June 8, [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 regarding the federal Stafford student loan we currently service for the U.SDepartment of Education (ED), which she asserts was fraudulently obtained Upon receiving Ms [redacted] ’s complaint, we reviewed our records which confirmed that we were the servicer of her federal Stafford loan with the U.SDepartment of Education (ED) until its default on November 6, In order to obtain a federal student loan, Ms [redacted] would have had to request and receive a federal Personal Identification Number (PIN)After receiving her PIN, Ms [redacted] would have then completed and signed a Master Promissory Note (MPN), which is typically done online using her PIN to sign the document electronicallyA key point often overlooked is the fact that any document completed using a PIN, or electronic signature, has the same legal integrity as a document bearing an ink or “wet” signature ED’s records confirm that Ms [redacted] used her PIN to confirm her identity, agreed to use an electronic MPN, and used her PIN to sign and complete her MPN electronically on November 18, We have attached Ms [redacted] ’s MPN for review, but wanted to make her aware that some identity sensitive information (Social Security Number, Date of Birth, and Driver’s License Number) was masked from the document in an effort to protect her privacy The sole loan that was disbursed under this MPN, in the amount of $444.00, occurred on February 8, and was sent to South UniversityIf Ms [redacted] is claiming that someone illegally obtained her personal information to fraudulently obtain this student loan, she needed to directly submit this fraud claim to Great Lakes On May 26, 2015, we received correspondence from Ms [redacted] asserting that this loan was fraudulently obtainedThis was interpreted as being the fraud claim she needed to submit directly to Great LakesCorrespondingly, on May 28, 2015, she was mailed a letter, which is attached for review, advising the steps necessary to initiate an identity theft investigation This letter details what needs to be completed and returned, with all requested documents, for us to begin the identity theft investigationPerhaps the most critical document for Ms [redacted] to return is a copy of an Identity Theft Report, which is an official police report, signed by an officer in which Ms [redacted] reports her identity was fraudulently used to procure this loanIf Ms [redacted] would like to continue to pursue this option and has any questions or concerns about this process, please have her contact our Borrower Services Department at the contact information listed below After receiving Ms [redacted] ’s request to adjust our prior credit reporting, we reviewed it to determine if any errors were made that would lead to inaccurate reportingAt the present time, we are unable to make any adjustments to the credit reporting done as it was determined to be accurateIt is important for Ms [redacted] to know that in order for Great Lakes to make any adjustments to our prior credit reporting and remove this loan from her credit files, it must be determined that it was fraudulently procured I hope that Ms [redacted] finds the information provided usefulIf she has any additional questions or concerns, she may contact our Borrower Services Department by phone at ###-###-####, through email at [redacted] , or by mailing: Great Lakes [redacted] Sincerely, Aimee S [redacted] Great Lakes Educational Loan Services Inc
Thank you for your follow up in conjunction with Ms [redacted] ’s original complaint and subsequent rebuttalsWithin Ms [redacted] ’s most recent rebuttal, she asserts that in December 2014, when she originally realized her loans with Great Lakes were excluded from her consolidation, she faxed Great Lakes a consolidation aform to include the aforementioned loans.Regrettably, Great Lakes has no record of the fax Ms [redacted] referencedEven though a confirmation number is provided, there are numerous reasons a fax could still failThe confirmation number Ms [redacted] was initially provided upon sending the document may confirm the opening facet of the fax process was successful, but it does not provide confirmation the document was received by Great Lakes, the intended partyFor this reason, to prevent such issues from occurring, we recommend that borrowers follow up with our Borrower Services Department after sending documents to confirm their receipt.Correspondingly, Great Lakes does not have the ability, using the confirmation number provided by the fax machine Ms [redacted] sent her consolidation aform from, to identify or determine the reason her December fax failed to be successfully transmitted and receivedPlease know that if it was possible to determine this information, as Great Lakes’ primary goal is to assist our borrowers with the repayment of their loan(s) in any way we can, we would have done everything in our ability to rectify Ms [redacted] ’s issue.Moving forward, as previously referenced, Ms [redacted] would need to perform a new consolidation to add the loans excluded from her original consolidationFor additional information on doing a new Direct Loan consolidation, she may call ###-###-#### or visit www.studentloans.gov.Should Ms [redacted] have any questions or concerns regarding the information provided, she may contact our Borrower Services Department by phone at ###-###-####, through email at [redacted] , or by mailing: [redacted] ***Sincerely, [redacted] Great Lakes Education Loan Services, Inc
Thank you for contacting us on behalf of Ms [redacted] and for providing us the opportunity to address her concern regarding the paid ahead status on her student loan account with the U.SDepartment of Education (ED), as she believes it has not been applied to her principal balance.Ms [redacted] ’s loan is a federal loanAs such, Great Lakes, as her servicer, is contractually obligated to abide by all federal guidelines set forth by ED, which is important to note because payment application is outlined within those guidelines.Ms [redacted] ’s federal loan is a simple interest loan; meaning interest accrues daily based on her interest rate and principal balanceThe calculation used to determine the amount of interest that accrues per day is as follows:Unpaid Principal Balance x Interest Rate x Number of Days at that BalanceDivided byor (Days in a Year)The federal guidelines require loan servicers to apply regular monthly payments made towards a federal loan first to any late charges (if applicable), then to accrued interest, and then the remainder, if any, is prorated and applied to the principal balance of the loans within the accountIf a payment is larger than the regular monthly payment, the overpayment is applied to the principal of the loan with the highest interest rate, assuming all outstanding accrued interest is paid.When extra payments are received they will be applied in this same mannerProvided the regular monthly payment amount has already been madePlease note that all accrued interest must first be paid prior to any payment amount being directed toward the principal balance.Making extra payments, or overpayments, generally results in a borrower’s loan being “paid ahead.” This paid ahead status does not affect how their payments are applied, which is as described above as of the date the payment is receivedInstead, it means that a borrower won’t be considered delinquent if they stop making payments until they are no longer paid aheadIt is important for Ms [redacted] to realize that she is still reducing her principal balance with the payments she is making in excess of her monthly payment, which appears to be her intentionWith this in mind, we reviewed her account and were able to confirm that her payments were applied in this mannerSo that she may confirm this information, we have attached a payment history per loan within her account.Additionally, it is equally important for Ms [redacted] to remember that even if she is paid ahead of her current payment schedule and technically not required to make a payment, interest does continue to accrue, so it is to her advantage to continue making monthly paymentsThere are no prepayment penaltiesBy making payments in addition to her monthly payment, she will reduce her principal balance fasterCorrespondingly, a lower principal balance means less interest will accrue, which will ultimately save her more money over the life of her loan.We hope the information provided resolves Ms [redacted] ’s concernIf she has additional questions or concerns, she may contact our Borrower Services Department by phone at ###-###-####, by email at [email protected], or by mail to the address below:Great LakesP.OBox 7860Madison, WI 53707Sincerely, [redacted]
[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 [redacted] , and find that this resolution is satisfactory to me Regards, [redacted]
Thank you for contacting us on behalf of Ms [redacted] and for providing us the opportunity to address her concern regarding the U.SDepartment of Education (ED) Parent PLUS loan in her husband’s name, Mr [redacted] Within her inquiry she states that this loan was discharged through Chapter bankruptcy.Unfortunately, federal student loans, such as the Parent PLUS loan referenced above, are not automatically discharged in a bankruptcyIn order to discharge a federal student loan through a bankruptcy, a borrower would need to prove undue hardship in an adversary proceeding before the bankruptcy court.To date, Great Lakes has not received this information for Ms [redacted] ’s husbandAs a result, he still bears full financial responsibility for the federal student loan disbursed in his nameHowever, if Ms [redacted] has documentation indicating that her husband’s Parent PLUS loan was discharged through their bankruptcy, we ask that she provide this information to us via the email or mailing address below, or by fax to ###-###-####.I hope that Ms [redacted] finds the information provided helpfulIf she has any questions or concerns, she may contact our Borrower Services Department by phone at ###-###-####, by email at [redacted] , or by mail to the address below:Great LakesP.OBox 7860Madison, WI 53707Sincerely, [redacted]
I think it is safe to say that Great Lakes doesn't take this seriousI don't believe them sending me a letter is going to address nor fix the problems, however, I also understand that there isn't much the Revdex.com can do, its very unfortunate that companies like Great Lakes don't take this serious and have no problem making things complicated for the consumer Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below [To assist us in bringing this matter to a close, we would like to know your view on the matter.] Regards, [redacted]
[redacted] Lead Trade Practice Consultant Revdex.com of Wisconsin W Greenfield Ave #Milwaukee WI Dear Ms [redacted] , Thank you for contacting us on behalf of [redacted] M [redacted] and for providing us the opportunity to address her concernMs [redacted] ’s concern as we understand it is her uncertainty as to her loan statusWe are happy to report that the loan servicer Performant Recovery, Incorporated, (Performant) has been in contact with Ms [redacted] and they are working directly with her toward a resolution In fact, they report that the loan rehabilitation Ms [redacted] has agreed to will be retroactive to October 28, 2015, in order to take advantage of previous payments she has made This will resolve the default status that is currently on her account As Ms [redacted] has requested, we have included her payment history for reviewWe encourage Ms [redacted] to continue working with Performant towards a positive resolutionWe again thank you for contacting us and for giving us an opportunity to be of assistanceIf additional information is required, please by all means, contact usYou can reach our office between 7:am and 4:pm Monday through Friday at ###-###-####, or by email at [redacted] Sincerely, [redacted] ***Great Lakes Higher EducationOmbudsman Specialist
June 23, [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 concern about the balance of his loan increasing even though he is not currently in school, or receiving financial aid to attend school Upon receiving Mr***’s complaint, we reviewed our records which confirmed that we are the servicer of his federal Stafford loan with the U.SDepartment of Education (ED)Additionally, our records detailed a $Stafford loan disbursement adjustment, $1,subsidized and $2,unsubsidized, that occurred May 8, This adjustment appears to be the balance increase Mr [redacted] is referring toUnfortunately, Great Lakes is not privy to the reasoning as to why this disbursement amount was changed As Mr***’s federal student loan servicer, we are responsible for providing him information about his loans and helping him meet his loan obligations once they are disbursedWe do not determine the amounts of the disbursements or how they are allocatedAdditionally, only a borrower’s school has the ability to adjust the amount of a disbursementBecause of this, Mr [redacted] will need to contact the financial aid office or the bursar’s office at his school, [redacted] University, to find out why his disbursement amount changed We encourage Mr [redacted] to begin his research by contacting their financial aid office, at (407) 628-5870, to request an accounting history/ledger to determine whether or not the amounts disbursed were accurateThe accounting history/ledger should show all financial aid his school received on his behalf, in addition to itemizing how those funds were usedIn other words, this document should provide details concerning all tuition and fees Mr***’s financial aid covered and as a result, should confirm if the amount of financial disbursed on his behalf is accurateAdditionally, even though the campus that operated Mr ***’s online program was recently sold, we did confirm that it did not close, and it is currently fully operational In the event that Mr [redacted] is unable to obtain information from his school regarding the reasoning behind his disbursement being adjusted and feels it should be refunded, or sent back to ED, the following discharge program may be applicable for students in his situation: Borrower Defense to Repayment (BDR): The BDR discharge program allows students to request debt relief if they believe they were victims of fraud or other violations of state law by the schoolPlease know that this program is applicable regardless of whether or not the student’s school is currently open or closedIf Mr [redacted] believes this discharge is applicable to his situation and would like to discuss it in greater detail, he may contact ED at (855) 279-6207, between 8am and 8pm ET, Monday through FridayHe may also review information about this discharge, or begin the application process at the following website; https://studentaid.ed.gov/sa/about/announcements/corinthian At Great Lakes, our goal is to assist our borrowers in any way that we can and I hope that Mr [redacted] finds the information provided usefulIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at (800) 236-4300, through email at [email protected], or by mailing: Great Lakes [redacted] Sincerely, Aimee S [redacted] Great Lakes Educational Loan Services Inc
Thank you for contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his concern regarding his Consolidation loan that we service for the U.SDepartment of Education (ED)Mr [redacted] ’s concern, as I understand it, is that he asserts his loan should not be in repayment at Great Lakes because it was discharged due to Total and Permanent Disability (TPD) in late 2013.Upon receiving Mr [redacted] ’s concern, we reviewed our records to verify whether or not we have received a recall request from [redacted] , ED’s TPD servicer, to transfer his loan back to them so it can be placed back into its discharged statusUnfortunately, our records did not reflect that we received the request he referenced [redacted] sent to us to recall his loanAs a result, we contacted [redacted] to confirm the date they sent the initial recall requestIn response, [redacted] advised the reason Mr [redacted] ’s loan was reinstated is because he did not return the required income documentation necessary for them to review and confirm he still met the TPD discharge’s eligibility requirementsThey also advised the following events occurred:November 17, – [redacted] sent the initial letter requesting Mr [redacted] to provide current income documentationThey stated that this same request was sent two additional times, once at the end of December, and the second at the end of January.March 24, – Mr [redacted] provided the required income documentation; however, [redacted] did not finish processing it until August 2015.July 9, – Mr [redacted] ’s loan was reinstated and transferred to Great Lakes.August 10, – [redacted] finished processing the income documentation and verified Mr [redacted] still met the TPD discharge’s eligibility requirementsSubsequently, they sent a recall request to Great Lakes.November 10, – Great Lakes contacted [redacted] to verify whether or not a recall request was previously sent and to request that it be sent again.November 11, – [redacted] sent a second recall request, which I can confirm has been received and processed by Great Lakes.Page – Complaint #10940079Unfortunately, since [redacted] uses multiple methods to send their recall requests, we were unable to identify the reason we didn’t receive the August 10, recall requestHowever, now that it has been confirmed that Mr [redacted] qualifies for the TPD discharge, his loan is in the process of transferring back to [redacted] This should be complete within the next to business daysIn the meantime, if Mr [redacted] has any questions or concerns regarding the transfer of his loan or TPD in general, he may contact [redacted] at ###-###-####, between 7am – 7pm CT, days a week, or visit www.disabilitydischarge.com.I apologize for any frustration this experience has caused Mr [redacted] , but I do hope that the information provided alleviates his concernIf he has any additional questions or concerns unrelated to TPD, prior to the transfer of his loan, he may contact our Borrower Services Department by phone at ###-###-####, through email at [email protected], or by mailing:Great Lakes [redacted] ***
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me Regards, Stephen [redacted]
Dear Ms [redacted] : Thank you for contacting us on behalf of Ms [redacted] and for providing us the opportunity to address her concerns regarding her loan that is guaranteed by Great Lakes Higher Education Guaranty Corporation (Great Lakes)Your request has been forwarded to our office for review and responseMs***’s concern as we understand it is that she had understood no payments would be taken via Administrative Wage Garnishment (AWG) We are happy to report that Great Lakes’ Collection Support Department has agreed to remove the AWG and are in the process of notifying Ms***’s employer to stop the garnishment immediatelyWe have included a copy of the letter they have sent to Ms*** We again thank you for contacting us and for giving us an opportunity to be of assistanceIf additional information is required, please by all means, contact usYou can reach our office between 7:am and 4:pm Monday through Friday at ###-###-####, or by email at [email protected] Sincerely, [redacted] ***Great Lakes Higher EducationOmbudsman Specialist
Thank you for contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his concern regarding the $payment that was automatically withdrawn via Auto Pay.Our records confirm that Mr [redacted] scheduled a payment for September 3, to satisfy the remainder of his student loanAs with all payments, including Mr***’s, it takes approximately business days for payments to process in fullAs Mr***’s payment was submitted on a Thursday, it did not finish processing until the following Tuesday, September 8, 2015, due to Monday, September 7, 2015, being a holidayThe reason the extra $payment was processed is because Mr [redacted] was enrolled in Auto Pay, our automated bill pay service, and his monthly payments were due on the 6th of every monthBecause Mr***’s payoff payment was still processing on the 6th his account was still showing a balance, which resulted in his Auto Pay withdrawing his $monthly payment September 6, 2015.Electronic payments for accounts with the U.SDepartment of Education (ED) are processed through a clearinghouse (pay.gov) on behalf of the U.STreasuryWhen the U.STreasury receives a refund request for a payment that was made electronically, it normally takes approximately weeks for them to process and return the payment to a borrower’s bank account electronicallyHowever, on September 9, 2015, we requested that ED expedite the refund process for Mr***’s $payment and expect him to receive his refund within to business days from that date.It is important for Mr [redacted] to note that once ED sends the refund to his financial institution, they will have their own procedures for determining how quickly the refund will post to his accountWe recommend that Mr [redacted] first check with his financial institution if he does not see the refund posted to his account within two weeks.I understand that the delay in the return of Mr***’s funds can be frustrating and hope he will accept our apology for the frustration this experience has causedIf he has any questions or concerns he may contact our Borrower Services Department at ###-###-####, [redacted] , or the address below: [redacted] ***
[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 [redacted] , and find that this resolution is satisfactory to me I have reviewed the response from Great Lakes dated 7/28/15; and at this time feel that I am at an impasseI do not recall submitting an application last year in August and do not know why I would have done so considering I was returning to school just a few weeks after thatI do recall having called earlier this spring as well; due to frequently receiving emails indicating I needed to submit an application for IBR though I had already done soThe website and system are confusing with the number of contradicting emails and payment schedule creations, etcHopefully the next request for resubmission of income based repayment is received at an appropriate time and this confusion can be avoided in the future Regards, [redacted]
June 12, [redacted] ** [redacted] Complaint ID: [redacted] Great Lakes ID: [redacted] Dear Mr [redacted] : Thank you for again contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his additional concerns which are, as we understand them, as follows: He is requesting $in overdraft fees refunded to him He is requesting his loan to be transferred to a different servicer Issue 1: Refund of Overdraft Fees Great Lakes is willing to review the overdraft fees Mr [redacted] stated he incurred upon receipt of any of the following types of correspondence: A copy of his bank statement showing the payment pulled by Great Lakes which caused the overdraft fee The date and the amount of the payment pulled by Great Lakes The date and the amount of the overdraft fee which he incurred His accounts balance before and after the overdraft fee was applied Please note, for Great Lakes to accept this verification of the fee assessed by Mr [redacted] ’ bank, he must write his financial institution’s routing number and account number on the statementHe may attach of copy of his bank statement and email it to the email address provided below, fax a copy of it to ###-###-####, or mail a copy of it to: Great Lakes [redacted] Additionally, we request that Mr [redacted] include his Great Lakes ID ( [redacted] ) with any documentation he sends in so we can match it to the correct account Issue 2: Loan Transfer As part of Mr [redacted] ’ desired outcome, he requested his loan be transferred elsewhere for servicingGreat Lakes is unable to transfer his loan upon request because his lender, the U.SDepartment of Education (ED), decides who the servicer of their student loan accounts areHowever, ED does allow a borrower to choose their servicer if they consolidate their loansAs such, Mr [redacted] would need to visit www.studentloans.gov for additional information on consolidation or to apply I again apologize to Mr [redacted] for the frustration he has experiencedI hope he finds the information provided helpfulIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, by email at [redacted] , or by mail to the aforementioned address Sincerely, Aimee S [redacted] Great Lakes Educational Loan Services, Inc
Thank you for your follow up on behalf of Benita [redacted] regarding the application of herexcess funds paid toward her student loan account.Based on the total monthly payment required ($181.62) and Ms [redacted] paymentssubmitted in the amount of $200, she was paying an excess amount of $eachmonthWe have verified that the paid ahead amounts listed on her billing statementscorrelate with the additional $each month.Our review of Ms [redacted] account further verified that each of her payments that includedexcess funds of $have been redirected as she requestedWe have included adetailed payment history for Ms [redacted] to review, which confirms the application of herpayments.We understand this may not be the answer Ms [redacted] was hoping for and apologize forany frustration she has experiencedIf she has any questions or concerns, she maycontact our Borrower Services Department by phone at ###-###-####, by email at [redacted] , or by mail to the address below:Great Lakes [redacted] ***
Thank you for contacting us on behalf of MsBenita [redacted] and for providing us the opportunityto address her concern regarding her student loan accounts with the U.SDepartment ofEducation (ED)According to her inquiry, she believes that her payments have not been appliedto her Direct Consolidation accountAdditionally, as of October 20, 2016, Ms [redacted] believesher payment received on September 28, is short $58.05.Since Ms [redacted] ’ concern pertains to payment application, we wanted to begin by providinginformation about how payments are applied toward federal student loansAs with all federalloans, her loans are simple interest loans; meaning interest accrues daily based on the interestrates and principal balances of her loansWhen a payment is applied, the federal guidelinesrequire loan servicers, such as Great Lakes, to apply regular monthly payments first to any latecharges (if applicable), then to accrued interest, and then the remainder, if any, is prorated andapplied to the principal balance of the loans within the accountIf a payment is larger than theregular monthly payment, the overpayment is applied to the principal balance of the loan with thehighest interest rate (assuming all outstanding accrued interest is paid).After reviewing Ms [redacted] ’ accounts, it appears that all requests she has made for herpayments to be redirected have been processed, with her most recent request being completedon October 20, For her review, so she may confirm that all payments she has made havebeen applied to her accounts as she intended, we have enclosed copy of her payment history, aswell as detailed payment histories for each specific loan within her accounts.Since Ms [redacted] is requesting her extra payments be applied toward the portion of her DirectConsolidation Loan with the smaller balance, please note that she does have the ability to updateher payment application preference through our website, mygreatlakes.org (MGL)Through herMGL account, she may submit that her preference is to apply all extra payments made towardthat specific portion of her Consolidation Loan, which is under loan token If she is interestedin this option and has questions about submitting her extra payment preference through ourwebsite, we encourage her to contact us using the information belowIt is also important to point out that Ms [redacted] ’ accounts are currently in an in-school deferment,effective August 22, through July 28, The deferment was placed on her accountbased on the most recent enrollment information certified by her school, [redacted] The reason this is important to note is because she mentioned that her accountswere paid ahead of the payment schedules that were previously on fileNow that her accounts arein deferment, her previous payment schedules are no longer active, as she is not required tomake payments during periods of defermentHowever, being in deferment does not prevent herfrom making payments toward her accounts, which would be to her benefit because interest doesnot accrue on subsidized portions of her loans while in deferment.Additionally, as Ms [redacted] mentioned that she believes some of the payments she has madewere not applied to her accounts, we encourage her to review the attached payment histories toconfirm that all payments she has previously made have been appliedAfter reviewing herpayment histories, if she finds any payments that have been withdrawn from her bank accountthat are not accounted for within her payment histories, we ask that she provide us withdocumentation of these payments, such as a bank statement or a front and back copy of thecashed check, so we may research and attempt to locate the missing paymentsThisdocumentation may be sent to us via the email or mailing address below, or faxed to [redacted] ***We ask that Ms [redacted] include her Great Lakes ID ( [redacted] ) on any documentationto ensure it is routed to her account.We hope you find the information provided helpful in resolving Ms [redacted] ’ concerns andapologize for any frustration she has experiencedIf she has any further questions or concernsshe may contact our Borrower Services Department by phone at ###-###-#### (Please notethat some calls may be monitored or recorded for quality assurance purposes), by email at [redacted] , or by mail to the address below:Great Lakes [redacted] ***
Thank you for contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his concern regarding the application of payments toward his Parent PLUS loan we service on behalf of the U.SDepartment of Education (ED).As a federal student loan servicer, we are required to abide by all federal guidelines that are set forth by the U.SDepartment of Education (ED), which govern all federal student loansAdditionally, we must comply with all terms and conditions that are outlined within his Master Promissory Note, or loan agreement.The aforementioned is important to note because payment application and interest accrual are both outlined within the federal guidelinesConcerning interest accrual, it is important to point out that all federal student loans are simple interest loansThis means that interest accrues daily based on a loan’s interest rate and unpaid principal balanceThe calculation used to determine daily interest accrual is as follows:Unpaid Principal Balance x Interest Rate x Number of Days at that BalanceDivided byor (Days in a Year)Given that Mr [redacted] has one account with Great Lakes that has a fixed interest rate of 6.84%, all payments are applied first to late charges (if any), then to accrued interest, and the remainder, if any, is applied to principal.Perhaps the most significant correlation between interest accrual and payment application is that the portion of a payment that is applied to accrued interest correlates with the number of days between the last payment made and the date the next payment is made to the accountFor Parent PLUS loans, please also note that interest begins to accrue the day they are disbursed.Page – Complaint ID: 11510037Mr [redacted] ’s loan was disbursed, or originated, on September 30, in the amount of $6,His second disbursement, in the amount of $6,971, was sent to Arizona State University on behalf of his daughter, Miah [redacted] on January 2, This brought his principal balance to $13,Using the above calculation, at the time his first payment was made, a total of approximately $in interest had accruedAs a result, his entire February 2, payment of $was applied toward interest.When Mr [redacted] made his next payment of $on March 1, 2016, an additional amount of approximately $in interest had accruedBy adding this amount to the $of interest that remained on his account after his first payment was applied, there would have been a total of $of interest on his account at the time the March 1, payment was madeTherefore, he should have paid a total of $in interest with his March 1, payment, which is what is reflected on his payment historyAccordingly, the remainder of his payment after interest was satisfied, which was an amount of $123.44, was applied toward his principal balance.So that Mr [redacted] may confirm that his payments have been allocated as indicated above, we have attached his payment historyAdditionally, we have reviewed all payments made toward Mr [redacted] ’s account and have confirmed that they have been applied in accordance with the federal regulations mentioned above.We hope that Mr [redacted] finds the information provided helpfulIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, by email at [email protected], or by mail to the address below:Great LakesP.OBox 7860Madison, WI 53707Sincerely,
July 17, [redacted] ** [redacted] Complaint ID: [redacted] Great Lakes ID: [redacted] Dear Mr [redacted] : Thank you for contacting us on behalf of MrAlbizu [redacted] and for providing us the opportunity to address his concern regarding how he receives the monthly bill for his Direct Loan Program (DLP) Stafford loan with the U.SDepartment of Education (ED) Mr [redacted] ’s DLP loan is a federal loanAs such, Great Lakes is contractually obligated to abide by all federal guidelines set forth by his lender, ED, and the terms and conditions of his Master Promissory Note, or loan agreementAny communication we have with Mr [redacted] about a past due loan balance is our attempt to help him resolve a difficult situation Please know that if Mr [redacted] finds that his monthly payment is not affordable, there are numerous options available to help him manage his accountTo review his options, he may visit our website, mygreatlakes.org, or contact our Borrower Services DepartmentWe would be happy to work with him to find an option that best fits his situation Concerning the telephone calls Mr [redacted] referenced, the DLP regulations require us to contact, by mail and telephone, any borrower whose student loan account is past dueOther laws that interfere with our ability to comply with the DLP regulations are preempted by the DLP regulationsThis means that we are not subject to any state or federal law that would interfere with performing the due diligence required by the DLP regulations We have reviewed our records and confirmed that Mr [redacted] received both email and mail correspondence in addition to telephone callsHowever, while we are unable to stop all calls if Mr [redacted] ’s account is past due, we have now updated our records so that all future monthly bills, regardless of whether or not his account is past due, will be sent to him through the mail Per Mr [redacted] ’s request, we re-evaluated our credit reporting to ensure no errors were made that would lead to, or result in, inaccurate delinquency reporting (such as misapplication of payments)This review confirmed that no such errors were madeTherefore, since we have verified our credit reporting is accurate, we are unable to make any adjustments to the data reported toward Mr [redacted] ’s student loan I understand that this may not be the answer Mr [redacted] was hoping for; although, I hope the update made to his account alleviates his concernIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, through email at [redacted] , or by mailing: Great Lakes [redacted] Sincerely, Aimee S [redacted] 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 [redacted] , and find that this resolution is satisfactory to me Regards, [redacted] ***
Thank you for contacting us on behalf of MsDiana [redacted] and for providing us the opportunity to address her concerns We understand Ms***’s concerns to be regarding the application of her September 06, payment of $3,000, the separation of her loan account, and the processing time for her refund request To begin, we sincerely apologize to Ms [redacted] for the frustration she has experienced while trying to get her payment applied to the appropriate loan or refunded back to her At Great Lakes we strive to provide quality customer service to all of our customers while adhering to the applicable regulations and loan agreements At this time, we can confirm that Ms***’s loan account has been separated by token number, as she requested, and this has allowed us to reapply her September 6, $3,payment entirely towards token number as she intended With regard to Ms***’s concerns over the processing time of her previous refund requests; the first request was not approved because we wanted to make sure she first attempted to contact her bank to reverse the transaction, which is normally faster than the processing time for a refund requestThere is a sequence of events that needed to happen prior to applying the monies to the specific token she requested her payment to be applied Since we were able to apply Ms***’s payment as originally intended, if she prefers to have her payment refunded, we ask that she contact a Specialized Account Manager directly using the information listed below to initiate the refund processIt is important for Ms [redacted] to understand that the average processing time for a refund is approximately weeksWe a sincerely apologize for the frustration Ms [redacted] has experienced and hope the information provide resolves her concernIf she has additional questions or concerns, she may contact a Specialized Account Manager directly by phone at ###-###-####, option (please note that some calls may be monitored and recorded for quality assurance purposes), by email at [redacted] , or by mail to: [redacted]
June 8, [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 regarding the federal Stafford student loan we currently service for the U.SDepartment of Education (ED), which she asserts was fraudulently obtained Upon receiving Ms [redacted] ’s complaint, we reviewed our records which confirmed that we were the servicer of her federal Stafford loan with the U.SDepartment of Education (ED) until its default on November 6, In order to obtain a federal student loan, Ms [redacted] would have had to request and receive a federal Personal Identification Number (PIN)After receiving her PIN, Ms [redacted] would have then completed and signed a Master Promissory Note (MPN), which is typically done online using her PIN to sign the document electronicallyA key point often overlooked is the fact that any document completed using a PIN, or electronic signature, has the same legal integrity as a document bearing an ink or “wet” signature ED’s records confirm that Ms [redacted] used her PIN to confirm her identity, agreed to use an electronic MPN, and used her PIN to sign and complete her MPN electronically on November 18, We have attached Ms [redacted] ’s MPN for review, but wanted to make her aware that some identity sensitive information (Social Security Number, Date of Birth, and Driver’s License Number) was masked from the document in an effort to protect her privacy The sole loan that was disbursed under this MPN, in the amount of $444.00, occurred on February 8, and was sent to South UniversityIf Ms [redacted] is claiming that someone illegally obtained her personal information to fraudulently obtain this student loan, she needed to directly submit this fraud claim to Great Lakes On May 26, 2015, we received correspondence from Ms [redacted] asserting that this loan was fraudulently obtainedThis was interpreted as being the fraud claim she needed to submit directly to Great LakesCorrespondingly, on May 28, 2015, she was mailed a letter, which is attached for review, advising the steps necessary to initiate an identity theft investigation This letter details what needs to be completed and returned, with all requested documents, for us to begin the identity theft investigationPerhaps the most critical document for Ms [redacted] to return is a copy of an Identity Theft Report, which is an official police report, signed by an officer in which Ms [redacted] reports her identity was fraudulently used to procure this loanIf Ms [redacted] would like to continue to pursue this option and has any questions or concerns about this process, please have her contact our Borrower Services Department at the contact information listed below After receiving Ms [redacted] ’s request to adjust our prior credit reporting, we reviewed it to determine if any errors were made that would lead to inaccurate reportingAt the present time, we are unable to make any adjustments to the credit reporting done as it was determined to be accurateIt is important for Ms [redacted] to know that in order for Great Lakes to make any adjustments to our prior credit reporting and remove this loan from her credit files, it must be determined that it was fraudulently procured I hope that Ms [redacted] finds the information provided usefulIf she has any additional questions or concerns, she may contact our Borrower Services Department by phone at ###-###-####, through email at [redacted] , or by mailing: Great Lakes [redacted] Sincerely, Aimee S [redacted] Great Lakes Educational Loan Services Inc
Thank you for your follow up in conjunction with Ms [redacted] ’s original complaint and subsequent rebuttalsWithin Ms [redacted] ’s most recent rebuttal, she asserts that in December 2014, when she originally realized her loans with Great Lakes were excluded from her consolidation, she faxed Great Lakes a consolidation aform to include the aforementioned loans.Regrettably, Great Lakes has no record of the fax Ms [redacted] referencedEven though a confirmation number is provided, there are numerous reasons a fax could still failThe confirmation number Ms [redacted] was initially provided upon sending the document may confirm the opening facet of the fax process was successful, but it does not provide confirmation the document was received by Great Lakes, the intended partyFor this reason, to prevent such issues from occurring, we recommend that borrowers follow up with our Borrower Services Department after sending documents to confirm their receipt.Correspondingly, Great Lakes does not have the ability, using the confirmation number provided by the fax machine Ms [redacted] sent her consolidation aform from, to identify or determine the reason her December fax failed to be successfully transmitted and receivedPlease know that if it was possible to determine this information, as Great Lakes’ primary goal is to assist our borrowers with the repayment of their loan(s) in any way we can, we would have done everything in our ability to rectify Ms [redacted] ’s issue.Moving forward, as previously referenced, Ms [redacted] would need to perform a new consolidation to add the loans excluded from her original consolidationFor additional information on doing a new Direct Loan consolidation, she may call ###-###-#### or visit www.studentloans.gov.Should Ms [redacted] have any questions or concerns regarding the information provided, she may contact our Borrower Services Department by phone at ###-###-####, through email at [redacted] , or by mailing: [redacted] ***Sincerely, [redacted] Great Lakes Education Loan Services, Inc
Thank you for contacting us on behalf of Ms [redacted] and for providing us the opportunity to address her concern regarding the paid ahead status on her student loan account with the U.SDepartment of Education (ED), as she believes it has not been applied to her principal balance.Ms [redacted] ’s loan is a federal loanAs such, Great Lakes, as her servicer, is contractually obligated to abide by all federal guidelines set forth by ED, which is important to note because payment application is outlined within those guidelines.Ms [redacted] ’s federal loan is a simple interest loan; meaning interest accrues daily based on her interest rate and principal balanceThe calculation used to determine the amount of interest that accrues per day is as follows:Unpaid Principal Balance x Interest Rate x Number of Days at that BalanceDivided byor (Days in a Year)The federal guidelines require loan servicers to apply regular monthly payments made towards a federal loan first to any late charges (if applicable), then to accrued interest, and then the remainder, if any, is prorated and applied to the principal balance of the loans within the accountIf a payment is larger than the regular monthly payment, the overpayment is applied to the principal of the loan with the highest interest rate, assuming all outstanding accrued interest is paid.When extra payments are received they will be applied in this same mannerProvided the regular monthly payment amount has already been madePlease note that all accrued interest must first be paid prior to any payment amount being directed toward the principal balance.Making extra payments, or overpayments, generally results in a borrower’s loan being “paid ahead.” This paid ahead status does not affect how their payments are applied, which is as described above as of the date the payment is receivedInstead, it means that a borrower won’t be considered delinquent if they stop making payments until they are no longer paid aheadIt is important for Ms [redacted] to realize that she is still reducing her principal balance with the payments she is making in excess of her monthly payment, which appears to be her intentionWith this in mind, we reviewed her account and were able to confirm that her payments were applied in this mannerSo that she may confirm this information, we have attached a payment history per loan within her account.Additionally, it is equally important for Ms [redacted] to remember that even if she is paid ahead of her current payment schedule and technically not required to make a payment, interest does continue to accrue, so it is to her advantage to continue making monthly paymentsThere are no prepayment penaltiesBy making payments in addition to her monthly payment, she will reduce her principal balance fasterCorrespondingly, a lower principal balance means less interest will accrue, which will ultimately save her more money over the life of her loan.We hope the information provided resolves Ms [redacted] ’s concernIf she has additional questions or concerns, she may contact our Borrower Services Department by phone at ###-###-####, by email at [email protected], or by mail to the address below:Great LakesP.OBox 7860Madison, WI 53707Sincerely, [redacted]
[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 [redacted] , and find that this resolution is satisfactory to me Regards, [redacted]
Thank you for contacting us on behalf of Ms [redacted] and for providing us the opportunity to address her concern regarding the U.SDepartment of Education (ED) Parent PLUS loan in her husband’s name, Mr [redacted] Within her inquiry she states that this loan was discharged through Chapter bankruptcy.Unfortunately, federal student loans, such as the Parent PLUS loan referenced above, are not automatically discharged in a bankruptcyIn order to discharge a federal student loan through a bankruptcy, a borrower would need to prove undue hardship in an adversary proceeding before the bankruptcy court.To date, Great Lakes has not received this information for Ms [redacted] ’s husbandAs a result, he still bears full financial responsibility for the federal student loan disbursed in his nameHowever, if Ms [redacted] has documentation indicating that her husband’s Parent PLUS loan was discharged through their bankruptcy, we ask that she provide this information to us via the email or mailing address below, or by fax to ###-###-####.I hope that Ms [redacted] finds the information provided helpfulIf she has any questions or concerns, she may contact our Borrower Services Department by phone at ###-###-####, by email at [redacted] , or by mail to the address below:Great LakesP.OBox 7860Madison, WI 53707Sincerely, [redacted]
I think it is safe to say that Great Lakes doesn't take this seriousI don't believe them sending me a letter is going to address nor fix the problems, however, I also understand that there isn't much the Revdex.com can do, its very unfortunate that companies like Great Lakes don't take this serious and have no problem making things complicated for the consumer Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below [To assist us in bringing this matter to a close, we would like to know your view on the matter.] Regards, [redacted]
[redacted] Lead Trade Practice Consultant Revdex.com of Wisconsin W Greenfield Ave #Milwaukee WI Dear Ms [redacted] , Thank you for contacting us on behalf of [redacted] M [redacted] and for providing us the opportunity to address her concernMs [redacted] ’s concern as we understand it is her uncertainty as to her loan statusWe are happy to report that the loan servicer Performant Recovery, Incorporated, (Performant) has been in contact with Ms [redacted] and they are working directly with her toward a resolution In fact, they report that the loan rehabilitation Ms [redacted] has agreed to will be retroactive to October 28, 2015, in order to take advantage of previous payments she has made This will resolve the default status that is currently on her account As Ms [redacted] has requested, we have included her payment history for reviewWe encourage Ms [redacted] to continue working with Performant towards a positive resolutionWe again thank you for contacting us and for giving us an opportunity to be of assistanceIf additional information is required, please by all means, contact usYou can reach our office between 7:am and 4:pm Monday through Friday at ###-###-####, or by email at [redacted] Sincerely, [redacted] ***Great Lakes Higher EducationOmbudsman Specialist
June 23, [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 concern about the balance of his loan increasing even though he is not currently in school, or receiving financial aid to attend school Upon receiving Mr***’s complaint, we reviewed our records which confirmed that we are the servicer of his federal Stafford loan with the U.SDepartment of Education (ED)Additionally, our records detailed a $Stafford loan disbursement adjustment, $1,subsidized and $2,unsubsidized, that occurred May 8, This adjustment appears to be the balance increase Mr [redacted] is referring toUnfortunately, Great Lakes is not privy to the reasoning as to why this disbursement amount was changed As Mr***’s federal student loan servicer, we are responsible for providing him information about his loans and helping him meet his loan obligations once they are disbursedWe do not determine the amounts of the disbursements or how they are allocatedAdditionally, only a borrower’s school has the ability to adjust the amount of a disbursementBecause of this, Mr [redacted] will need to contact the financial aid office or the bursar’s office at his school, [redacted] University, to find out why his disbursement amount changed We encourage Mr [redacted] to begin his research by contacting their financial aid office, at (407) 628-5870, to request an accounting history/ledger to determine whether or not the amounts disbursed were accurateThe accounting history/ledger should show all financial aid his school received on his behalf, in addition to itemizing how those funds were usedIn other words, this document should provide details concerning all tuition and fees Mr***’s financial aid covered and as a result, should confirm if the amount of financial disbursed on his behalf is accurateAdditionally, even though the campus that operated Mr ***’s online program was recently sold, we did confirm that it did not close, and it is currently fully operational In the event that Mr [redacted] is unable to obtain information from his school regarding the reasoning behind his disbursement being adjusted and feels it should be refunded, or sent back to ED, the following discharge program may be applicable for students in his situation: Borrower Defense to Repayment (BDR): The BDR discharge program allows students to request debt relief if they believe they were victims of fraud or other violations of state law by the schoolPlease know that this program is applicable regardless of whether or not the student’s school is currently open or closedIf Mr [redacted] believes this discharge is applicable to his situation and would like to discuss it in greater detail, he may contact ED at (855) 279-6207, between 8am and 8pm ET, Monday through FridayHe may also review information about this discharge, or begin the application process at the following website; https://studentaid.ed.gov/sa/about/announcements/corinthian At Great Lakes, our goal is to assist our borrowers in any way that we can and I hope that Mr [redacted] finds the information provided usefulIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at (800) 236-4300, through email at [email protected], or by mailing: Great Lakes [redacted] Sincerely, Aimee S [redacted] Great Lakes Educational Loan Services Inc
Thank you for contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his concern regarding his Consolidation loan that we service for the U.SDepartment of Education (ED)Mr [redacted] ’s concern, as I understand it, is that he asserts his loan should not be in repayment at Great Lakes because it was discharged due to Total and Permanent Disability (TPD) in late 2013.Upon receiving Mr [redacted] ’s concern, we reviewed our records to verify whether or not we have received a recall request from [redacted] , ED’s TPD servicer, to transfer his loan back to them so it can be placed back into its discharged statusUnfortunately, our records did not reflect that we received the request he referenced [redacted] sent to us to recall his loanAs a result, we contacted [redacted] to confirm the date they sent the initial recall requestIn response, [redacted] advised the reason Mr [redacted] ’s loan was reinstated is because he did not return the required income documentation necessary for them to review and confirm he still met the TPD discharge’s eligibility requirementsThey also advised the following events occurred:November 17, – [redacted] sent the initial letter requesting Mr [redacted] to provide current income documentationThey stated that this same request was sent two additional times, once at the end of December, and the second at the end of January.March 24, – Mr [redacted] provided the required income documentation; however, [redacted] did not finish processing it until August 2015.July 9, – Mr [redacted] ’s loan was reinstated and transferred to Great Lakes.August 10, – [redacted] finished processing the income documentation and verified Mr [redacted] still met the TPD discharge’s eligibility requirementsSubsequently, they sent a recall request to Great Lakes.November 10, – Great Lakes contacted [redacted] to verify whether or not a recall request was previously sent and to request that it be sent again.November 11, – [redacted] sent a second recall request, which I can confirm has been received and processed by Great Lakes.Page – Complaint #10940079Unfortunately, since [redacted] uses multiple methods to send their recall requests, we were unable to identify the reason we didn’t receive the August 10, recall requestHowever, now that it has been confirmed that Mr [redacted] qualifies for the TPD discharge, his loan is in the process of transferring back to [redacted] This should be complete within the next to business daysIn the meantime, if Mr [redacted] has any questions or concerns regarding the transfer of his loan or TPD in general, he may contact [redacted] at ###-###-####, between 7am – 7pm CT, days a week, or visit www.disabilitydischarge.com.I apologize for any frustration this experience has caused Mr [redacted] , but I do hope that the information provided alleviates his concernIf he has any additional questions or concerns unrelated to TPD, prior to the transfer of his loan, he may contact our Borrower Services Department by phone at ###-###-####, through email at [email protected], or by mailing:Great Lakes [redacted] ***
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me Regards, Stephen [redacted]
Dear Ms [redacted] : Thank you for contacting us on behalf of Ms [redacted] and for providing us the opportunity to address her concerns regarding her loan that is guaranteed by Great Lakes Higher Education Guaranty Corporation (Great Lakes)Your request has been forwarded to our office for review and responseMs***’s concern as we understand it is that she had understood no payments would be taken via Administrative Wage Garnishment (AWG) We are happy to report that Great Lakes’ Collection Support Department has agreed to remove the AWG and are in the process of notifying Ms***’s employer to stop the garnishment immediatelyWe have included a copy of the letter they have sent to Ms*** We again thank you for contacting us and for giving us an opportunity to be of assistanceIf additional information is required, please by all means, contact usYou can reach our office between 7:am and 4:pm Monday through Friday at ###-###-####, or by email at [email protected] Sincerely, [redacted] ***Great Lakes Higher EducationOmbudsman Specialist
Thank you for contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his concern regarding the $payment that was automatically withdrawn via Auto Pay.Our records confirm that Mr [redacted] scheduled a payment for September 3, to satisfy the remainder of his student loanAs with all payments, including Mr***’s, it takes approximately business days for payments to process in fullAs Mr***’s payment was submitted on a Thursday, it did not finish processing until the following Tuesday, September 8, 2015, due to Monday, September 7, 2015, being a holidayThe reason the extra $payment was processed is because Mr [redacted] was enrolled in Auto Pay, our automated bill pay service, and his monthly payments were due on the 6th of every monthBecause Mr***’s payoff payment was still processing on the 6th his account was still showing a balance, which resulted in his Auto Pay withdrawing his $monthly payment September 6, 2015.Electronic payments for accounts with the U.SDepartment of Education (ED) are processed through a clearinghouse (pay.gov) on behalf of the U.STreasuryWhen the U.STreasury receives a refund request for a payment that was made electronically, it normally takes approximately weeks for them to process and return the payment to a borrower’s bank account electronicallyHowever, on September 9, 2015, we requested that ED expedite the refund process for Mr***’s $payment and expect him to receive his refund within to business days from that date.It is important for Mr [redacted] to note that once ED sends the refund to his financial institution, they will have their own procedures for determining how quickly the refund will post to his accountWe recommend that Mr [redacted] first check with his financial institution if he does not see the refund posted to his account within two weeks.I understand that the delay in the return of Mr***’s funds can be frustrating and hope he will accept our apology for the frustration this experience has causedIf he has any questions or concerns he may contact our Borrower Services Department at ###-###-####, [redacted] , or the address below: [redacted] ***
[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 [redacted] , and find that this resolution is satisfactory to me I have reviewed the response from Great Lakes dated 7/28/15; and at this time feel that I am at an impasseI do not recall submitting an application last year in August and do not know why I would have done so considering I was returning to school just a few weeks after thatI do recall having called earlier this spring as well; due to frequently receiving emails indicating I needed to submit an application for IBR though I had already done soThe website and system are confusing with the number of contradicting emails and payment schedule creations, etcHopefully the next request for resubmission of income based repayment is received at an appropriate time and this confusion can be avoided in the future Regards, [redacted]
June 12, [redacted] ** [redacted] Complaint ID: [redacted] Great Lakes ID: [redacted] Dear Mr [redacted] : Thank you for again contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his additional concerns which are, as we understand them, as follows: He is requesting $in overdraft fees refunded to him He is requesting his loan to be transferred to a different servicer Issue 1: Refund of Overdraft Fees Great Lakes is willing to review the overdraft fees Mr [redacted] stated he incurred upon receipt of any of the following types of correspondence: A copy of his bank statement showing the payment pulled by Great Lakes which caused the overdraft fee The date and the amount of the payment pulled by Great Lakes The date and the amount of the overdraft fee which he incurred His accounts balance before and after the overdraft fee was applied Please note, for Great Lakes to accept this verification of the fee assessed by Mr [redacted] ’ bank, he must write his financial institution’s routing number and account number on the statementHe may attach of copy of his bank statement and email it to the email address provided below, fax a copy of it to ###-###-####, or mail a copy of it to: Great Lakes [redacted] Additionally, we request that Mr [redacted] include his Great Lakes ID ( [redacted] ) with any documentation he sends in so we can match it to the correct account Issue 2: Loan Transfer As part of Mr [redacted] ’ desired outcome, he requested his loan be transferred elsewhere for servicingGreat Lakes is unable to transfer his loan upon request because his lender, the U.SDepartment of Education (ED), decides who the servicer of their student loan accounts areHowever, ED does allow a borrower to choose their servicer if they consolidate their loansAs such, Mr [redacted] would need to visit www.studentloans.gov for additional information on consolidation or to apply I again apologize to Mr [redacted] for the frustration he has experiencedI hope he finds the information provided helpfulIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, by email at [redacted] , or by mail to the aforementioned address Sincerely, Aimee S [redacted] Great Lakes Educational Loan Services, Inc
Thank you for your follow up on behalf of Benita [redacted] regarding the application of herexcess funds paid toward her student loan account.Based on the total monthly payment required ($181.62) and Ms [redacted] paymentssubmitted in the amount of $200, she was paying an excess amount of $eachmonthWe have verified that the paid ahead amounts listed on her billing statementscorrelate with the additional $each month.Our review of Ms [redacted] account further verified that each of her payments that includedexcess funds of $have been redirected as she requestedWe have included adetailed payment history for Ms [redacted] to review, which confirms the application of herpayments.We understand this may not be the answer Ms [redacted] was hoping for and apologize forany frustration she has experiencedIf she has any questions or concerns, she maycontact our Borrower Services Department by phone at ###-###-####, by email at [redacted] , or by mail to the address below:Great Lakes [redacted] ***
Thank you for contacting us on behalf of MsBenita [redacted] and for providing us the opportunityto address her concern regarding her student loan accounts with the U.SDepartment ofEducation (ED)According to her inquiry, she believes that her payments have not been appliedto her Direct Consolidation accountAdditionally, as of October 20, 2016, Ms [redacted] believesher payment received on September 28, is short $58.05.Since Ms [redacted] ’ concern pertains to payment application, we wanted to begin by providinginformation about how payments are applied toward federal student loansAs with all federalloans, her loans are simple interest loans; meaning interest accrues daily based on the interestrates and principal balances of her loansWhen a payment is applied, the federal guidelinesrequire loan servicers, such as Great Lakes, to apply regular monthly payments first to any latecharges (if applicable), then to accrued interest, and then the remainder, if any, is prorated andapplied to the principal balance of the loans within the accountIf a payment is larger than theregular monthly payment, the overpayment is applied to the principal balance of the loan with thehighest interest rate (assuming all outstanding accrued interest is paid).After reviewing Ms [redacted] ’ accounts, it appears that all requests she has made for herpayments to be redirected have been processed, with her most recent request being completedon October 20, For her review, so she may confirm that all payments she has made havebeen applied to her accounts as she intended, we have enclosed copy of her payment history, aswell as detailed payment histories for each specific loan within her accounts.Since Ms [redacted] is requesting her extra payments be applied toward the portion of her DirectConsolidation Loan with the smaller balance, please note that she does have the ability to updateher payment application preference through our website, mygreatlakes.org (MGL)Through herMGL account, she may submit that her preference is to apply all extra payments made towardthat specific portion of her Consolidation Loan, which is under loan token If she is interestedin this option and has questions about submitting her extra payment preference through ourwebsite, we encourage her to contact us using the information belowIt is also important to point out that Ms [redacted] ’ accounts are currently in an in-school deferment,effective August 22, through July 28, The deferment was placed on her accountbased on the most recent enrollment information certified by her school, [redacted] The reason this is important to note is because she mentioned that her accountswere paid ahead of the payment schedules that were previously on fileNow that her accounts arein deferment, her previous payment schedules are no longer active, as she is not required tomake payments during periods of defermentHowever, being in deferment does not prevent herfrom making payments toward her accounts, which would be to her benefit because interest doesnot accrue on subsidized portions of her loans while in deferment.Additionally, as Ms [redacted] mentioned that she believes some of the payments she has madewere not applied to her accounts, we encourage her to review the attached payment histories toconfirm that all payments she has previously made have been appliedAfter reviewing herpayment histories, if she finds any payments that have been withdrawn from her bank accountthat are not accounted for within her payment histories, we ask that she provide us withdocumentation of these payments, such as a bank statement or a front and back copy of thecashed check, so we may research and attempt to locate the missing paymentsThisdocumentation may be sent to us via the email or mailing address below, or faxed to [redacted] ***We ask that Ms [redacted] include her Great Lakes ID ( [redacted] ) on any documentationto ensure it is routed to her account.We hope you find the information provided helpful in resolving Ms [redacted] ’ concerns andapologize for any frustration she has experiencedIf she has any further questions or concernsshe may contact our Borrower Services Department by phone at ###-###-#### (Please notethat some calls may be monitored or recorded for quality assurance purposes), by email at [redacted] , or by mail to the address below:Great Lakes [redacted] ***
Thank you for contacting us on behalf of Mr [redacted] and for providing us the opportunity to address his concern regarding the application of payments toward his Parent PLUS loan we service on behalf of the U.SDepartment of Education (ED).As a federal student loan servicer, we are required to abide by all federal guidelines that are set forth by the U.SDepartment of Education (ED), which govern all federal student loansAdditionally, we must comply with all terms and conditions that are outlined within his Master Promissory Note, or loan agreement.The aforementioned is important to note because payment application and interest accrual are both outlined within the federal guidelinesConcerning interest accrual, it is important to point out that all federal student loans are simple interest loansThis means that interest accrues daily based on a loan’s interest rate and unpaid principal balanceThe calculation used to determine daily interest accrual is as follows:Unpaid Principal Balance x Interest Rate x Number of Days at that BalanceDivided byor (Days in a Year)Given that Mr [redacted] has one account with Great Lakes that has a fixed interest rate of 6.84%, all payments are applied first to late charges (if any), then to accrued interest, and the remainder, if any, is applied to principal.Perhaps the most significant correlation between interest accrual and payment application is that the portion of a payment that is applied to accrued interest correlates with the number of days between the last payment made and the date the next payment is made to the accountFor Parent PLUS loans, please also note that interest begins to accrue the day they are disbursed.Page – Complaint ID: 11510037Mr [redacted] ’s loan was disbursed, or originated, on September 30, in the amount of $6,His second disbursement, in the amount of $6,971, was sent to Arizona State University on behalf of his daughter, Miah [redacted] on January 2, This brought his principal balance to $13,Using the above calculation, at the time his first payment was made, a total of approximately $in interest had accruedAs a result, his entire February 2, payment of $was applied toward interest.When Mr [redacted] made his next payment of $on March 1, 2016, an additional amount of approximately $in interest had accruedBy adding this amount to the $of interest that remained on his account after his first payment was applied, there would have been a total of $of interest on his account at the time the March 1, payment was madeTherefore, he should have paid a total of $in interest with his March 1, payment, which is what is reflected on his payment historyAccordingly, the remainder of his payment after interest was satisfied, which was an amount of $123.44, was applied toward his principal balance.So that Mr [redacted] may confirm that his payments have been allocated as indicated above, we have attached his payment historyAdditionally, we have reviewed all payments made toward Mr [redacted] ’s account and have confirmed that they have been applied in accordance with the federal regulations mentioned above.We hope that Mr [redacted] finds the information provided helpfulIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, by email at [email protected], or by mail to the address below:Great LakesP.OBox 7860Madison, WI 53707Sincerely,
July 17, [redacted] ** [redacted] Complaint ID: [redacted] Great Lakes ID: [redacted] Dear Mr [redacted] : Thank you for contacting us on behalf of MrAlbizu [redacted] and for providing us the opportunity to address his concern regarding how he receives the monthly bill for his Direct Loan Program (DLP) Stafford loan with the U.SDepartment of Education (ED) Mr [redacted] ’s DLP loan is a federal loanAs such, Great Lakes is contractually obligated to abide by all federal guidelines set forth by his lender, ED, and the terms and conditions of his Master Promissory Note, or loan agreementAny communication we have with Mr [redacted] about a past due loan balance is our attempt to help him resolve a difficult situation Please know that if Mr [redacted] finds that his monthly payment is not affordable, there are numerous options available to help him manage his accountTo review his options, he may visit our website, mygreatlakes.org, or contact our Borrower Services DepartmentWe would be happy to work with him to find an option that best fits his situation Concerning the telephone calls Mr [redacted] referenced, the DLP regulations require us to contact, by mail and telephone, any borrower whose student loan account is past dueOther laws that interfere with our ability to comply with the DLP regulations are preempted by the DLP regulationsThis means that we are not subject to any state or federal law that would interfere with performing the due diligence required by the DLP regulations We have reviewed our records and confirmed that Mr [redacted] received both email and mail correspondence in addition to telephone callsHowever, while we are unable to stop all calls if Mr [redacted] ’s account is past due, we have now updated our records so that all future monthly bills, regardless of whether or not his account is past due, will be sent to him through the mail Per Mr [redacted] ’s request, we re-evaluated our credit reporting to ensure no errors were made that would lead to, or result in, inaccurate delinquency reporting (such as misapplication of payments)This review confirmed that no such errors were madeTherefore, since we have verified our credit reporting is accurate, we are unable to make any adjustments to the data reported toward Mr [redacted] ’s student loan I understand that this may not be the answer Mr [redacted] was hoping for; although, I hope the update made to his account alleviates his concernIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, through email at [redacted] , or by mailing: Great Lakes [redacted] Sincerely, Aimee S [redacted] 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 [redacted] , and find that this resolution is satisfactory to me Regards, [redacted] ***
Thank you for contacting us on behalf of MsDiana [redacted] and for providing us the opportunity to address her concerns We understand Ms***’s concerns to be regarding the application of her September 06, payment of $3,000, the separation of her loan account, and the processing time for her refund request To begin, we sincerely apologize to Ms [redacted] for the frustration she has experienced while trying to get her payment applied to the appropriate loan or refunded back to her At Great Lakes we strive to provide quality customer service to all of our customers while adhering to the applicable regulations and loan agreements At this time, we can confirm that Ms***’s loan account has been separated by token number, as she requested, and this has allowed us to reapply her September 6, $3,payment entirely towards token number as she intended With regard to Ms***’s concerns over the processing time of her previous refund requests; the first request was not approved because we wanted to make sure she first attempted to contact her bank to reverse the transaction, which is normally faster than the processing time for a refund requestThere is a sequence of events that needed to happen prior to applying the monies to the specific token she requested her payment to be applied Since we were able to apply Ms***’s payment as originally intended, if she prefers to have her payment refunded, we ask that she contact a Specialized Account Manager directly using the information listed below to initiate the refund processIt is important for Ms [redacted] to understand that the average processing time for a refund is approximately weeksWe a sincerely apologize for the frustration Ms [redacted] has experienced and hope the information provide resolves her concernIf she has additional questions or concerns, she may contact a Specialized Account Manager directly by phone at ###-###-####, option (please note that some calls may be monitored and recorded for quality assurance purposes), by email at [redacted] , or by mail to: [redacted]