October 11, 2019 / 12:15 AM / 3 days ago

Borrower sues student loan company Great Lakes alleging misrepresentation

A Chicago man on Thursday filed a proposed class action against Great Lakes Educational Loan Services, accusing the Wisconsin-based student loan servicer of misrepresenting its allocation of excess loan payments.

Plaintiff Jeffrey Witz said in a complaint filed in Illinois federal court that Great Lakes, one of the largest U.S. student loan servicers, told borrowers on its website that if they paid more than the monthly requirement on their loans the excess amount would be automatically applied first to interest accrued since their last payment and then to principal on their highest-interest loan.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2M7xFHw

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