[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.
Regards,
*** ***
July 16,
*** ***
*** *** *** ***
*** *** *** ** ***
*** * *** *** ***
*** ** ***
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 concern regarding loans serviced by Great Lakes
that were excluded from her Consolidation loan
By
way of some background, Ms*** completed a Federal Direct Consolidation
Loan Application and Promissory Note (PN) with the U.SDepartment of Education
(ED)After the borrower chooses the servicer they would like to perform the
consolidation and service their Consolidation loan, ED sends the PN to the
servicer to begin the consolidation processThe consolidation is then
performed as directed by the borrower on the PNMs***’s PN is
attached for referencePlease note that her identity sensitive information
(Social Security Number, Driver’s License Number, and Date of Birth) has been
masked in order to protect her privacy
It
is equally important to note that prior to the completion of the consolidation
process, a loan summary statement is sent to the borrower detailing the loans
that will be included in the consolidation according to the borrower’s PNThe loan
summary statement specifically requests the borrower to thoroughly review the
statement and take immediate action in notifying the consolidating servicer,
within business days, of any potential errorsIf the borrower does not
contact the consolidating servicer within that time frame, the consolidation is
processed
For
Ms***’s review, we have attached a copy of her loan summary
statementBased on the aforementioned information, her consolidation was
processed in accordance with her PNMs*** may still combine all her
loans into one, which seems to be her preference, by completing another PNShe
may begin this process at ED’s website, studentloans.gov.
If
Ms*** currently finds that her monthly payments are not affordable,
there are numerous options available to help her manage her accountsTo review
her options, she may visit our website, mygreatlakes.org, or contact our
Borrower Services DepartmentWe would be happy to work with her to find an
option that best fits her situation
If
Ms*** has any additional questions or concerns, she may contact our
Borrower Services Department by phone at ###-###-####, through email at ***, or by
mailing:
Great Lakes
** *** ***
*** ** ***
Sincerely,
Aimee S***
*** * *** ***
Great
Lakes Educational Loan Services Inc
June 5,
*** ***
*** *** *** ***
Revdex.com of Wisconsin
*** * *** *** ***
*** ** ***
Complaint ID: ***
Great Lakes ID: ***
Dear
Mr***:
Thank
you for contacting us on behalf of Mr*** *** and for providing us the
opportunity to address his concern, which is as follows:
Mr*** is unhappy with the
amount of time it took to process his IBR renewal application and that he
did not have the opportunity to provide additional information to adjust
the calculated IBR payment amount in a timelier manner
Issue 1: IBR Payment Amount
We reviewed
Mr***’s most recent IBR plan request, which was received from
studentloans.gov on February 13, Mr***’s IBR monthly payment was
calculated in accordance with the federal guidelines related to IBR as follows:
IBR Application Date
AGI
Family
Size
IBR
Payment Amount
02/13/
$66,
$
Although
the new payment amount was listed on his account in February, the new payment
schedule was not generated until May 24, 2015, with a first payment due date of
July 1, Outlined within Mr***’s complaint details, and based on
recent conversations he has had with our Borrower Services Department, it
appears that he is now married and would like his wife’s student loans included
in the calculation
We certainly
empathize with Mr***’s situation and want to ensure him he has time to
submit a new application to have his spouse’s eligible student loan debt
included in the calculationCorrespondingly, it looks as if Mr*** is
aware of the information necessary for him to provide in order to have his IBR
payment recalculatedOnce we receive that information, we will expedite the
processing of his application to ensure it is processed in a timely mannerAt
the present time, his accounts are in an IBR-related forbearance until July 27,
2015; however, this can be removed if the new information is received and
updated quickly
We
have reached out to Mr*** as he requestedMoving forward, in an effort to
address and resolve any issue that may arise, we have assigned a representative
who is familiar with his situation to work directly with him and answer any
questions he may have
I
apologize for the frustration this experience has caused Mr*** and hope he
finds the information provided helpfulAs a result of his concern, we will
review our process and the correspondence sent to borrowers when notifying them
of their new IBR renewal payment schedulesIf he has any additional questions or concerns about the
repayment of his loans, he may contact the representative he has worked with,
or contact our Borrower Services Department by phone at
(800) 236-4300, by email at [email protected],
or by mail to:
Great
Lakes
P.O
Box
Madison,
WI
Sincerely,
Aimee S***
*** * *** ***
Great Lakes Educational Loan Services, Inc
Thank you for contacting us on behalf of Mr*** *** and for providing us the opportunity to address his request, which is for Great Lakes to remove the delinquencies reported toward his credit files.To begin, we must first note that the Higher Education Act of requires Great Lakes to
report the status of all serviced student loan accounts to the nationwide Credit Reporting Agencies (CRAs)Similarly, the Fair Credit Reporting Act requires that this information is reported accurately and objectivelyPlease also keep in mind that we are audited to ensure our compliance with these requirements.With attention to the information above, we reviewed Mr***’s account to verify the accuracy of the information we reported toward his credit files, and to ensure no errors were made that led to, or resulted in, inaccurate delinquency reporting (such as misapplication of payments)Our review confirmed that no such errors were made.According to our records, Mr*** submitted an Unemployment Deferment application on December 21, through his mygreatlakes.org accountPrior to submitting this request, Mr*** had already utilized the majority of the months of Unemployment Deferment available for federal student loan borrowersAs a result, the deferment could only be applied to his account from December 21, to January 11, 2016.On January 16, 2016, after his deferment ended, a payment schedule generated to provide Mr*** notification that his deferment had ended and that his account had entered repaymentThe payment schedule was emailed to Mr*** on January 18, to ***@att.net, which appears to still be valid because it matches the email address provided on his Revdex.com complaint.Mr***’s January 16, payment schedule confirmed that payments of $became due starting February 22, His account then remained in repayment until June 27, 2016, when he requested a discretionary forbearance via email to again postpone paymentsUnfortunately, while he was in repayment, no payments were received, which caused his account to go past due by more than daysDue to the past due status of his account, it was reported to the CRAs as delinquent on May 31, Regrettably, for the reasons mentioned, even though we empathize with his situation, we are unable to make any adjustments to our past credit reporting.Nevertheless, we wanted to share with Mr*** an important point listed on Myfico.com, which indicates that individuals who were delinquent in the past are able to improve their FICO score by paying their loans on time, and the longer an individual pays on time, the more their FICO score should increase.We understand that this is not the answer Mr*** was hoping for, and apologize for any frustration he has experiencedIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, by email at [email protected], or by mailing:Great LakesP.OBox 7860Madison, WI 53707Sincerely,Janet Campbell
[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.
Regards,
*** ***
Thank you for contacting us on behalf of Mr*** *** and for providing us the opportunity to addresshis concern regarding his Income-Driven Repayment (IDR) application for his student loan account with theU.SDepartment of Education (ED)We understand his primary concerns to be that he was
not notified hisapplication was being reprocessed under a different IDR plan, that interest had capitalized on his accountwhen his IDR plan was changed, and he believes he was not clearly notified of the change.We have confirmed Mr***’s concerns have been addressed with a Specialized Account Manager.Through their discussions and follow-ups it has been clarified to Mr*** his IDR application had beenrejected for the Income-Based Repayment (IBR) plan initially because the system determined he was nolonger eligible for the IBR planDue to a system error, his application was reprocessed under the Income-Contingent Repayment (ICR) plan and his new payment schedule was emailedAs a result, interest wascapitalized, or added to the principal balance.We are pleased to advise the interest capitalized on Mr***’s account has been reversedFollowing thereversal, we completed extensive review and verification of the accrued interest on his account to ensureaccuracyMr***’s accrued interest and total balance on his loan has been proven accurate.Additionally, because of the adjustment, his 1098-E Student Loan Interest Statement for wasrecalculated and is available for him to review and/or print from his mygreatlakes.org online accountA copyof the revised statement has also been mailed.We apologize for any frustration Mr*** has experienced and hope the information provided is helpful.If he has any 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,*** ***
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
Great Lakes as a whole is doing a great disservice to their borrowers because they're not readily accessible to change the repayment amount based on income, and they're not customer centric. Their website is horribly confusing to use, most likely on purpose to keep the borrower in the system as long as possibleTheir customer service shouldn't even be called thatOne phone operator suggested I don't know how to read, even though I'm an educated professional. The reason why Ms*** can't find an error is because their customer retention software didn't record itIf they had voice recorded the conversion I had on July 20, 2015, they would have heard how harsh and unforgiving their outsourced agent wasI called to rework my monthly loan repayment amountInstead, the agent demanded I pay upwards of a thousand dollars before any action would be takenBecause of this, I politely hung up, and tried to rework the loan repayments through their confusing websiteThis is where the problem stems fromGreat Lakes' payment records will show that I've paid a few hundred bucks every month for the last year and a halfI'm not sure why this doesn't count as paying on time.I have loans with other companies, and have never had the problems I've had with Great LakesI know I can't be the only one, based on over complaints listed on this websiteFurthermore, if this is supposed to be the "better" business bureau, why does Great Lakes even have an "A" rating with the multitude of complaints filedIs the Revdex.com purely a facade organization meant to make "evil empire" companies like Great Lakes look better? I will not rest until this is resolvedI'll recommend that my friends in college never borrow from Great LakesI'll post on every finance blog until this is removed from my credit report. I'd also like the CEO or ombudsman's email address as he or she will be hearing from meEven though this isn't a traditional customer-oriented business, myself and borrowers like me are the only reason that Great Lakes' employees can pay their bills, it's why their employedI have been done a great disservice as a customer
Regards,
Evan ***
Stacy Juedes Lead Trade Practice ConsultantRevdex.com of WisconsinW Greenfield Ave #125Milwaukee WI 53214 Dear MsJuedes: Thank you for contacting us on behalf of MrWhite and for providing us the opportunity to address his concerns regarding his loan
that is guaranteed by Great Lakes Higher Education Guaranty Corporation (Great Lakes) We are happy to report that Great Lakes has provided a detailed response to MrWhite’s concerns today. 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 *** ** ** *** ** ***. Sincerely,*
*** ***Great Lakes Higher EducationOmbudsman Specialist
Thank you for contacting us on behalf of MsElena *** and for providing us the opportunity toaddress her concern regarding the deferment applied to her Direct Consolidation Loan accountwith the U.SDepartment of Education (ED).Our records confirm Ms***’s concern was addressed with an Account
Manager, Jes, onNovember 22, The notes from the call verify additional information regarding interestaccrual was providedIt is also noted that Ms*** was advised she may continue to havepayments withdrawn automatically during her In-school deferment by resetting her Auto Pay viaher www.mygreatlakes.org online accountThe deferment is scheduled to remain in place on heraccount until May 15, unless new enrollment information is certified by her school.If Ms*** has any questions or concerns, she may contact our Borrower Services Departmentby phone at ###-###-#### (please note that some calls may be monitored or recorded for qualityassurance purposes), by email at [email protected], or by mail to the address below:Great Lakes*** *** ***
*** ** ***
*** ***
*** *** *** ***
Revdex.com of Wisconsin
*** * *** *** ***
*** ** ***
Complaint ID: ***
Great Lakes ID: ***
Dear
Mr***:
Thank
you for again contacting us on behalf of Mr*** *** and for
providing us the opportunity to further address his concerns, as we understand them
are that he did not sign a Rehabilitation Agreement, and he will not accept
re-starting the rehabilitation program because he had paid as agreed and Great
Lakes accepted his payments
When
Mr*** agreed to the rehabilitation of his loan on June 20, 2014,
Great Lakes Collection Support was using a verbal agreement process, which was
approved by the U.SDepartment of Education at that time. Thus, he agreed verbally to the
rehabilitation agreement and did not sign it.
Even though the agreement was reached verbally, the terms of his
rehabilitation agreement were the same as those outlined in our initial
response; whereas Mr*** agreed to make nine monthly payments of $160.
Mr
*** has restated that he does not want to re-start the rehabilitation
process, which requires nine payments, because he had successfully made seven
monthly payments and it was not until his bank sent payments to a different
address at Great Lakes that his rehabilitation agreement was broken.
Our
review of Mr***’s records confirm six payments were received by Great
Lakes and credited towards the rehabilitation of Mr***’s defaulted
loans on the following dates:
July 1, 2014 $
August 1, 2014 $
September 2, 2014 $
October 1, 2014 $
November 3, 2014 $
December 4, 2014 $(payment did not clear bank and was
returned)
January 6, 2015 $
However,
there is no record of payments being received in February or March 2015. Therefore, we ask that Mr*** provide
us proof (copies of his cancelled checks, or bank statements) from his
financial institution listing Great Lakes as the entity that cashed the
payments in question. Upon receipt of
this information, we will initiate a review to determine whether or not the
payments were or could be applied to his account.
Absent
proof from Mr*** that there were payments made and not applied to his
account, he will need to enter into a new rehabilitation agreement, which our
office has learned that Mr*** reapplied for new loan rehabilitation
with a monthly payment amount of $ As
of May 1, 2015, he has taken the next step by electronically signing his Loan
Rehabilitation Terms and Conditions and made his first rehabilitation
payment.
We
sincerely apologize for the frustration Mr.
*** has experienced with the default process and we hope this
information will be helpful to him. If
you require future assistance from our office, you can reach us between 8:am
and 4:pm Monday through Friday at ###-###-####, or by email at
***.
Sincerely,
***
***
Great
Lakes Ombudsman Office
Thank you for contacting us on behalf of Mr. Evan [redacted] and for providing us the opportunity to address his concern regarding the Great Lakes’ credit reporting, as he believes the information reported is inaccurate.To begin, it is important to note that the Higher Education Act of 1965 requires...
Great Lakes report the status of all serviced student loan accounts to the nationwide Credit Reporting Agencies (CRAs). Additionally, the Fair Credit Reporting Act requires that this information is reported accurately and objectively. We are audited to ensure our compliance with these requirements.With this in mind, we reviewed Mr. [redacted]’s account to verify the accuracy of the information we reported toward his credit files, and 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 made. Additionally, we were unable to identify the error in judgement that Mr. [redacted] claims was made by a Great Lakes’ Representative, causing his credit score to be reduced. Consequently, since the information Great Lakes reported to the CRAs is accurate, no adjustments will be made to our past credit reporting.Although we are unable to make any adjustments to the information reported toward Mr. [redacted]’s credit files, please make note that Myfico.com indicates that individuals who were delinquent in the past are able to improve their FICO score by paying their loans on time, and the longer an individual pays on time, the more their FICO score should increase.I understand that this is not the answer that Mr. [redacted] was hoping for, and apologize for any frustration he has experienced. If he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, by email at [redacted], or by mailing:Great Lakes[redacted]
Thank you for contacting us on behalf of Mr. [redacted] and for providing us the opportunity to address his concern regarding Great Lakes adverse credit reporting. Mr. [redacted] states that Great Lakes should not be reporting any information toward his credit files because he does not have a student loan...
with us.Upon receiving Mr. [redacted] concern, we reviewed our records and were unfortunately not able to identify an account associated with his name and demographic information. In order for us to address Mr. [redacted] concern, it would be necessary for him to provide us with additional information, such as his Great Lakes’ ID number. This may be provided to us using the information listed below.I apologize that we are unable to address Mr. [redacted] concern within this response. However, so that we may address his concern, he may contact our Borrower Services Department at ###-###-####, [redacted], or the address below:[redacted]
Thank you for contacting us on behalf of Mr. Jonathan [redacted] and for providing us the opportunityto address his concern regarding his U.S. Department of Education (ED) Stafford student loanaccount being in a repayment status from September 2014 through September 2015. Accordingto his inquiry, Mr. [redacted]...
states that he was unemployed and for this reason, his account shouldhave been deferred, but when he applied, he was denied.Based on the Mr. [redacted]'s request, it is important to first point out that as his federal student loanservicer, we are required to comply with all federal guidelines, Which are set forth by ED, thatgovern his loan. In relation to his inquiry, please note that deferment eligibility requirements areoutlined within the aforementioned guidelines.Since Mr. [redacted] has a federal loan, the deferments available to him are federally regulated. Thismeans that in order to qualify for deferment and have it applied to his account; he must completea deferment application and provide any documentation necessary to confirm that he meets thedeferment's eligibility requirements. In addition to being outlined in the federal guidelines, adeferment's eligibility requirements are also detailed on the deferment application itself.In an effort to assist, we reviewed Mr. [redacted]'s account to confirm the date he submitted hisdeferment application, the type of deferment he applied for, and the reason his defermentapplication was not approved. According to our records, the only deferment relatedcorrespondence we received from Mr. [redacted] was in a fax dated December 17, 2015. Within thefax, he referenced his desire to apply for the Economic Hardship Deferment, but did not return theactual deferment application. As previously referenced, the deferment application must becompleted to have the deferment applied to the account. For review, we have attached a copy ofthe correspondence we received from Mr. [redacted], as well as a copy of the Economic DefermentApplication.If Mr. [redacted] believes that the Economic Hardship Deferment is still applicable to his circumstancesand would like to apply, he may complete and return the attached application with any requireddocumentation. Please note that with the application, borrowers must include documentation toshow proof that they meet one of the deferment's eligibility requirements. To qualify for theEconomic Hardship Deferment, Mr. [redacted] must meet one of the following eligibility requirements:• Provide documentation showing that he has a separate Direct or Perkins Loans currentlyin the Economic Hardship Deferment.• Provide documentation that reflects he is currently receiving federal or state publicassistance.• Send documentation, in the form of a recently dated official letter on letterhead, showingthat he is currently serving in the Peace Corps (letter must include his dates of service).• If he works 30 or more hours per week and his monthly gross income is less than thepoverty level based on his family size (He may provide pay stubs, which must show grossincome, pay period, and the amount of hours worked, to show proof of this).Even though Mr. [redacted]'s account is currently in forbearance, which has temporarily postponed hispayments until June 2, 2016, it is important for him to know that the federal regulations know thatborrowers can, during the life of their loan(s), encounter financial situations that can prevent themfrom making their scheduled payments. Therefore, assistance options such as deferments,forbearances and alternative repayment plans exist to suspend payments or provide borrowersthe opportunity to lower their payments, preventing them from defaulting. In view of that, weencourage him to contact us to review the aforementioned repayment and assistance options toensure that he is utilizing the most beneficial option based on his current circumstances. Wewould be happy to assist him with finding the option that best fits his current situation.With regards to the information Mr. [redacted] requested be removed from his credit files, we reviewedour past credit reporting and have confirmed that it is accurate. Because of this, we areunfortunately unable to make any adjustments at this time. This information was provided to Mr.[redacted] in the enclosed letter, which we sent him on December 29, 2015.I understand this is not the answer Mr. [redacted] was hoping for and apologize for any frustration hehas experienced. If he has any additional questions or concerns, or if he would like to review hisaccount in greater detail, he may visit our website, mygreatlakes.org, or contact our BorrowerServices Department at ###-###-####, [redacted], or the address below
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] This says it all:"There is not a computerized report detailing the interest accrual that we could provide Ms. [redacted]". This is not true, they have a computerized system that bills interest to my account but are choosing to avoid providing it to the student. I completely reject their lengthy response and consider this matter closed with the Revdex.com. I will let the federal government know that a student is not being provided the actual accounting history on their loans from the loan servicing company. Maybe a senator would be interested to know that a student is not being provided this information. Thanks.
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.]I know for a fact this is untrue and the so-called demographics had not changed on that student at that time not to mention their tactics were abyssmal at best. I know their shady tactics because I have dealt with them myself and know how they scare the living daylights out of people, obfuscate, and not give full disclosure. I also know by dealing with these people they feel they can use most any tactic to obtain what they say they don't already have. What they did was wrong, but I know they don't get the meaning. What is so difficult in saying they won't contact my elderly, disabled mother again? Just don't.
Regards,
[redacted]
Thank you for contacting us on behalf of Ms. [redacted] and for providing us the opportunity to address her concern regarding her student loan accounts, which we service on behalf of the U.S. Department of Education (ED). According to her inquiry, she is requesting that her Income-Based Repayment...
(IBR) plan be processed, as she applied in May 2016 and does not understand why it has yet to occur.A Specialized Account Manager has reached out to her directly and her new payment schedules will be provided. Hopefully she finds the personalized assistance and repayment information helpful and it resolves her concern.We apologize for the delay. If Ms. [redacted] has any 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.O. Box 7860Madison, WI 53707Sincerely,
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.]Chase bank debited my account on 4/23/15 and payment was recieved by Great lakes on 4/24/15. As per [redacted] response in her body she states that on 4/24/15 IPay technologies cleared the payment with Chase bank. That means that one 4/24/15 the payment was verified as I stated. Since the payment was verified on this date on it being recieved on that date then payment should be reflected on that date. The documentation I provided from Chase bank shows that the arrival date will be 4/24/15 but they have no control over when it arrives if it was US mail. In this case it was done electronically. Great Lakes Chose to apply it on April 27, 2014. Once again, Ms. [redacted] confirms within her letter that payment CLEARED ON 4/24/15. That in itself shows that it was not recieved on 4/27/15 but on 4/24/15.
Regards,
[redacted]
Dear Ms. [redacted], Thank you for contacting us on behalf of Ms. [redacted] and for providing us the opportunity to address her concern regarding her student loan. Ms. [redacted]’s concern as we understand it is verification that a treasury offset payment has been applied to the account and various...
options for resolving the default. By way of some background, on May 5, 2014, Great Lakes, as the guarantor, paid a default claim to the servicer of the loan, American Education Services (AES). This was the result of their not receiving payment(s), or a completed request for deferment or forbearance to prevent Ms. [redacted]’s loan from defaulting. Based on the terms of her signed Promissory Note, when her student loan defaulted, the balance became due and payable in full. The offset of Ms. [redacted]’s tax returns is in accordance with Federal Laws. The Debt Collection Act of 1982, and the Debt Collection Improvement Act of 1996, authorizes the U.S. Department of the Treasury to offset eligible Federal payments of individuals who are indebted to the U.S. Government. Although Ms. [redacted] has had involuntary payments via the U.S. Treasury Offset Program these payments have not been enough to satisfy the debt. We have enclosed a copy of her most recent pay history with the current balance for your review. Ms. [redacted]’s account may be rehabilitated out of default after she enters into a Rehabilitation Agreement and voluntarily makes 9 consecutive on-time payments over a 10 month period as required. After she has made the sixth payment she may qualify for additional Title IV financial aid. The successful rehabilitation of her defaulted student loan(s) will result in the following:- Removal of her student loan(s) from default status- Removal of the default status reported by Great Lakes to the nationwide consumer reporting agencies- Eligibility for new financial aid to return to school- Eligibility for all remaining periods of deferment or forbearance Another option available to satisfy a defaulted account is to consolidate. Ms. [redacted] can attempt to consolidate through the William D. Ford Direct Loan Program. A Direct consolidation is when the Department of Education issues a consolidation loan that pays borrowers outstanding student loans. Ms. [redacted] would then repay the consolidation loan directly to the Department of Education. It appears that Ms. [redacted] has already opted for this solution. If she needs additional information on this program, or to check on the status of her consolidation Ms. [redacted] can call ###-###-#### or visit their website at http://www.loanconsolidation.ed.gov/ * It is important to understand that Ms. [redacted] will remain responsible for the collection fees should she decide to rehabilitate or consolidate her loans. For more information on these programs Ms. [redacted] may also contact her servicer, Performant Recovery, Incorporated (Performant) at ###-###-####. We again thank you for contacting us and for giving us an opportunity to be of assistance. If additional information is required, please by all means, contact us. You can reach our office between 7:00 am and 4:30 pm Monday through Friday at ###-###-####, or by email at [redacted]. Sincerely, [redacted]Great Lakes Higher EducationOmbudsman Specialist
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 federal student loan account with the U.S. Department of Education (ED).Ms. [redacted]’ loan is a federal loan. As such, Great Lakes, as her...
servicer, is contractually obligated to abide by all federal guidelines set forth by ED. This is important because payment application is outlined within the federal guidelines. Additionally, as it relates to payment application, it is necessary to mention that Ms. [redacted]’ loan is a simple interest loan. This means that interest accrues daily based on her interest rate and principal balance. The 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 by365 or 366 (Days in a Year)As such, a borrower’s payments must be applied 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 account. If a borrower makes a payment that is larger than their regular monthly payment, the overpayment is applied to the principal balance of the portion of loan with the highest interest rate, assuming all outstanding accrued interest is paid. It is important to keep in mind that the accrued interest will always be paid first prior to any payment, including regular monthly payments and extra payments, being directed toward the principal balance of a loan.It is also important to note that because Ms. [redacted]’ loan is unsubsidized, while she was in an in-school status and later her grace period, her loan accrued interest. In this case the unsubsidized interest needed to be satisfied first, before any of the funds were applied to the principal balance. Per the attached payment history, this was accomplished with the June 10, 2016 payment, reducing the amount of outstanding accrued interest that was capitalized June 19, 2016 when her loan entered repayment.With regards to Ms. [redacted]’ concern, perhaps the most significant point to make note of is that 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 received. Instead, it means that a borrower won’t be considered delinquent if they stop making payments until they are no longer paid ahead.We can ensure that any extra or additional payments Ms. [redacted] makes are reducing her principal balance (again assuming that all outstanding interest is satisfied), which appears to be her intention. It is to her benefit to continue making extra payments because it will reduce the overall cost of her loan, as reducing her principal balance faster than what her payment schedule calls for will decrease the amount of interest that would accrue over the life of her loan. Please note that there is no prepayment penalty for paying ahead, or making extra payments. Additionally, being listed as paid ahead has no impact on interest accrual.With attention to the aforementioned information, we reviewed Ms. [redacted]’ account and were able to confirm that her payments were applied in accordance with the federal guidelines.We hope the information provided resolves Ms. [redacted]’ concern. If 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.O. Box 7860Madison, WI 53707Sincerely,[redacted]
Thank you for contacting us on behalf of Mr. [redacted] and for providing us the opportunityto address his concern regarding the remittance address for his Direct Stafford loan account withthe U.S. Department of Education (ED) as he believes there was a change of address aboutwhich he was not...
notified. We also understand he has concern regarding the time frame for hispayments received at the incorrect address to be processed.We would like to begin by pointing out the address for payments on Direct loans held by the ED isand has always been as follows:Great LakesPO Box 530229Atlanta, GA 30353-0229In addition, all payment notifications have included this address. Though we are unsure why Mr.[redacted]’s payments were being sent to the Great Lakes payment processing facility in MilwaukeeWisconsin, we are aware that some banks only had the Milwaukee address in their billpaysystems. As a courtesy, when Great Lakes received a mailed payment at our paymentprocessing facility in Milwaukee Wisconsin, we processed and forwarded those payments to ED inAtlanta, GA. However, Great Lakes was recently advised by ED that we are no longer able toforward such payments. As a result, Great Lakes must return payments intended for Ed-heldfederal student loans to the remitter.Upon review of Mr. [redacted]’s account, we have verified the following payments were received atour Milwaukee address:? December 15, 2016 for $55? December 27, 2016 for $27? December 30, 2016 for $55? January 5, 2017 for $55? January 13, 2017 for $55? January 19, 2017 for $55With regard to the processing time for a payment to be returned to the remitter, it is important tonote that typically, financial institutions have the ability to reverse a payment within 30 -60 days.As a result, Great Lakes has a waiting period of 30 days before we will begin the payment returnto ensure the financial institute is not reversing the payment.In an effort to further assist, we encourage Mr. [redacted] to contact our Borrower ServicesDepartment at the phone number listed below once he has resubmitted his returned payments, sowe may backdate them to their original dates of receipt. Backdating the payments will allow for hisaccrued interest to be adjusted accordingly. It will also allow us to recalculate his 2016 1098-EStudent Loan Interest Statement.We apologize for the frustration Mr. [redacted] has experienced. If he has any questions orconcerns, he may contact our Borrower Services Department by phone at ###-###-####(Please note that some calls may be monitored and recorded for quality assurance purposes),by email at [email protected], or by mail to the address below:Great LakesP.O. Box 7860Madison, WI 53707Sincerely,Janet Campbell
[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.
Regards,
*** ***
July 16,
*** ***
*** *** *** ***
*** *** *** ** ***
*** * *** *** ***
*** ** ***
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 concern regarding loans serviced by Great Lakes
that were excluded from her Consolidation loan
By
way of some background, Ms*** completed a Federal Direct Consolidation
Loan Application and Promissory Note (PN) with the U.SDepartment of Education
(ED)After the borrower chooses the servicer they would like to perform the
consolidation and service their Consolidation loan, ED sends the PN to the
servicer to begin the consolidation processThe consolidation is then
performed as directed by the borrower on the PNMs***’s PN is
attached for referencePlease note that her identity sensitive information
(Social Security Number, Driver’s License Number, and Date of Birth) has been
masked in order to protect her privacy
It
is equally important to note that prior to the completion of the consolidation
process, a loan summary statement is sent to the borrower detailing the loans
that will be included in the consolidation according to the borrower’s PNThe loan
summary statement specifically requests the borrower to thoroughly review the
statement and take immediate action in notifying the consolidating servicer,
within business days, of any potential errorsIf the borrower does not
contact the consolidating servicer within that time frame, the consolidation is
processed
For
Ms***’s review, we have attached a copy of her loan summary
statementBased on the aforementioned information, her consolidation was
processed in accordance with her PNMs*** may still combine all her
loans into one, which seems to be her preference, by completing another PNShe
may begin this process at ED’s website, studentloans.gov.
If
Ms*** currently finds that her monthly payments are not affordable,
there are numerous options available to help her manage her accountsTo review
her options, she may visit our website, mygreatlakes.org, or contact our
Borrower Services DepartmentWe would be happy to work with her to find an
option that best fits her situation
If
Ms*** has any additional questions or concerns, she may contact our
Borrower Services Department by phone at ###-###-####, through email at ***, or by
mailing:
Great Lakes
** *** ***
*** ** ***
Sincerely,
Aimee S***
*** * *** ***
Great
Lakes Educational Loan Services Inc
June 5,
*** ***
*** *** *** ***
Revdex.com of Wisconsin
*** * *** *** ***
*** ** ***
Complaint ID: ***
Great Lakes ID: ***
Dear
Mr***:
Thank
you for contacting us on behalf of Mr*** *** and for providing us the
opportunity to address his concern, which is as follows:
Mr*** is unhappy with the
amount of time it took to process his IBR renewal application and that he
did not have the opportunity to provide additional information to adjust
the calculated IBR payment amount in a timelier manner
Issue 1: IBR Payment Amount
We reviewed
Mr***’s most recent IBR plan request, which was received from
studentloans.gov on February 13, Mr***’s IBR monthly payment was
calculated in accordance with the federal guidelines related to IBR as follows:
IBR Application Date
AGI
Family
Size
IBR
Payment Amount
02/13/
$66,
$
Although
the new payment amount was listed on his account in February, the new payment
schedule was not generated until May 24, 2015, with a first payment due date of
July 1, Outlined within Mr***’s complaint details, and based on
recent conversations he has had with our Borrower Services Department, it
appears that he is now married and would like his wife’s student loans included
in the calculation
We certainly
empathize with Mr***’s situation and want to ensure him he has time to
submit a new application to have his spouse’s eligible student loan debt
included in the calculationCorrespondingly, it looks as if Mr*** is
aware of the information necessary for him to provide in order to have his IBR
payment recalculatedOnce we receive that information, we will expedite the
processing of his application to ensure it is processed in a timely mannerAt
the present time, his accounts are in an IBR-related forbearance until July 27,
2015; however, this can be removed if the new information is received and
updated quickly
We
have reached out to Mr*** as he requestedMoving forward, in an effort to
address and resolve any issue that may arise, we have assigned a representative
who is familiar with his situation to work directly with him and answer any
questions he may have
I
apologize for the frustration this experience has caused Mr*** and hope he
finds the information provided helpfulAs a result of his concern, we will
review our process and the correspondence sent to borrowers when notifying them
of their new IBR renewal payment schedulesIf he has any additional questions or concerns about the
repayment of his loans, he may contact the representative he has worked with,
or contact our Borrower Services Department by phone at
(800) 236-4300, by email at [email protected],
or by mail to:
Great
Lakes
P.O
Box
Madison,
WI
Sincerely,
Aimee S***
*** * *** ***
Great Lakes Educational Loan Services, Inc
Thank you for contacting us on behalf of Mr*** *** and for providing us the opportunity to address his request, which is for Great Lakes to remove the delinquencies reported toward his credit files.To begin, we must first note that the Higher Education Act of requires Great Lakes to
report the status of all serviced student loan accounts to the nationwide Credit Reporting Agencies (CRAs)Similarly, the Fair Credit Reporting Act requires that this information is reported accurately and objectivelyPlease also keep in mind that we are audited to ensure our compliance with these requirements.With attention to the information above, we reviewed Mr***’s account to verify the accuracy of the information we reported toward his credit files, and to ensure no errors were made that led to, or resulted in, inaccurate delinquency reporting (such as misapplication of payments)Our review confirmed that no such errors were made.According to our records, Mr*** submitted an Unemployment Deferment application on December 21, through his mygreatlakes.org accountPrior to submitting this request, Mr*** had already utilized the majority of the months of Unemployment Deferment available for federal student loan borrowersAs a result, the deferment could only be applied to his account from December 21, to January 11, 2016.On January 16, 2016, after his deferment ended, a payment schedule generated to provide Mr*** notification that his deferment had ended and that his account had entered repaymentThe payment schedule was emailed to Mr*** on January 18, to ***@att.net, which appears to still be valid because it matches the email address provided on his Revdex.com complaint.Mr***’s January 16, payment schedule confirmed that payments of $became due starting February 22, His account then remained in repayment until June 27, 2016, when he requested a discretionary forbearance via email to again postpone paymentsUnfortunately, while he was in repayment, no payments were received, which caused his account to go past due by more than daysDue to the past due status of his account, it was reported to the CRAs as delinquent on May 31, Regrettably, for the reasons mentioned, even though we empathize with his situation, we are unable to make any adjustments to our past credit reporting.Nevertheless, we wanted to share with Mr*** an important point listed on Myfico.com, which indicates that individuals who were delinquent in the past are able to improve their FICO score by paying their loans on time, and the longer an individual pays on time, the more their FICO score should increase.We understand that this is not the answer Mr*** was hoping for, and apologize for any frustration he has experiencedIf he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, by email at [email protected], or by mailing:Great LakesP.OBox 7860Madison, WI 53707Sincerely,Janet Campbell
[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.
Regards,
*** ***
Thank you for contacting us on behalf of Mr*** *** and for providing us the opportunity to addresshis concern regarding his Income-Driven Repayment (IDR) application for his student loan account with theU.SDepartment of Education (ED)We understand his primary concerns to be that he was
not notified hisapplication was being reprocessed under a different IDR plan, that interest had capitalized on his accountwhen his IDR plan was changed, and he believes he was not clearly notified of the change.We have confirmed Mr***’s concerns have been addressed with a Specialized Account Manager.Through their discussions and follow-ups it has been clarified to Mr*** his IDR application had beenrejected for the Income-Based Repayment (IBR) plan initially because the system determined he was nolonger eligible for the IBR planDue to a system error, his application was reprocessed under the Income-Contingent Repayment (ICR) plan and his new payment schedule was emailedAs a result, interest wascapitalized, or added to the principal balance.We are pleased to advise the interest capitalized on Mr***’s account has been reversedFollowing thereversal, we completed extensive review and verification of the accrued interest on his account to ensureaccuracyMr***’s accrued interest and total balance on his loan has been proven accurate.Additionally, because of the adjustment, his 1098-E Student Loan Interest Statement for wasrecalculated and is available for him to review and/or print from his mygreatlakes.org online accountA copyof the revised statement has also been mailed.We apologize for any frustration Mr*** has experienced and hope the information provided is helpful.If he has any 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,*** ***
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
Great Lakes as a whole is doing a great disservice to their borrowers because they're not readily accessible to change the repayment amount based on income, and they're not customer centric. Their website is horribly confusing to use, most likely on purpose to keep the borrower in the system as long as possibleTheir customer service shouldn't even be called thatOne phone operator suggested I don't know how to read, even though I'm an educated professional. The reason why Ms*** can't find an error is because their customer retention software didn't record itIf they had voice recorded the conversion I had on July 20, 2015, they would have heard how harsh and unforgiving their outsourced agent wasI called to rework my monthly loan repayment amountInstead, the agent demanded I pay upwards of a thousand dollars before any action would be takenBecause of this, I politely hung up, and tried to rework the loan repayments through their confusing websiteThis is where the problem stems fromGreat Lakes' payment records will show that I've paid a few hundred bucks every month for the last year and a halfI'm not sure why this doesn't count as paying on time.I have loans with other companies, and have never had the problems I've had with Great LakesI know I can't be the only one, based on over complaints listed on this websiteFurthermore, if this is supposed to be the "better" business bureau, why does Great Lakes even have an "A" rating with the multitude of complaints filedIs the Revdex.com purely a facade organization meant to make "evil empire" companies like Great Lakes look better? I will not rest until this is resolvedI'll recommend that my friends in college never borrow from Great LakesI'll post on every finance blog until this is removed from my credit report. I'd also like the CEO or ombudsman's email address as he or she will be hearing from meEven though this isn't a traditional customer-oriented business, myself and borrowers like me are the only reason that Great Lakes' employees can pay their bills, it's why their employedI have been done a great disservice as a customer
Regards,
Evan ***
Stacy Juedes Lead Trade Practice ConsultantRevdex.com of WisconsinW Greenfield Ave #125Milwaukee WI 53214 Dear MsJuedes: Thank you for contacting us on behalf of MrWhite and for providing us the opportunity to address his concerns regarding his loan
that is guaranteed by Great Lakes Higher Education Guaranty Corporation (Great Lakes) We are happy to report that Great Lakes has provided a detailed response to MrWhite’s concerns today. 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 *** ** ** *** ** ***. Sincerely,*
*** ***Great Lakes Higher EducationOmbudsman Specialist
Thank you for contacting us on behalf of MsElena *** and for providing us the opportunity toaddress her concern regarding the deferment applied to her Direct Consolidation Loan accountwith the U.SDepartment of Education (ED).Our records confirm Ms***’s concern was addressed with an Account
Manager, Jes, onNovember 22, The notes from the call verify additional information regarding interestaccrual was providedIt is also noted that Ms*** was advised she may continue to havepayments withdrawn automatically during her In-school deferment by resetting her Auto Pay viaher www.mygreatlakes.org online accountThe deferment is scheduled to remain in place on heraccount until May 15, unless new enrollment information is certified by her school.If Ms*** has any questions or concerns, she may contact our Borrower Services Departmentby phone at ###-###-#### (please note that some calls may be monitored or recorded for qualityassurance purposes), by email at [email protected], or by mail to the address below:Great Lakes*** *** ***
*** ** ***
*** ***
*** *** *** ***
Revdex.com of Wisconsin
*** * *** *** ***
*** ** ***
Complaint ID: ***
Great Lakes ID: ***
Dear
Mr***:
Thank
you for again contacting us on behalf of Mr*** *** and for
providing us the opportunity to further address his concerns, as we understand them
are that he did not sign a Rehabilitation Agreement, and he will not accept
re-starting the rehabilitation program because he had paid as agreed and Great
Lakes accepted his payments
When
Mr*** agreed to the rehabilitation of his loan on June 20, 2014,
Great Lakes Collection Support was using a verbal agreement process, which was
approved by the U.SDepartment of Education at that time. Thus, he agreed verbally to the
rehabilitation agreement and did not sign it.
Even though the agreement was reached verbally, the terms of his
rehabilitation agreement were the same as those outlined in our initial
response; whereas Mr*** agreed to make nine monthly payments of $160.
Mr
*** has restated that he does not want to re-start the rehabilitation
process, which requires nine payments, because he had successfully made seven
monthly payments and it was not until his bank sent payments to a different
address at Great Lakes that his rehabilitation agreement was broken.
Our
review of Mr***’s records confirm six payments were received by Great
Lakes and credited towards the rehabilitation of Mr***’s defaulted
loans on the following dates:
July 1, 2014 $
August 1, 2014 $
September 2, 2014 $
October 1, 2014 $
November 3, 2014 $
December 4, 2014 $(payment did not clear bank and was
returned)
January 6, 2015 $
However,
there is no record of payments being received in February or March 2015. Therefore, we ask that Mr*** provide
us proof (copies of his cancelled checks, or bank statements) from his
financial institution listing Great Lakes as the entity that cashed the
payments in question. Upon receipt of
this information, we will initiate a review to determine whether or not the
payments were or could be applied to his account.
Absent
proof from Mr*** that there were payments made and not applied to his
account, he will need to enter into a new rehabilitation agreement, which our
office has learned that Mr*** reapplied for new loan rehabilitation
with a monthly payment amount of $ As
of May 1, 2015, he has taken the next step by electronically signing his Loan
Rehabilitation Terms and Conditions and made his first rehabilitation
payment.
We
sincerely apologize for the frustration Mr.
*** has experienced with the default process and we hope this
information will be helpful to him. If
you require future assistance from our office, you can reach us between 8:am
and 4:pm Monday through Friday at ###-###-####, or by email at
***.
Sincerely,
***
***
Great
Lakes Ombudsman Office
Thank you for contacting us on behalf of Mr. Evan [redacted] and for providing us the opportunity to address his concern regarding the Great Lakes’ credit reporting, as he believes the information reported is inaccurate.To begin, it is important to note that the Higher Education Act of 1965 requires...
Great Lakes report the status of all serviced student loan accounts to the nationwide Credit Reporting Agencies (CRAs). Additionally, the Fair Credit Reporting Act requires that this information is reported accurately and objectively. We are audited to ensure our compliance with these requirements.With this in mind, we reviewed Mr. [redacted]’s account to verify the accuracy of the information we reported toward his credit files, and 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 made. Additionally, we were unable to identify the error in judgement that Mr. [redacted] claims was made by a Great Lakes’ Representative, causing his credit score to be reduced. Consequently, since the information Great Lakes reported to the CRAs is accurate, no adjustments will be made to our past credit reporting.Although we are unable to make any adjustments to the information reported toward Mr. [redacted]’s credit files, please make note that Myfico.com indicates that individuals who were delinquent in the past are able to improve their FICO score by paying their loans on time, and the longer an individual pays on time, the more their FICO score should increase.I understand that this is not the answer that Mr. [redacted] was hoping for, and apologize for any frustration he has experienced. If he has any additional questions or concerns, he may contact our Borrower Services Department by phone at ###-###-####, by email at [redacted], or by mailing:Great Lakes[redacted]
Thank you for contacting us on behalf of Mr. [redacted] and for providing us the opportunity to address his concern regarding Great Lakes adverse credit reporting. Mr. [redacted] states that Great Lakes should not be reporting any information toward his credit files because he does not have a student loan...
with us.Upon receiving Mr. [redacted] concern, we reviewed our records and were unfortunately not able to identify an account associated with his name and demographic information. In order for us to address Mr. [redacted] concern, it would be necessary for him to provide us with additional information, such as his Great Lakes’ ID number. This may be provided to us using the information listed below.I apologize that we are unable to address Mr. [redacted] concern within this response. However, so that we may address his concern, he may contact our Borrower Services Department at ###-###-####, [redacted], or the address below:[redacted]
Thank you for contacting us on behalf of Mr. Jonathan [redacted] and for providing us the opportunityto address his concern regarding his U.S. Department of Education (ED) Stafford student loanaccount being in a repayment status from September 2014 through September 2015. Accordingto his inquiry, Mr. [redacted]...
states that he was unemployed and for this reason, his account shouldhave been deferred, but when he applied, he was denied.Based on the Mr. [redacted]'s request, it is important to first point out that as his federal student loanservicer, we are required to comply with all federal guidelines, Which are set forth by ED, thatgovern his loan. In relation to his inquiry, please note that deferment eligibility requirements areoutlined within the aforementioned guidelines.Since Mr. [redacted] has a federal loan, the deferments available to him are federally regulated. Thismeans that in order to qualify for deferment and have it applied to his account; he must completea deferment application and provide any documentation necessary to confirm that he meets thedeferment's eligibility requirements. In addition to being outlined in the federal guidelines, adeferment's eligibility requirements are also detailed on the deferment application itself.In an effort to assist, we reviewed Mr. [redacted]'s account to confirm the date he submitted hisdeferment application, the type of deferment he applied for, and the reason his defermentapplication was not approved. According to our records, the only deferment relatedcorrespondence we received from Mr. [redacted] was in a fax dated December 17, 2015. Within thefax, he referenced his desire to apply for the Economic Hardship Deferment, but did not return theactual deferment application. As previously referenced, the deferment application must becompleted to have the deferment applied to the account. For review, we have attached a copy ofthe correspondence we received from Mr. [redacted], as well as a copy of the Economic DefermentApplication.If Mr. [redacted] believes that the Economic Hardship Deferment is still applicable to his circumstancesand would like to apply, he may complete and return the attached application with any requireddocumentation. Please note that with the application, borrowers must include documentation toshow proof that they meet one of the deferment's eligibility requirements. To qualify for theEconomic Hardship Deferment, Mr. [redacted] must meet one of the following eligibility requirements:• Provide documentation showing that he has a separate Direct or Perkins Loans currentlyin the Economic Hardship Deferment.• Provide documentation that reflects he is currently receiving federal or state publicassistance.• Send documentation, in the form of a recently dated official letter on letterhead, showingthat he is currently serving in the Peace Corps (letter must include his dates of service).• If he works 30 or more hours per week and his monthly gross income is less than thepoverty level based on his family size (He may provide pay stubs, which must show grossincome, pay period, and the amount of hours worked, to show proof of this).Even though Mr. [redacted]'s account is currently in forbearance, which has temporarily postponed hispayments until June 2, 2016, it is important for him to know that the federal regulations know thatborrowers can, during the life of their loan(s), encounter financial situations that can prevent themfrom making their scheduled payments. Therefore, assistance options such as deferments,forbearances and alternative repayment plans exist to suspend payments or provide borrowersthe opportunity to lower their payments, preventing them from defaulting. In view of that, weencourage him to contact us to review the aforementioned repayment and assistance options toensure that he is utilizing the most beneficial option based on his current circumstances. Wewould be happy to assist him with finding the option that best fits his current situation.With regards to the information Mr. [redacted] requested be removed from his credit files, we reviewedour past credit reporting and have confirmed that it is accurate. Because of this, we areunfortunately unable to make any adjustments at this time. This information was provided to Mr.[redacted] in the enclosed letter, which we sent him on December 29, 2015.I understand this is not the answer Mr. [redacted] was hoping for and apologize for any frustration hehas experienced. If he has any additional questions or concerns, or if he would like to review hisaccount in greater detail, he may visit our website, mygreatlakes.org, or contact our BorrowerServices Department at ###-###-####, [redacted], or the address below
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] This says it all:"There is not a computerized report detailing the interest accrual that we could provide Ms. [redacted]". This is not true, they have a computerized system that bills interest to my account but are choosing to avoid providing it to the student. I completely reject their lengthy response and consider this matter closed with the Revdex.com. I will let the federal government know that a student is not being provided the actual accounting history on their loans from the loan servicing company. Maybe a senator would be interested to know that a student is not being provided this information. Thanks.
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.]I know for a fact this is untrue and the so-called demographics had not changed on that student at that time not to mention their tactics were abyssmal at best. I know their shady tactics because I have dealt with them myself and know how they scare the living daylights out of people, obfuscate, and not give full disclosure. I also know by dealing with these people they feel they can use most any tactic to obtain what they say they don't already have. What they did was wrong, but I know they don't get the meaning. What is so difficult in saying they won't contact my elderly, disabled mother again? Just don't.
Regards,
[redacted]
Thank you for contacting us on behalf of Ms. [redacted] and for providing us the opportunity to address her concern regarding her student loan accounts, which we service on behalf of the U.S. Department of Education (ED). According to her inquiry, she is requesting that her Income-Based Repayment...
(IBR) plan be processed, as she applied in May 2016 and does not understand why it has yet to occur.A Specialized Account Manager has reached out to her directly and her new payment schedules will be provided. Hopefully she finds the personalized assistance and repayment information helpful and it resolves her concern.We apologize for the delay. If Ms. [redacted] has any 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.O. Box 7860Madison, WI 53707Sincerely,
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.]Chase bank debited my account on 4/23/15 and payment was recieved by Great lakes on 4/24/15. As per [redacted] response in her body she states that on 4/24/15 IPay technologies cleared the payment with Chase bank. That means that one 4/24/15 the payment was verified as I stated. Since the payment was verified on this date on it being recieved on that date then payment should be reflected on that date. The documentation I provided from Chase bank shows that the arrival date will be 4/24/15 but they have no control over when it arrives if it was US mail. In this case it was done electronically. Great Lakes Chose to apply it on April 27, 2014. Once again, Ms. [redacted] confirms within her letter that payment CLEARED ON 4/24/15. That in itself shows that it was not recieved on 4/27/15 but on 4/24/15.
Regards,
[redacted]
Dear Ms. [redacted], Thank you for contacting us on behalf of Ms. [redacted] and for providing us the opportunity to address her concern regarding her student loan. Ms. [redacted]’s concern as we understand it is verification that a treasury offset payment has been applied to the account and various...
options for resolving the default. By way of some background, on May 5, 2014, Great Lakes, as the guarantor, paid a default claim to the servicer of the loan, American Education Services (AES). This was the result of their not receiving payment(s), or a completed request for deferment or forbearance to prevent Ms. [redacted]’s loan from defaulting. Based on the terms of her signed Promissory Note, when her student loan defaulted, the balance became due and payable in full. The offset of Ms. [redacted]’s tax returns is in accordance with Federal Laws. The Debt Collection Act of 1982, and the Debt Collection Improvement Act of 1996, authorizes the U.S. Department of the Treasury to offset eligible Federal payments of individuals who are indebted to the U.S. Government. Although Ms. [redacted] has had involuntary payments via the U.S. Treasury Offset Program these payments have not been enough to satisfy the debt. We have enclosed a copy of her most recent pay history with the current balance for your review. Ms. [redacted]’s account may be rehabilitated out of default after she enters into a Rehabilitation Agreement and voluntarily makes 9 consecutive on-time payments over a 10 month period as required. After she has made the sixth payment she may qualify for additional Title IV financial aid. The successful rehabilitation of her defaulted student loan(s) will result in the following:- Removal of her student loan(s) from default status- Removal of the default status reported by Great Lakes to the nationwide consumer reporting agencies- Eligibility for new financial aid to return to school- Eligibility for all remaining periods of deferment or forbearance Another option available to satisfy a defaulted account is to consolidate. Ms. [redacted] can attempt to consolidate through the William D. Ford Direct Loan Program. A Direct consolidation is when the Department of Education issues a consolidation loan that pays borrowers outstanding student loans. Ms. [redacted] would then repay the consolidation loan directly to the Department of Education. It appears that Ms. [redacted] has already opted for this solution. If she needs additional information on this program, or to check on the status of her consolidation Ms. [redacted] can call ###-###-#### or visit their website at http://www.loanconsolidation.ed.gov/ * It is important to understand that Ms. [redacted] will remain responsible for the collection fees should she decide to rehabilitate or consolidate her loans. For more information on these programs Ms. [redacted] may also contact her servicer, Performant Recovery, Incorporated (Performant) at ###-###-####. We again thank you for contacting us and for giving us an opportunity to be of assistance. If additional information is required, please by all means, contact us. You can reach our office between 7:00 am and 4:30 pm Monday through Friday at ###-###-####, or by email at [redacted]. Sincerely, [redacted]Great Lakes Higher EducationOmbudsman Specialist
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 federal student loan account with the U.S. Department of Education (ED).Ms. [redacted]’ loan is a federal loan. As such, Great Lakes, as her...
servicer, is contractually obligated to abide by all federal guidelines set forth by ED. This is important because payment application is outlined within the federal guidelines. Additionally, as it relates to payment application, it is necessary to mention that Ms. [redacted]’ loan is a simple interest loan. This means that interest accrues daily based on her interest rate and principal balance. The 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 by365 or 366 (Days in a Year)As such, a borrower’s payments must be applied 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 account. If a borrower makes a payment that is larger than their regular monthly payment, the overpayment is applied to the principal balance of the portion of loan with the highest interest rate, assuming all outstanding accrued interest is paid. It is important to keep in mind that the accrued interest will always be paid first prior to any payment, including regular monthly payments and extra payments, being directed toward the principal balance of a loan.It is also important to note that because Ms. [redacted]’ loan is unsubsidized, while she was in an in-school status and later her grace period, her loan accrued interest. In this case the unsubsidized interest needed to be satisfied first, before any of the funds were applied to the principal balance. Per the attached payment history, this was accomplished with the June 10, 2016 payment, reducing the amount of outstanding accrued interest that was capitalized June 19, 2016 when her loan entered repayment.With regards to Ms. [redacted]’ concern, perhaps the most significant point to make note of is that 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 received. Instead, it means that a borrower won’t be considered delinquent if they stop making payments until they are no longer paid ahead.We can ensure that any extra or additional payments Ms. [redacted] makes are reducing her principal balance (again assuming that all outstanding interest is satisfied), which appears to be her intention. It is to her benefit to continue making extra payments because it will reduce the overall cost of her loan, as reducing her principal balance faster than what her payment schedule calls for will decrease the amount of interest that would accrue over the life of her loan. Please note that there is no prepayment penalty for paying ahead, or making extra payments. Additionally, being listed as paid ahead has no impact on interest accrual.With attention to the aforementioned information, we reviewed Ms. [redacted]’ account and were able to confirm that her payments were applied in accordance with the federal guidelines.We hope the information provided resolves Ms. [redacted]’ concern. If 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.O. Box 7860Madison, WI 53707Sincerely,[redacted]
Thank you for contacting us on behalf of Mr. [redacted] and for providing us the opportunityto address his concern regarding the remittance address for his Direct Stafford loan account withthe U.S. Department of Education (ED) as he believes there was a change of address aboutwhich he was not...
notified. We also understand he has concern regarding the time frame for hispayments received at the incorrect address to be processed.We would like to begin by pointing out the address for payments on Direct loans held by the ED isand has always been as follows:Great LakesPO Box 530229Atlanta, GA 30353-0229In addition, all payment notifications have included this address. Though we are unsure why Mr.[redacted]’s payments were being sent to the Great Lakes payment processing facility in MilwaukeeWisconsin, we are aware that some banks only had the Milwaukee address in their billpaysystems. As a courtesy, when Great Lakes received a mailed payment at our paymentprocessing facility in Milwaukee Wisconsin, we processed and forwarded those payments to ED inAtlanta, GA. However, Great Lakes was recently advised by ED that we are no longer able toforward such payments. As a result, Great Lakes must return payments intended for Ed-heldfederal student loans to the remitter.Upon review of Mr. [redacted]’s account, we have verified the following payments were received atour Milwaukee address:? December 15, 2016 for $55? December 27, 2016 for $27? December 30, 2016 for $55? January 5, 2017 for $55? January 13, 2017 for $55? January 19, 2017 for $55With regard to the processing time for a payment to be returned to the remitter, it is important tonote that typically, financial institutions have the ability to reverse a payment within 30 -60 days.As a result, Great Lakes has a waiting period of 30 days before we will begin the payment returnto ensure the financial institute is not reversing the payment.In an effort to further assist, we encourage Mr. [redacted] to contact our Borrower ServicesDepartment at the phone number listed below once he has resubmitted his returned payments, sowe may backdate them to their original dates of receipt. Backdating the payments will allow for hisaccrued interest to be adjusted accordingly. It will also allow us to recalculate his 2016 1098-EStudent Loan Interest Statement.We apologize for the frustration Mr. [redacted] has experienced. If he has any questions orconcerns, he may contact our Borrower Services Department by phone at ###-###-####(Please note that some calls may be monitored and recorded for quality assurance purposes),by email at [email protected], or by mail to the address below:Great LakesP.O. Box 7860Madison, WI 53707Sincerely,Janet Campbell