Auto Authorization Form PDF Details

The complexities of managing student loan repayments are addressed comprehensively with the Great Lakes Auto Pay Authorization Form, a valuable tool for individuals seeking a streamlined and automated payment solution. This form facilitates the authorization of electronic funds transfers directly from a borrower's bank account—either checking or savings—to their designated loan accounts, ensuring timely payments and potentially aiding in better financial planning and budget management. The instructions are clear: fill out the form with required information, attach a voided check or savings account deposit slip, and mail it to the specified address. The terms and conditions highlight key aspects such as the necessity for the bank account to be U.S.-based, the borrower's responsibility for manual payments until Auto Pay setup is confirmed, and how changes in withdrawal amounts are communicated. Importantly, the form also outlines the conditions under which borrowers can discontinue Auto Pay, emphasizing the need for timely communication with Great Lakes to avoid missed payments. By offering options to apply additional payments across loans and detailing how payments made shortly after loan disbursement are handled, the form serves as a significant aid for those managing student loans, ensuring they have the opportunity to make informed decisions about their repayments and potentially reduce the overall financial burden of their education.

QuestionAnswer
Form NameAuto Authorization Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesauto body authorization form, auto pay authorization form, auto pay authorization, autopay authorization form

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Auto Pay Authorization

For fastest processing, apply for Auto Pay online at mygreatlakes.org/go/autopay. Otherwise, follow these instructions to apply.

Remember to attach a voided check or savings

account deposit slip to this form.

1.Complete the Authorization Form – all information is required.

2.Attach a voided check from your checking account. If you want to use your savings account, please include a deposit slip for your account showing the account number and the financial institution’s routing number. Your bank account must be U.S. based.

3.Return the form to:

Great Lakes

PO Box 7860

Madison WI 53707-7860

AUTO PAY TERMS AND CONDITIONS

USING THE SERVICE

When you enroll in Auto Pay, you authorize Great Lakes to initiate electronic funds transfers from the checking or savings account you designate. If you have payments due on any of your loans, you are responsible for manually paying your scheduled monthly payments until you are notified that your Auto Pay request has been processed.

Great Lakes will not be able to process withdrawals for you through Auto Pay if the checking or savings account you designate does not have sufficient funds available. If this occurs, you remain obligated to make timely payments on loan accounts that have payments due.

If the amount of your withdrawal changes, we will notify you at least 10 days before the withdrawal date. We will provide you with the date the withdrawal will change and the new amount.

You can stop all further withdrawals through Auto Pay by notifying Great Lakes not less than three (3) business days prior to the date of any withdrawal. Your request will stop the next withdrawal and all subsequent withdrawals through Auto Pay. If any of your loans have payments due, you are responsible for making all scheduled monthly payments after you discontinue Auto Pay.

LIMITATION OF LIABILITY

Great Lakes shall not be liable in its performance of Auto Pay except for its gross or willful negligence or intentional misconduct in providing the Service. In no event shall Great Lakes be liable for exemplary, special or consequential damages arising or resulting from Auto Pay.

2289 (08/12)

Great Lakes Auto Pay Authorization Form

All information is required.

Please print the following information:

 

 

 

BORROWER NAME

EMAIL ADDRESS

 

 

GREAT LAKES ID

 

 

 

Please select the appropriate options:

Loan Accounts With Payments Currently Due

Take only the scheduled monthly payments as detailed on the payment schedules.

Take the scheduled monthly payments as detailed on the payment schedules or total amount of $______________.

Any additional amount will be applied across all of your accounts. If you want to specify an additional amount per account, apply for Auto Pay on mygreatlakes.org instead of using this authorization form.

Loan Accounts That Currently Do Not Have Payments Due

Take $______________ on the __________ day of the month (date must be between 1st and 28th).

There is a minimum withdrawal of $5.00 per account. If you have multiple accounts, the amount will be applied across all of your accounts. If you want to specify an amount per account, apply for Auto Pay on mygreatlakes.org instead of using this

authorization form.

Apply Payments Made Within 120 Days of a Disbursement

Payments made within 120 days of your loan disbursement are generally treated as refunds. This directly reduces the amount of money you borrowed (principal) and recalculates any existing accrued interest based on the reduced principal. It also reduces your overall accrued interest – saving you the most money in the long run.

By selecting Apply as Payment, payments are applied first to any accrued interest, then to your principal balance. Making early payments helps you keep up with your accrued interest so it isn’t capitalized; however, you won’t benefit from the reduced principal balance that refunds provide.

Apply as Refund

Apply as Payment

 

 

Please review this statement, then sign and date the form:

I hereby authorize Great Lakes to initiate electronic funds transfers from the checking or savings account designated on the attached voided check or deposit slip, for the purpose of making payments on all the serviced student loan accounts with payments due and any specified serviced student loan accounts without payments due under the Great Lakes ID listed above. For accounts with payments due, the amount of the scheduled monthly payments is detailed on the payment schedules.

I acknowledge my acceptance of the terms and conditions listed above.

SIGNATURE

DATE

Copy for Records – Keep a copy of the form for your records.

2289 (08/12)

How to Edit Auto Authorization Form Online for Free

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Step 1: Just hit the "Get Form Button" in the top section of this site to open our pdf editing tool. Here you will find everything that is needed to work with your document.

Step 2: After you start the online editor, you will find the document made ready to be filled in. Other than filling out different fields, you may as well do other actions with the file, including putting on your own textual content, editing the original textual content, inserting images, putting your signature on the document, and much more.

For you to finalize this document, make sure that you enter the right details in each field:

1. The auto pay authorization form requires particular details to be entered. Make sure the subsequent blanks are filled out:

auto part list form conclusion process outlined (stage 1)

2. Your next part is usually to fill in the following blank fields: Please print the following, BORROWER NAME, GREAT LAKES ID, Please select the appropriate, EMAIL ADDRESS, Loan Accounts With Payments, Any additional amount will be, Loan Accounts That Currently Do, There is a minimum withdrawal of , and Apply Payments Made Within Days.

The best ways to prepare auto part list form part 2

3. This next segment is mostly about By selecting Apply as Payment, Apply as Payment, Please review this statement then, I hereby authorize Great Lakes to, I acknowledge my acceptance of the, SIGNATURE, DATE, and Copy for Records Keep a copy of - type in each of these blank fields.

Filling out section 3 in auto part list form

You can certainly make a mistake while filling out your By selecting Apply as Payment, so you'll want to look again before you finalize the form.

Step 3: Prior to getting to the next step, make sure that form fields are filled in right. As soon as you think it is all good, press “Done." After starting a7-day free trial account with us, it will be possible to download auto pay authorization form or send it through email immediately. The PDF file will also be accessible from your personal cabinet with all your adjustments. At FormsPal, we do our utmost to make sure that all of your information is kept protected.

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