Veterinary debt service provider closes
GL Advisor, a company that serviced loans for some veterinarians, has closed and transferred its loans to First Associates Loan Servicing.
The news follows the Dec. 11, 2014, arrest of Daniel Thibeault, Graduate Leverage LLC’s founder and principal owner, according to a Federal Bureau of Investigation (FBI) press release. Thibeault allegedly falsified documents for loans for borrowers who didn’t request or receive the loans, according to the FBI.
A letter from GL Advisor, distributed by Veterinary Information Network (VIN), informed borrowers that no payments from March 10 to the end of the month were processed. Individuals who scheduled automatic withdrawals during this period need to contact First Associates Loan Servicing to pay one of four ways:
1. Mail payment to P.O. Box 503550, San Diego, CA 92150-3550.
2. One-time check by phone (additional fee applies): Contact 1-855-241-6734 for details about this option.
3. Money Gram: Go to www.moneygram.com to find the nearest location. Pay code: 7731.
4. Western Union Quick Collect: Go to www.westernunion.com to find the nearest location. Loan payment code state: CA
No late fees or penalties will be applied during the transfer to First Associates Loan Servicing. Automatic withdrawals resume in April.
GL Loan Servicing’s credit reporting is suspended, and the new servicer will report May activity to credit bureaus. If accounts are late upon transfer, borrowers have until May to bring the account current to avoid a negative entry in their credit reports.
GL Loan Servicing won’t process payment deferment, forbearance or other payment options, according to the letter. The new servicer will handle these requests. The company was scheduled to send a welcome package in the mail before the end of March with more information.
Veterinarians can visit www.nslds.ed.gov/nslds_SA/ to learn who services their loans.