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?