missed payment. in Student Loans

Great Lakes missed payment.

Anonymous — Sat, 26 Oct 2019 18:50:36 GMT

So I need help and am not sure what to do.

I missed my payment last month for Great Lakes. It hasn’t reported as it’s not 31 days past due. My account is due on the 28th each month.

I’ve recently lost my job and am starting a new one next week. I don’t have savings as I’ve spent the majority of my income on paying other debts/living expenses to make it through were at the time.

I got let go unexpectedly.

My question is now another payment is coming up in two days and I don’t have the funds yet. I’ll get paid on the 8th.

Minimums have been met and I can pay the October 28th payment then. But that still means that September will probably be reported as late.

Can I do anything like rehab before Great Lakes reports this?

I’ve read the forums and am completely confused as to how to initiate the process as most posts are from lates are 3-4 years old.

This is recent and technically hasn’t happened yet but I have no way to come up with my payment before then.

Any advice would be appreciated. I know to have an emergency fund after I settle this. Please don’t lecture me about that right now.

Thanks!

Re: Great Lakes missed payment.

dragontears — Sat, 26 Oct 2019 21:04:10 GMT

Call them and ask for a forbarence?
You can't rehab unless you are really delinquent

Re: Great Lakes missed payment.

Anonymous — Sat, 26 Oct 2019 21:40:44 GMT

Tried that. Will have to do so on Monday as they are closed on Saturday’s.

Re: Great Lakes missed payment.

calyx — Sun, 27 Oct 2019 02:04:19 GMT

+1 on calling them Monday and getting ahead of this.
If you set up a forbearance you'll be fine until you can reestablish payment.

Keep in mind that you can also attempt to set up an income based repayment plan in the future, which might help with payments/savings. I'm on an ICR and I just pay what I can, which is significant, but it also makes it easy for me to have plenty saved in the e-fund (not lecturing, just trying to help you plan ahead )

Re: Great Lakes missed payment.

Mookey67 — Sun, 27 Oct 2019 03:52:47 GMT

If they are federal loans then they don’t report negatively until 90 days past due.

Re: Great Lakes missed payment.

Anonymous — Sun, 27 Oct 2019 04:15:27 GMT

They are all federal loans.

Is there a website you got the 90 days from? I’ve never read/seen that anywhere.

That’ll be a relief. And I’ll have time to catch up before it hurts my score.

Re: Great Lakes missed payment.

Mookey67 — Sun, 27 Oct 2019 05:03:26 GMT

I use to work for a student loan servicer. Not sure how to put the link in here but here is one website that has the information. https://studentaid.ed.gov/sa/repay-loans/default. Also if you do a google search more options will come up that has that info also

Re: Great Lakes missed payment.

Mookey67 — Sun, 27 Oct 2019 05:04:10 GMT

Sorry I guess the link does work. Lol

Re: Great Lakes missed payment.

Anonymous — Sun, 27 Oct 2019 05:12:49 GMT

Thank you very much for your help! I’m in the middle of a rebuild and didn’t want this to ruin all my progress.

Re: Great Lakes missed payment.

calyx — Sun, 27 Oct 2019 14:46:15 GMT

Many student loan servicers don't bother reporting until they're 60-90days late, so that's definitely working in your favor.
Rehab isn't available until you're into default, which is at 270d.

Great Lakes is one of the better servicers, so you have less to worry about there

Re: Great Lakes missed payment.

Anonymous — Sat, 02 Nov 2019 14:10:51 GMT

I’m in forbearance and will on an irc I. Two months time. Just wanted to update you all. Thanks for the advice and letting me freak out here, lol

Re: Great Lakes missed payment.

Anonymous — Tue, 05 Nov 2019 16:23:47 GMT

I agree with Calyx, you seem like a good candidate for the income-driven repayment plan. The best part is that your payment can either be in your lowest paycheck within the last 90 days or the period when you were unemployed (don't use the IRS account link) which should bring your payments to as low as $0/ month. This gets locked in for 1 year. On REPAYE, it will cover 100% if the interest not paid by your monthly payments for your loans.
If you don't want to stay on the plan, you can always go back to another one or don't resubmit your income and it will revert to the standard repayment plan.
In contrast, deferment will allow the interest to accrue and the account will not show up as a good payment on your credit report (it's blank).
Hope this helps.

Re: Great Lakes missed payment.

Mookey67 — Tue, 05 Nov 2019 19:47:22 GMT

I’m glad it worked out for you. 😊Also here is a great website that explains some of repayment options you may be able to apply for. https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven/questions. It may be a good read for you which explains interest capitalization and the government only paying interest for only so long and a certain amount on some repayment plans. I find that it is best to read for oneself because I do tend to see some information being left out and that goes for all servicers across the board unless you get rep that is very well versed. It may sound great initially but then you end up with a surprise later. Such as the you will receive a tax bill on the forgiven amount. Hope this helps