My question involves collection proceedings in the State of: Georgia ... There are no collection issues. These loans are current. Lender is in Wisconsin. School was in Florida. Loans were bought by US DEPT of Education but are serviced by Great Lakes, the originator.
I'm basically going to copy and paste my last e-mail sent before my lender decided to call me and reiterate that they are unable to provide the information I am requesting. The rep who stated that "I should decipher this for myself and, I can call for that information monthly"... The thing is, After 2 calls and 5+ e-mails, they still have not provided that information. My "complaint will be forwarded to the supervisor." The only answers they offer are the ones I can find online in FAQ. This is a response/ re-ask of the question they refuse to answer.
I know that monthly billing statements are available online (for 3 months). I can read. Those statements do not provide the detailed information on how Great Lakes is applying my interest payments to two separate loans that are serviced under a single account. Yes, I know how Great Lakes applies payments in general (Fees and interest first).
I would appreciate being provided with regular statements that include: HOW MUCH OF MY SINGLE MONTHLY PAYMENT IS BEING APPLIED TO EACH LOAN? I would like that information backdated for the life of my loans and, until the loans are paid.
If Great Lakes is unable to provide me with that NECESSARY information, I will be forced to escalate.
I am bothered because, regardless of the loans having the same interest rate, the principles are very different. They are subsidized and unsubsidized stafford loans which have been lumped into a single account. They are listed separately by principle and interest RATE but, the interest accrued and capitalized has been treated as one sum. I have no idea how or if my payments are being applied to one or both of the loans and, from what I have read, subsidized interest is not supposed to capitalize - ever.
I am on the income based repayment plan and, my payments barely cover the interest. Because I am on this plan, 3 years of interest payments that my payment does not cover, is paid by the federal government. I can only see how much is being paid but, I don't know how my payments are being applied. All I know is that I accrue about $280 a month in interest and, I pay $200 toward the account. I see that subsidized interest government pays about $27 a month.
I have spent years arguing with my lender over how they have:
A. Annually, cancelled my payment plan prematurely due to paperwork and processing errors on their end. (I have automatic payment)
B. Capitalized interest when they are not supposed to.
C. Applied my extra payment as "Advanced payments."
D. The recent realization that I have no idea how my payments are being applied.
For A and B I was able to have them correct the issues after weeks of back and forth but, EVERY YEAR I spend weeks of wasted time arguing and escalating until a supervisor returns my call and says, "Oh, you've been right this whole time."
I'm so tired of it and, I know, if they are correcting the problem, they must be doing things improperly or, illegally. I'm not the only person with these issues but, I am the only person I know who has put the time and effort into understanding how my loans work and, fighting back when the lender is trying to **** me.
I have statements from when they used to mail them in the first few years. They were quarterly statements. At some point they stopped sending me statements at all. I never opted out. Now my vague statements for the last 3 months are available online but, the rest don't exist unless I possess the paper and I can only see payment history since the beginning of this year. They have said they are "unable" to provide me with back dated statements. I have every record they ever sent me but, it seems the records stopped coming when I started challenging the discrepancies. I try to keep an e-mail trail but, eventually, they just call me to say the same things they've been saying in e-mail... I tell them I want the evidence, e-mail me the information... then they offer to remove my e-mail in lieu of phone calls?! They've had my e-mail for 5 years and home addressfor the last 3 but, from time to time, pretend they don't have it.
ITS RIDICULOUS AND I WANT TO MAKE THIS STOP!

