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Friday, November 21, 2008

Private Student Loan Customer Servicing: Hearing It From The Source

I got in touch with the Executive Vice President of Operations at Graduate Leverage today and he offered an apology for bad customer service. He said he had come across my blog and explained to the best of his ability the disconnect between the billing and servicing departments because one is in Massachusetts and the other is in Texas. While I'm still not completely certain that things like this won't happen again, it was interesting and encouraging that an executive from a company called me directly and offered to deal with any issues I had moving forward.

The power of social media. Cool, eh? I guess Graduate Leverage kept a customer because their management listened and was concerned about their image. That's a good thing.

On a side note, I talked to my grandfather about some of the current legislation going through about private student loan lenders and how bankruptcy may be the only answer to overwhelming debt (a road I refuse to go down). I wonder; if the federal government bails out private loan companies with the bailout package, does that suddenly turn all those private loans affected into Federally backed loans? Would that in essence change the structure of those loans, including interest rates, forgiveness and repayment options? I am VERY curious about that!

Do you think if these loans are propped up by the government then they should have to change inherently?


Matthew said...

Congrats man! What a great testament to the power of social media.

These bailouts are all so frustrating, because the corporations get billions, but the people all still have to pay back the loans they can’t afford or suffer the consequences. I’m certainly no financial expert, but why didn’t the $ go to the people, who then have to use it to pay back loans. That way the lenders get their money and the people get to keep their houses and/or avoid bankruptcy...just a thought.

Betsy Allgood said...

I am very impressed with the fact you got a call back from the company. Sometimes even if you don't get an issue resolved just knowing that someone "important" knows their company kind of sucks it makes you feel better.

I like how he blamed Texas though... typical. Joking ;)

JR Moreau said...

This is an attribute to social media's influence. Unfortunately, I doubt this will ever change the company's policies, but at least their PR will be a little more focused.