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Established Member
Posts: 49
Registered: ‎12-28-2007
0

GW letter to Great Lakes.....anyone? anyone?!?

I'm sending in a GW to Great Lakes in  hopes that they will delete 2 lates that I have with them from a period last year when I unexpectedly lost my gig. 
 
Has anyone had any success w/Great Lakes?  If so, could you plz advise as to who/ what dept I should address my GW letter to.
 
 
Thx! :smileyhappy:
 
 
 
mc
Frequent Contributor
Posts: 465
Registered: ‎06-13-2008
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Re: GW letter to Great Lakes.....anyone? anyone?!?

GL does not do goodwill.  They are very strict on following the law. 
Ex-Financial Aid Officer

Ex-Student Loan Collector
Contributor
Posts: 97
Registered: ‎05-29-2007
0

Re: GW letter to Great Lakes.....anyone? anyone?!?

I am trying to goodwill Great Lakes myself too. I tried to apply for a forebearance but did it incorrectly. I had a couple of deaths in the family around the time so I let this go. If the goodwills dont work, do you think paying the account in full and then dealing with them is a better option or doing a pfd?
Frequent Contributor
Posts: 465
Registered: ‎06-13-2008
0

Re: GW letter to Great Lakes.....anyone? anyone?!?

Student loans do not do PFD....again it goes back to federal law that ALL valid lates must be reported.
Ex-Financial Aid Officer

Ex-Student Loan Collector
Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
0

Re: GW letter to Great Lakes.....anyone? anyone?!?



LynnInMN wrote:
Student loans do not do PFD....again it goes back to federal law that ALL valid lates must be reported.





W-e-e-e-l-l-l. that's not really fair to say. I've read the HEA and it doesn't say THAT exactly. I think it's more fair to say that that's how SL servicers and lenders interpret the HEA.

I'm not, nor have ever been, involved with the student loan industry, but I do know basic law and know that the HEA, like any other Fed regulation, law, statute, etc, is open to interpretation. And there's nothing in the HEA that specifically states that the SL industry MUST report lates ... only that they have to report accurate info if they report derogatory information. Meaning, they can only report lates if the borrower HAS been late.

And FTR, the same "regulation" exists for the financial/NON-student loan lending industry, however, the forums are full of situations where lates HAVE been removed.

OP: VERY, very, very few people have had luck GWing on SLs. They do tend to interpret the HEA to mean that they MUST report lates, but I don't think there's any harm in GWing. Who knows? You may get lucky!!

Best of luck!!!

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