October 10, [redacted] ** [redacted] Complaint ID: [redacted] Great Lakes ID: [redacted] Dear Mr [redacted] : Thank you for contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his concerns in regard to the interest that has accrued on his Stafford loans since disbursement Our records confirm that Mr***’s Stafford loans transferred to Great Lakes for servicing on June 12, As of this date, the total principal balance of Mr ***’s Stafford loans was $17,and his accrued interest was $2, Upon receipt of Mr***’s complaint, we thoroughly audited the information provided to us by his previous servicers to ensure there were no errors that would result in a miscalculation of interest for his loansOur review concluded that the accrued interest for Mr***’s Stafford loans is accurate For his convenience, we have enclosed Mr***’s previous servicer’s payment histories, which detail the application of any payments received for his Stafford loans prior to their transfer to Great LakesMr [redacted] may want to specifically reference the column labeled “INT BAL AFTER TRAN” which is providing him with the total outstanding interest amount after each transaction Mr ***’s accounts are simple interest loans, meaning interest accrues daily based upon the outstanding principal balanceThe daily interest calculation used is: Unpaid Principal Balance x Interest Rate x Number of Days at that Balance Divided by or (Days in a Year) As of today, Mr***’s Stafford loan balance is $17,493.76, of which $17, is principal and $is interestAs a simple interest loan, interest is accruing at approximately $per day I hope the information provided is helpful to Mr***If he has any questions or concerns he may contact our Borrower Services Department at ###-###-####, [redacted] , or the address below: [redacted] Sincerely, [redacted] Great Lakes Educational Loan Services Inc
It's interesting that Great Lakes claims they have nothing to do with this loan, here is the online page of my account: Account Summary Serviced by GREAT LAKES Pay Online Private LoansT.H.ELOAN PROGRAM USB TRUSTEE (960529) Status: Repayment Account Balance: $9,149.37Past Due: $74.43Amount Due: $149.39Due Date:10/28/2014View Account Details -------------------------------------------------------------------------------- As you can see, it says "serviced by Great Lakes" I am dealing with THE as well, they lied and said they would lower payments but have notI think outside of my investigation, both of these companies should be looked at closely for deceptive business practicesSomething is off
October 22,
*** ***
*** *** *** ***
*** *** *** ** ***
*** * *** *** ***
*** ** ***
Complaint ID: ***
Great Lakes ID: ***
Dear
Mr***:
Thank
you for contacting us on behalf of Mr*** *** and his son, *** ***,
and for providing us the opportunity to address their additional concerns in
regard to the application of payments since Great Lakes began servicing ***
***’s account
While
an account is in repayment, payments less than or equal to the scheduled
monthly payment amount are credited as of the date they are received and are
automatically applied first to any late fees, next to the interest that has
accrued as of that date, then pro-rated across the principal of the loans
(provided all accrued interest is paid)
The
interest rate for ***’s Stafford loans is currently 6.55%, which includes an
interest rate reduction of .25% for being enrolled in Auto PayBased on his
interest rate and principal balance of $17,247.86, ***’s account is accruing
approximately $in interest each dayOver a period of days, ***’s
account accrues approximately $in interestThe calculation used to
determine this amount is as follows:
$17,(Unpaid
Principal Balance) x (Interest Rate) x Days
Divided by
(Days in a Year)
Great
Lakes has received payments in the amount of $each since we began
servicing ***’s Stafford loan accountPayments can only be applied toward the
principal balance once all accrued interest has been paidMr***’s payments
were applied solely to interest for this reasonThe amount of interest
remaining after each payment was applied is as follows:
Payment
Date
Payment
Amount
Remaining
Interest
Token
Token
Token
Token
07/22/
$
$
$
$
$
08/22/
$
$
$
$
$
09/22/
$
$
$
$
$
10/22/
$
$
$
$
$
11/22/
$
$
$
$
$
12/22/
$
$
$
$
$
01/22/
$
$
$
$
$
02/22/
$
$
$
$
$
03/22/
$
$
$
$
$
04/22/
$
$
$
$
$
05/22/
$
$
$
$
$
06/22/
$
$
$
$
$
07/22/
$
$
$
$
$
08/22/
$
$
$
$
$
09/22/
$
$
$
$
$
Great
Lakes provides borrowers with Monthly Billing Statements, which display the
total payment amounts applied to principal and interest since the last
statementIn addition, these statements list the principal and accrued
interest balances as of the statement date*** may obtain copies of his
last Monthly Billing Statements at our website, mygreatlakes.org
***
may also view his total outstanding interest balance and the last months of
his payment history at our websiteThe outstanding interest balance and
payment history are listed within the account detailsA full payment history
can be provided to *** upon requestAccording to our records, full payment
histories were emailed to the email address listed for ***’s account on
September 26, and October 16,
If
Mr*** or his son have specific questions in regard to the application of
payments prior to June 12, 2013, the date Great Lakes began servicing ***’s
account, they may contact us via the contact information provided below
Unfortunately, we are unable to speak to how the prior servicer may have communicated
the outstanding interest balance
Mr*** or his son may
contact our Borrower Services Department at ###-###-####, or by email at *** if they have additional questions or concerns
Sincerely,
*** ***
*** *** *** ***
Great
Lakes Educational Loan Services Inc
[A
default letter is provided here which indicates your acceptance of the
business's response. If you wish, you may update it before sending it.]
RevDex.com:
I have reviewed the response made by
the business in reference to complaint ID ***, and find that this
resolution is satisfactory to me.
It
was in our best interest to make sure the payments my son was making was
applied correctlyI have had many payment errors made by multiple financial
institutions in the past and I would not have found them without having
reviewed a breakdown of the paymentsThis is the information I was originally
looking forI will review this info with my son and respond accordingly if we
feel a further explanation is need
There
are a few items that need to be stated here
1]
In the final reply Ms*** stated 'additional concerns'That is incorrect
It was what I asked for from the beginningI was clear in what I was asking
for over the multiple calls to their service deptSo between the incompetence
on the phone and the run-around, they made getting this information a
frustrating effort on my part and wasted a substantial amount of time
2]
When it takes this much effort to get this information, it is conventional
wisdom to assume they are trying to hide somethingWhether or not that is the
case, the perception is what should matter when it comes to customer serviceI
wonder if the owner of the company or the Board of Directors would appreciate
that they are being represented in this fashion
3]
The info at the bottom of the letter states that info was online for us to
viewSince I could not find it, I did what any reasonable person would do and
called to see if I was missing itWell, as it turns out, it is not there for
us to viewI have called multiple times to get this info and only to confirm
that this information is not available to us onlineAs a borrower, this info
should be available to us to accessWhere are the consumer watchdogs who keep
companies like this in check?
4]
I have never asked for info on what the former servicer [The Deptof Ed] did
and I made that clear multiple timeHowever, by it being stated in her last
reply only shows me that they still don't fully understand my original
requestThey either did a poor job documenting the info or just failed to
thoroughly review the notes on this issue
5]
As for the offer to call the Borrower Service Department...or as I sadly refer
to it as their BS Dept...I did just that and went absolutely nowhereWhy else
would I be forced to go to the Revdex.com for assistance? After doing some initial
research online prior to me contacting the Revdex.com, I noticed that there are
NUMEROUS complaints about how this company does businessThere are many others
out there who have been down this pathThe Attorney General should put some
pressure on them to improve their business modelThe student debt in this
country is a big enough problem in itselfBorrowers should not be bullied by
the companies who service these loans when we request informationESPECIALLY,
when all payments were made in full and on time and an excellent payment
history has been established
In
closing, thank you, Revdex.com, for your assistance with thisIf this info is made
public, please remove all my personal info, including names and numbers
Regards,
***
***
October 2,
*** ***
*** *** *** ***
*** *** *** ** ***
*** * *** *** ***
*** ** ***
Complaint ID: ***
Great Lakes ID: ***
Dear
Mr***:
Thank
you for contacting us on behalf of Ms*** *** and for providing us the
opportunity to address her additional concerns in regard to the correspondence
she received from Ms*** ***
Since
Ms***’s complaint is regarding her private student loan, Great Lakes is
unable to assist in reducing her monthly payments; only Ms***’s lender,
T.H.ELoan Program USB Trustee (T.H.E.) can approve such requestsTherefore, as
noted in our prior responses, Ms*** will need to continue to work with T.H.E
and Ms*** directly regarding her request for lower payments. Ms*** can be reached at ###-###-####,
or by email at ***
Unless
Ms*** is able to provide new and substantiated information, Great Lakes
will no longer respond to future inquiries of this same nature
If
Ms*** has any questions or concerns outside of this issue she may contact
our Borrower Services Department at ###-###-####, ***,
or the address below:
*** ***
** *** ***
*** ** ***
Sincerely,
*** ***
*** *** *** ***
Great
Lakes Educational Loan Services Inc
Complaint ID: [redacted]
Great Lakes ID: [redacted]
Dear
Mr....
[redacted]:
Thank
you for contacting us on behalf of Mr. [redacted] and for providing us the
opportunity to address his concerns in regard to the interest that has accrued
on his Stafford loans since disbursement.
Our
records confirm that Mr. [redacted]’s Stafford loans transferred to Great Lakes for
servicing on June 12, 2013. As of this date, the total principal balance of Mr.
[redacted]’s Stafford loans was $17,247.86 and his accrued interest was $2,251.99.
Upon
receipt of Mr. [redacted]’s complaint, we thoroughly audited the information
provided to us by his previous servicers to ensure there were no errors that
would result in a miscalculation of interest for his loans. Our review
concluded that the accrued interest for Mr. [redacted]’s Stafford loans is accurate.
For
his convenience, we have enclosed Mr. [redacted]’s previous servicer’s payment
histories, which detail the application of any payments received for his
Stafford loans prior to their transfer to Great Lakes. Mr. [redacted] may want to
specifically reference the column labeled “INT BAL AFTER TRAN” which is
providing him with the total outstanding interest amount after each
transaction.
Mr.
[redacted]’s accounts are simple interest loans, meaning interest accrues daily
based upon the outstanding principal balance. The daily interest calculation
used is:
Unpaid Principal
Balance x Interest Rate x Number of Days at that Balance
Divided by
365 or 366 (Days in a
Year)
As
of today, Mr. [redacted]’s Stafford loan balance is $17,493.76, of which $17,247.86
is principal and $245.90 is interest. As a simple interest loan, interest is
accruing at approximately $3.10 per day.
I hope the
information provided is helpful to Mr. [redacted]. If he has any questions or concerns
he may contact our Borrower Services Department at ###-###-####, [redacted], or the address below:
[redacted]
Sincerely,
[redacted]Great
Lakes Educational Loan Services Inc.
Thank
you for contacting us on behalf of Ms. [redacted] and for providing us the
opportunity to address her concern in regards to lowering her monthly payment
for her private student loan.
Our
records confirm a payment of $26,000 was received from Mr. [redacted], the
prior cosigner on Ms. [redacted]’s private loans, and applied to her account on October
16, 2013. The remaining principal balance after this payment was applied was
$8,953.99.
In
March 2014, Ms. [redacted]’s lender, T.H.E. Loan Program USB Trustee (T.H.E.),
approved the release of Mr. [redacted] from his cosigner obligation. As of April
23, 2014, Mr. [redacted] was no longer listed on Ms. [redacted]’s private loans. In
addition to removing Mr. [redacted] from Ms. [redacted]’s private loans, T.H.E. requested
that Great Lakes recalculate her monthly payment amount based on the large
payment that was received on October 16, 2013. Because of this request, Ms.
[redacted]’s monthly payments were reduced to $74.64, and a new payment schedule
was mailed to her on April 27, 2014.
In
May 2014, Ms. [redacted] requested a forbearance to suspend payments, which was
granted and applied to her account for the period of May 7, 2014 through June 6,
2014. Monthly payments resumed on July 28, 2014, in the amount of $74.96.
T.H.E.
offers their private loan borrowers an alternative repayment plan, called the
Hardship Payment Program (HPP), which is for borrowers who are unable to afford
their monthly payments. The HPP is administered by T.H.E., so the eligibility
requirements are determined by T.H.E.
To
qualify for the HPP borrowers must complete an application and provide
financial information and supporting documentation. An HPP application was
emailed, by Great Lakes, to Ms. [redacted] on September 4, 2014. On September 16, 2014, Great Lakes received
Ms. [redacted]’s HPP application and forwarded it to T.H.E. for review. It is possible that Ms. [redacted]’s request will
be denied by T.H.E.; however, if approved, Ms. [redacted] will receive a new
Payment Schedule and Disclosure (PSD) statement by mail detailing her lower
monthly payment amount. Ms. [redacted] is responsible for her current monthly
payments of $74.96 until her request is approved.
If
Ms. [redacted] has additional concerns regarding the HPP, her eligibility, or her
ability to lower her monthly payments, she needs to contact T.H.E. directly at
###-###-####.
I
apologize for the frustration Ms. [redacted] has experienced and hope she is able
to work with her lender to obtain an affordable payment amount. If she has any
questions or concerns outside of this issue she may contact our Borrower
Services Department at ###-###-####, [email protected], or the
address below:
Great Lakes
PO Box 7860
Madison, WI 53707
Sincerely,
[redacted]
[redacted]
Great
Lakes Educational Loan Services Inc.
It's interesting that Great Lakes claims they have nothing to do with this loan, here is the online page of my account:
Account Summary
Serviced by GREAT LAKES
Pay Online
Private LoansT.H.E. LOAN PROGRAM USB TRUSTEE (960529)
Status: Repayment
Account Balance: $9,149.37Past Due: $74.43Amount Due: $149.39Due Date:10/28/2014View Account Details --------------------------------------------------------------------------------...⇄ />
As you can see, it says "serviced by Great Lakes"
I am dealing with THE as well, they lied and said they would lower payments but have not. I think outside of my investigation, both of these companies should be looked at closely for deceptive business practices. Something is off.
October 10, [redacted] ** [redacted] Complaint ID: [redacted] Great Lakes ID: [redacted] Dear Mr [redacted] : Thank you for contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his concerns in regard to the interest that has accrued on his Stafford loans since disbursement Our records confirm that Mr***’s Stafford loans transferred to Great Lakes for servicing on June 12, As of this date, the total principal balance of Mr ***’s Stafford loans was $17,and his accrued interest was $2, Upon receipt of Mr***’s complaint, we thoroughly audited the information provided to us by his previous servicers to ensure there were no errors that would result in a miscalculation of interest for his loansOur review concluded that the accrued interest for Mr***’s Stafford loans is accurate For his convenience, we have enclosed Mr***’s previous servicer’s payment histories, which detail the application of any payments received for his Stafford loans prior to their transfer to Great LakesMr [redacted] may want to specifically reference the column labeled “INT BAL AFTER TRAN” which is providing him with the total outstanding interest amount after each transaction Mr ***’s accounts are simple interest loans, meaning interest accrues daily based upon the outstanding principal balanceThe daily interest calculation used is: Unpaid Principal Balance x Interest Rate x Number of Days at that Balance Divided by or (Days in a Year) As of today, Mr***’s Stafford loan balance is $17,493.76, of which $17, is principal and $is interestAs a simple interest loan, interest is accruing at approximately $per day I hope the information provided is helpful to Mr***If he has any questions or concerns he may contact our Borrower Services Department at ###-###-####, [redacted] , or the address below: [redacted] Sincerely, [redacted] Great Lakes Educational Loan Services Inc
It's interesting that Great Lakes claims they have nothing to do with this loan, here is the online page of my account: Account Summary Serviced by GREAT LAKES Pay Online Private LoansT.H.ELOAN PROGRAM USB TRUSTEE (960529) Status: Repayment Account Balance: $9,149.37Past Due: $74.43Amount Due: $149.39Due Date:10/28/2014View Account Details -------------------------------------------------------------------------------- As you can see, it says "serviced by Great Lakes" I am dealing with THE as well, they lied and said they would lower payments but have notI think outside of my investigation, both of these companies should be looked at closely for deceptive business practicesSomething is off
October 22,
*** ***
*** *** *** ***
*** *** *** ** ***
*** * *** *** ***
*** ** ***
Complaint ID: ***
Great Lakes ID: ***
Dear
Mr***:
Thank
you for contacting us on behalf of Mr*** *** and his son, *** ***,
and for providing us the opportunity to address their additional concerns in
regard to the application of payments since Great Lakes began servicing ***
***’s account
While
an account is in repayment, payments less than or equal to the scheduled
monthly payment amount are credited as of the date they are received and are
automatically applied first to any late fees, next to the interest that has
accrued as of that date, then pro-rated across the principal of the loans
(provided all accrued interest is paid)
The
interest rate for ***’s Stafford loans is currently 6.55%, which includes an
interest rate reduction of .25% for being enrolled in Auto PayBased on his
interest rate and principal balance of $17,247.86, ***’s account is accruing
approximately $in interest each dayOver a period of days, ***’s
account accrues approximately $in interestThe calculation used to
determine this amount is as follows:
$17,(Unpaid
Principal Balance) x (Interest Rate) x Days
Divided by
(Days in a Year)
Great
Lakes has received payments in the amount of $each since we began
servicing ***’s Stafford loan accountPayments can only be applied toward the
principal balance once all accrued interest has been paidMr***’s payments
were applied solely to interest for this reasonThe amount of interest
remaining after each payment was applied is as follows:
Payment
Date
Payment
Amount
Remaining
Interest
Token
Token
Token
Token
07/22/
$
$
$
$
$
08/22/
$
$
$
$
$
09/22/
$
$
$
$
$
10/22/
$
$
$
$
$
11/22/
$
$
$
$
$
12/22/
$
$
$
$
$
01/22/
$
$
$
$
$
02/22/
$
$
$
$
$
03/22/
$
$
$
$
$
04/22/
$
$
$
$
$
05/22/
$
$
$
$
$
06/22/
$
$
$
$
$
07/22/
$
$
$
$
$
08/22/
$
$
$
$
$
09/22/
$
$
$
$
$
Great
Lakes provides borrowers with Monthly Billing Statements, which display the
total payment amounts applied to principal and interest since the last
statementIn addition, these statements list the principal and accrued
interest balances as of the statement date*** may obtain copies of his
last Monthly Billing Statements at our website, mygreatlakes.org
***
may also view his total outstanding interest balance and the last months of
his payment history at our websiteThe outstanding interest balance and
payment history are listed within the account detailsA full payment history
can be provided to *** upon requestAccording to our records, full payment
histories were emailed to the email address listed for ***’s account on
September 26, and October 16,
If
Mr*** or his son have specific questions in regard to the application of
payments prior to June 12, 2013, the date Great Lakes began servicing ***’s
account, they may contact us via the contact information provided below
Unfortunately, we are unable to speak to how the prior servicer may have communicated
the outstanding interest balance
Mr*** or his son may
contact our Borrower Services Department at ###-###-####, or by email at *** if they have additional questions or concerns
Sincerely,
*** ***
*** *** *** ***
Great
Lakes Educational Loan Services Inc
[A
default letter is provided here which indicates your acceptance of the
business's response. If you wish, you may update it before sending it.]
RevDex.com:
I have reviewed the response made by
the business in reference to complaint ID ***, and find that this
resolution is satisfactory to me.
It
was in our best interest to make sure the payments my son was making was
applied correctlyI have had many payment errors made by multiple financial
institutions in the past and I would not have found them without having
reviewed a breakdown of the paymentsThis is the information I was originally
looking forI will review this info with my son and respond accordingly if we
feel a further explanation is need
There
are a few items that need to be stated here
1]
In the final reply Ms*** stated 'additional concerns'That is incorrect
It was what I asked for from the beginningI was clear in what I was asking
for over the multiple calls to their service deptSo between the incompetence
on the phone and the run-around, they made getting this information a
frustrating effort on my part and wasted a substantial amount of time
2]
When it takes this much effort to get this information, it is conventional
wisdom to assume they are trying to hide somethingWhether or not that is the
case, the perception is what should matter when it comes to customer serviceI
wonder if the owner of the company or the Board of Directors would appreciate
that they are being represented in this fashion
3]
The info at the bottom of the letter states that info was online for us to
viewSince I could not find it, I did what any reasonable person would do and
called to see if I was missing itWell, as it turns out, it is not there for
us to viewI have called multiple times to get this info and only to confirm
that this information is not available to us onlineAs a borrower, this info
should be available to us to accessWhere are the consumer watchdogs who keep
companies like this in check?
4]
I have never asked for info on what the former servicer [The Deptof Ed] did
and I made that clear multiple timeHowever, by it being stated in her last
reply only shows me that they still don't fully understand my original
requestThey either did a poor job documenting the info or just failed to
thoroughly review the notes on this issue
5]
As for the offer to call the Borrower Service Department...or as I sadly refer
to it as their BS Dept...I did just that and went absolutely nowhereWhy else
would I be forced to go to the Revdex.com for assistance? After doing some initial
research online prior to me contacting the Revdex.com, I noticed that there are
NUMEROUS complaints about how this company does businessThere are many others
out there who have been down this pathThe Attorney General should put some
pressure on them to improve their business modelThe student debt in this
country is a big enough problem in itselfBorrowers should not be bullied by
the companies who service these loans when we request informationESPECIALLY,
when all payments were made in full and on time and an excellent payment
history has been established
In
closing, thank you, Revdex.com, for your assistance with thisIf this info is made
public, please remove all my personal info, including names and numbers
Regards,
***
***
October 2,
*** ***
*** *** *** ***
*** *** *** ** ***
*** * *** *** ***
*** ** ***
Complaint ID: ***
Great Lakes ID: ***
Dear
Mr***:
Thank
you for contacting us on behalf of Ms*** *** and for providing us the
opportunity to address her additional concerns in regard to the correspondence
she received from Ms*** ***
Since
Ms***’s complaint is regarding her private student loan, Great Lakes is
unable to assist in reducing her monthly payments; only Ms***’s lender,
T.H.ELoan Program USB Trustee (T.H.E.) can approve such requestsTherefore, as
noted in our prior responses, Ms*** will need to continue to work with T.H.E
and Ms*** directly regarding her request for lower payments. Ms*** can be reached at ###-###-####,
or by email at ***
Unless
Ms*** is able to provide new and substantiated information, Great Lakes
will no longer respond to future inquiries of this same nature
If
Ms*** has any questions or concerns outside of this issue she may contact
our Borrower Services Department at ###-###-####, ***,
or the address below:
*** ***
** *** ***
*** ** ***
Sincerely,
*** ***
*** *** *** ***
Great
Lakes Educational Loan Services Inc
October 10, 2014
[redacted]
Complaint ID: [redacted]
Great Lakes ID: [redacted]
Dear
Mr....
[redacted]:
Thank
you for contacting us on behalf of Mr. [redacted] and for providing us the
opportunity to address his concerns in regard to the interest that has accrued
on his Stafford loans since disbursement.
Our
records confirm that Mr. [redacted]’s Stafford loans transferred to Great Lakes for
servicing on June 12, 2013. As of this date, the total principal balance of Mr.
[redacted]’s Stafford loans was $17,247.86 and his accrued interest was $2,251.99.
Upon
receipt of Mr. [redacted]’s complaint, we thoroughly audited the information
provided to us by his previous servicers to ensure there were no errors that
would result in a miscalculation of interest for his loans. Our review
concluded that the accrued interest for Mr. [redacted]’s Stafford loans is accurate.
For
his convenience, we have enclosed Mr. [redacted]’s previous servicer’s payment
histories, which detail the application of any payments received for his
Stafford loans prior to their transfer to Great Lakes. Mr. [redacted] may want to
specifically reference the column labeled “INT BAL AFTER TRAN” which is
providing him with the total outstanding interest amount after each
transaction.
Mr.
[redacted]’s accounts are simple interest loans, meaning interest accrues daily
based upon the outstanding principal balance. The daily interest calculation
used is:
Unpaid Principal
Balance x Interest Rate x Number of Days at that Balance
Divided by
365 or 366 (Days in a
Year)
As
of today, Mr. [redacted]’s Stafford loan balance is $17,493.76, of which $17,247.86
is principal and $245.90 is interest. As a simple interest loan, interest is
accruing at approximately $3.10 per day.
I hope the
information provided is helpful to Mr. [redacted]. If he has any questions or concerns
he may contact our Borrower Services Department at ###-###-####, [redacted], or the address below:
[redacted]
Sincerely,
[redacted]Great
Lakes Educational Loan Services Inc.
September 25, 2014
[redacted]
[redacted]
[redacted]
[redacted] [redacted]
[redacted] [redacted]
Complaint ID: [redacted]
Great Lakes...
ID: [redacted]
Dear
Mr. [redacted]:
Thank
you for contacting us on behalf of Ms. [redacted] and for providing us the
opportunity to address her concern in regards to lowering her monthly payment
for her private student loan.
Our
records confirm a payment of $26,000 was received from Mr. [redacted], the
prior cosigner on Ms. [redacted]’s private loans, and applied to her account on October
16, 2013. The remaining principal balance after this payment was applied was
$8,953.99.
In
March 2014, Ms. [redacted]’s lender, T.H.E. Loan Program USB Trustee (T.H.E.),
approved the release of Mr. [redacted] from his cosigner obligation. As of April
23, 2014, Mr. [redacted] was no longer listed on Ms. [redacted]’s private loans. In
addition to removing Mr. [redacted] from Ms. [redacted]’s private loans, T.H.E. requested
that Great Lakes recalculate her monthly payment amount based on the large
payment that was received on October 16, 2013. Because of this request, Ms.
[redacted]’s monthly payments were reduced to $74.64, and a new payment schedule
was mailed to her on April 27, 2014.
In
May 2014, Ms. [redacted] requested a forbearance to suspend payments, which was
granted and applied to her account for the period of May 7, 2014 through June 6,
2014. Monthly payments resumed on July 28, 2014, in the amount of $74.96.
T.H.E.
offers their private loan borrowers an alternative repayment plan, called the
Hardship Payment Program (HPP), which is for borrowers who are unable to afford
their monthly payments. The HPP is administered by T.H.E., so the eligibility
requirements are determined by T.H.E.
To
qualify for the HPP borrowers must complete an application and provide
financial information and supporting documentation. An HPP application was
emailed, by Great Lakes, to Ms. [redacted] on September 4, 2014. On September 16, 2014, Great Lakes received
Ms. [redacted]’s HPP application and forwarded it to T.H.E. for review. It is possible that Ms. [redacted]’s request will
be denied by T.H.E.; however, if approved, Ms. [redacted] will receive a new
Payment Schedule and Disclosure (PSD) statement by mail detailing her lower
monthly payment amount. Ms. [redacted] is responsible for her current monthly
payments of $74.96 until her request is approved.
If
Ms. [redacted] has additional concerns regarding the HPP, her eligibility, or her
ability to lower her monthly payments, she needs to contact T.H.E. directly at
###-###-####.
I
apologize for the frustration Ms. [redacted] has experienced and hope she is able
to work with her lender to obtain an affordable payment amount. If she has any
questions or concerns outside of this issue she may contact our Borrower
Services Department at ###-###-####, [email protected], or the
address below:
Great Lakes
PO Box 7860
Madison, WI 53707
Sincerely,
[redacted]
[redacted]
Great
Lakes Educational Loan Services Inc.
It's interesting that Great Lakes claims they have nothing to do with this loan, here is the online page of my account:
Account Summary
Serviced by GREAT LAKES
Pay Online
Private LoansT.H.E. LOAN PROGRAM USB TRUSTEE (960529)
Status: Repayment
Account Balance: $9,149.37Past Due: $74.43Amount Due: $149.39Due Date:10/28/2014View Account Details
--------------------------------------------------------------------------------...⇄ /> As you can see, it says "serviced by Great Lakes"
I am dealing with THE as well, they lied and said they would lower payments but have not. I think outside of my investigation, both of these companies should be looked at closely for deceptive business practices. Something is off.