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?
Showing posts with label bad customer service. Show all posts
Showing posts with label bad customer service. Show all posts
Friday, November 21, 2008
Tuesday, November 18, 2008
We're In A Recession of Corporate Brainpower
After getting several harassing calls about money I've already paid, I have truly fallen out of love with my student loan lender, Graduate Leverage.
In 2004 I was swamped with a horrible student debt burden. My interest rates had soared to 14% under Sallie Mae, which at one time was touted as the people's champion for private student loans. My private loan payments alone were over $1000 a month. I literally didn't know what to do or where to turn. I confided in a co-worker while at my state job who was finishing Law School and asked her how she dealt with her student loans. She raved about Graduate Leverage and how they were owned by local Harvard MBA grads. I thought, cool, I'll give them a shot. So I called them up and they were able to offer me a variable interest rate loan that would never go above 7.9% interest. Granted, that's still not an awesome rate by most standards, especially when you owe over 100k, but it was far less than the 14% I was paying with Sallie Mae, so I went for it. The process was complicated but I felt the associates at Graduate Leverage were helpful.
Fast forward about 5 years later and I'm still with Graduate Leverage. I have the same amount taken out of my bank account every month. It's not affordable, but I don't have a choice in paying and it seems no matter where I look nobody else knows where I can get a better rate. So goes the doling out of my hard earned money until one day someone stole my identity and in getting my checking account funds back from the people who took them, I closed my checking account. I had to re-open a new account and re-establish all of my direct withdrawals, including my student loan payments. No problem, right? There should be a protocol involved, right?
Wrong.
Upon telling them that my checking account was hacked into and hundred of dollars were stolen the first thing the confused representative advised me of was that if I didn't have funds in my account that I was going to be charged fees for being late. She really didn't care to work with me to make sure my payments were made on time and I decided at the end of the phone call to just cancel my direct withdrawal and send in my payment checks directly. That's reasonable right? Well, according to Graduate Leverage's "computer records" I was 30 days delinquent with my payment and action was going to be taken. I was furious and confused after my identity ordeal that these people couldn't get it right even when I was trying my hardest to work with them. So, while I had the representative on the phone I logged onto my online checking and told her the exact check numbers and dates when they cleared (which were 5 days before they were due). I got the repealing "ohhhhh" on the other line and she reassured me that my account would be updated but she couldn't do it and would need someone from operations to do it manually. Seeing as I work in an operations/support department, that sounded strange to me but I agreed because I was ready to start yelling.
Since that phone call I've received 3 calls saying they never received my funds and I've had to explain to each rep again and again that the checks cleared and I owe them nothing until next month. They apologize and say they understand my frustration upon which they assure me will not happen again.
Me being frustrated with a less-than-stellar loan rate is one thing, but dealing with awful customer service again and again like this, especially from someone whom I'm sending thousands of dollars to a year, is beyond my realm of acceptance. As of right now, I am vowing to find another student loan company with better customer service and a lower interest rate. I will not settle for this shit any longer, especially when I will be paying them over 100k in interest over the term of my loan. Screw them.
In 2004 I was swamped with a horrible student debt burden. My interest rates had soared to 14% under Sallie Mae, which at one time was touted as the people's champion for private student loans. My private loan payments alone were over $1000 a month. I literally didn't know what to do or where to turn. I confided in a co-worker while at my state job who was finishing Law School and asked her how she dealt with her student loans. She raved about Graduate Leverage and how they were owned by local Harvard MBA grads. I thought, cool, I'll give them a shot. So I called them up and they were able to offer me a variable interest rate loan that would never go above 7.9% interest. Granted, that's still not an awesome rate by most standards, especially when you owe over 100k, but it was far less than the 14% I was paying with Sallie Mae, so I went for it. The process was complicated but I felt the associates at Graduate Leverage were helpful.
Fast forward about 5 years later and I'm still with Graduate Leverage. I have the same amount taken out of my bank account every month. It's not affordable, but I don't have a choice in paying and it seems no matter where I look nobody else knows where I can get a better rate. So goes the doling out of my hard earned money until one day someone stole my identity and in getting my checking account funds back from the people who took them, I closed my checking account. I had to re-open a new account and re-establish all of my direct withdrawals, including my student loan payments. No problem, right? There should be a protocol involved, right?
Wrong.
Upon telling them that my checking account was hacked into and hundred of dollars were stolen the first thing the confused representative advised me of was that if I didn't have funds in my account that I was going to be charged fees for being late. She really didn't care to work with me to make sure my payments were made on time and I decided at the end of the phone call to just cancel my direct withdrawal and send in my payment checks directly. That's reasonable right? Well, according to Graduate Leverage's "computer records" I was 30 days delinquent with my payment and action was going to be taken. I was furious and confused after my identity ordeal that these people couldn't get it right even when I was trying my hardest to work with them. So, while I had the representative on the phone I logged onto my online checking and told her the exact check numbers and dates when they cleared (which were 5 days before they were due). I got the repealing "ohhhhh" on the other line and she reassured me that my account would be updated but she couldn't do it and would need someone from operations to do it manually. Seeing as I work in an operations/support department, that sounded strange to me but I agreed because I was ready to start yelling.
Since that phone call I've received 3 calls saying they never received my funds and I've had to explain to each rep again and again that the checks cleared and I owe them nothing until next month. They apologize and say they understand my frustration upon which they assure me will not happen again.
Me being frustrated with a less-than-stellar loan rate is one thing, but dealing with awful customer service again and again like this, especially from someone whom I'm sending thousands of dollars to a year, is beyond my realm of acceptance. As of right now, I am vowing to find another student loan company with better customer service and a lower interest rate. I will not settle for this shit any longer, especially when I will be paying them over 100k in interest over the term of my loan. Screw them.
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