Great Lakes missed payment.

[Anonymous]

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!

[dragontears]

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

[Anonymous]

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

[calyx]

+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 )

[Mookey67]

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

[Anonymous]

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.

[Mookey67]

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

[Mookey67]

Sorry I guess the link does work. Lol

[Anonymous]

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.

[calyx]

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