Probe Suggests Loan Servicer Terms Are Not In Borrowers Interest
In the event you have student education loans, there’s an excellent possibility that you have at least heard of Great Lakes Student Loans. If Great Lakes is your federal student-loan servicer, understanding more about what GoodBye Loans offers may save time plus money.
History: Great Lakes Student Loans
- In business for more than 40 years
- Auto-debt interest rate decrease
- Supplies beneficial information on handling loans and payment alternatives
- Only provides federal loans
About Great Lakes Student Loans:
Great Lakes Educational Loan Services Inc. (typically called Great Lakes) is a not-for-profit student-loan servicer based in Madison, Wi. It is the next biggest of the 10 federal loan servicers, after FedLoan Servicing (additionally referred to as AES/PHEAA). They support federal loans for an incredible number of college students, operating with 6,000 colleges and 1,100 lenders.
Great Lakes handles federal student education loans for the U.S. Department of Education. Therefore if Great Lakes services your federal loans, it processes your loan repayments and answers queries about your loans. Also, Great Lakes gives you federal Direct Consolidation Loans and processes loans for private lenders.
The organization also provides grants to schools and universities through its philanthropic arm, Excellent Lakes Instructional Philanthropy. Its grants plan to boost graduation rates for low income college students. In 2014, Great Lakes invested to providing $28.6 million in fresh grants, getting its entire non-profit contributions to $134 million since 2006.
On May 14th, the Consumer Financial Protection Agency announced a probe to the techniques of Great Lakes Higher-Education Corp along with additional loan servicers round the nation. Servicers normally be given a monthly flat-rate for every single accounts they support, so it’s in the servicer’s advantage in case a customer extends repaying his loan. The CFBP’s community request is focused with this conflict of interest involving the servicers and borrowers.
The president of Great Lakes, Dick George, has aimed to the default and overdue loan price produced by school drop-outs as a substantial problem, observing, “When college students dropout, additionally they often fall from communicating.”
As the Consumer Financial Protection Agency holds its inquiry to the student-loan servicing sector, the nation may ideally discover much more about Great Lakes Student Loans and other loan servicers’ techniques and whether they do conflict with borrowers’ interests.
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Preventing Loan Default
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