Great Lakes Higher Education Corporation and Affiliates is a non-profit corporation with more than 1,300 employees, all committed to changing lives for the better through higher education. We’re one of the country’s leading guarantors and servicers of student loans, serving millions of borrowers, the U.S. Department of Education, more than 6,000 schools, and 1,100 lenders nationwide. We provide support to make higher education accessible, the financial aid process simpler, and the possibility of paying for college real. We know student loans, inside and out.
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I am irate. This "servicer" continually refuses to apply my extra payments as specified and thus fails to apply payments to principal as I specify. I feel like their actions must be illegal. I am sick of being financially robbed by this company as well as all the other corrupt student loan servicers that have had my loans. I have paid off the majority of the loan I borrowed years ago. I still owe about 120% more!!!! Anyone know a good lawyer? I want to sue the crap out of them. I am done. Class action lawsuit anyone? Let's do this.
It would be easier, and more convenient to cut off my right arm (I am right-handed) than it is to deal with Great Lakes. I have had only one person that actually assisted. There is no communication between GL and customer. No one knows what is going on, unless you get past the "Borrower Services" branch. Run the other direction, uphill both ways, in a below freezing blizzard until your feet fall off at the ankles. The only reason they got one star is because THEY don't have a ZERO!!!!
I have auto-payment set up and through my work have been able to make an additional payment every month thinking it would help pay down my loan faster. I thought wrong! My extra payment doesn't go to ANY principal, it ALL goes to interest. When I called to see why they were not putting it towards principal they gave me some gibberish about the day of month I pay it (which I have no control over). So even though I am trying to not only make my payments on-time, every month, I am making extra payments that are just going into Great Lakes' pockets and not helping my student loan balance AT ALL. To me this should be illegal. If I would have known this I would have NEVER taken out student loans with them. Totally crooked. They don't want you to pay down your students loans. They just want to screw you so they can get more money out of you.
I have sent them my tax return TWICE, and I have the screenshots saying the submission was successful to PROVE it. Yet they don't have it. How do you lose DIGITAL paperwork?? I have followed their instructions EXACTLY since the very first day I was able to and I have called them numerous times to make sure that I was doing everything correctly, and thanks to THEIR incompetence I'm going to have to use some of my forbearance months as punishment to give me extra time to get them the paperwork they supposedly "don't have".
Do not borrow from these people at all. I’ve asked for help time after time. They are lazy and make a lot of errors. They tell you right off the bat you make too much money to get a revised payment schedule. You are left scratching your head and wondering how you will put gas in your car. This is just too much to bear when life hits you with a traumatic event.
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No company is perfect including Great Lakes, however I have found Great Lakes to be better run and set up to support students in repayment versus other companies out there. While processing my consolidation loan, I had called many times over with questions and concerns, and every time I was met with kindness and understanding. I always hung up feeling heard, receiving the information I needed.
I have also found their Facebook social relations folks to be amazingly helpful and often can get things done more quickly for you. For example, I made a six figure payment so I could bring down my loan amount to a more manageable size, and I was concerned after two days the payment hadn't cleared. I emailed the Facebook folks from Great Lakes and within ten minutes I had a response and an answer (can take an extra day to process if payments are made on weekends). Overall, I would say they are the best of the student loan repayment servicers out there, and are always ready to help when you need them. And yes, there can be a few bad apples in any business but I've only talked to one person with Great Lakes who I felt needed better customer service training.
I think realistically we as students need to be made aware of who is servicing our loans while we are still in college, making sure we set up online accounts so we can track our loan balances and interest accrued. By being aware of this and due dates before graduation we won't be blindsided later on. Personally I had all my servicers known, accounts set up, and due dates written down by the time I left college. I didn't want to wait for email reminding me to do this on the off chance there is an error and an email isn't sent. It is my loan and I should be responsible for it.
I had my loan reset for repayment based on my income. Never received any documentation in the mail. Very disappointed in their follow up. I missed my first payment & need to work with them again to fix.
Great Lakes has been great! Consolidated all my loans into one monthly payment. Low interest rate. Great customer service. Receive a monthly email reminding me to make my payment so I have no problems staying current.
I have a slightly abnormal situation in that I live abroad and I am married to a non US citizen. Every year it takes me MANY HOURS to renew my income based repayment plan. Many emails and phone calls with baffled representatives, repeated requests for my spouse's ss# (he doesn't have one). Every year it ends the same way - A confirmation email that they have received my documentation followed immediately by an email that says I'm getting kicked off the plan for not submitting my documentation. This is typically sorted once I share the confirmation email with another few people (more calls, more emails). The entire song and dance takes about a 4-6 weeks. They are an incompetent company, unable to efficiently perform one of their few duties. It's like this for 6 years.
In my case, my son calls from the Financial Aid office of his prospected college and says ... "Dad, could you JUST go on this site and JUST fill it out". (My fault for not asking more questions, I guess). So, 2+ years later I get a bill in the mail with MY name on the envelope, for my son's first payment. I then call Great Lakes to see if MY SON could make adjustments to the payment schedule, and the REP says to me, "Oh no sir, this is YOUR loan, not your son's." I've been reluctantly paying this for almost 2 years now and get frustrated every time I make a payment. PARENT ... PLUS WHAT? There is no Plus, other than my son now having a degree and a career.
Great Lakes Higher Education Corp. Company Information
- Company Name:
- Great Lakes
- Company Type:
- Year Founded:
- (800) 236-4300