Us department education consolidating loans
by Adam I mentioned several months ago that my Stafford Loans were transferred to Great Lakes for servicing.Pay close attention, because this will be one of the only times you’ll ever hear me saying the government did something better.Furthermore, the individual loans that made up the 2 groups are now completely gone online.If I want to apply a payment to one of the four individual loans, I have to call in to customer service.
You could always see the balance, principal, and interest on each loan or loan group, payments were applied within a day or two. Since my loans were transferred to Great Lakes, the online experience has been decidedly lacking.That results in another 4 day wait and sometimes another follow up phone call.Lately, they want to argue with me, “Why do you want to apply to a single loan – they are all the same interest rate!I have 2 categories of Stafford Loans, subsidized and unsubsidized.Under each category, I took 2 individual loans during school, for a total of 4 loans. When the loans were serviced directly by the Department of Education, they were arranged into “groups,” and payments were calculated and applied to each group.
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