• Welcome to The Student Loan Debt Forum | The College Investor. Please login or sign up.
 

First Student Aid legit or scam?

Started by agreen35, March 26, 2016, 09:36:35 am

Previous topic - Next topic

agreen35

I got a call from this number 1-800-688-9050 twice yesterday. First time, I ignored it. They left a voice mail saying because I went to the Art Institute for college, that I may qualify for student loan forgiveness (the school is going through some legal issues so I thought this may be legit). When they called later on, I answered. So they asked for my income information as well as my social security number and other things. Long story short, they said I qualified for complete loan forgiveness with the loans I took out for that school as well as the school I attended before it. I thought it sounded too good to be true. But they said something about Obama signing something in addition to mentioning my school's legal troubles. So I thought maybe it was legit.

They said I have to make 3 payments of 216.33 starting next month and then I won't have to pay anything on my student loans ever again. Since I'm in a bad spot, I decided it wouldn't hurt to try it and I signed everything they had me sign (I read everything too and nothing looked odd except for them wanting power of attorney over my loans). I also gave them my card information. But now I feel uneasy about the whole thing. I can't find any information or helpful reviews from other people who dealt with them...which makes me worry even more. I'm planning on cancelling my card before they can charge me but does anyone know anything about this company? Has anyone dealt with them? I'm super nervous >.<

TheCollegeInvestor

Doesn't sound good to me - they called you, you didn't call them. You can't find anything out about them. All of those are red flags.

You should try to contact them and cancel. If they don't, cancel you card and change your FAFSA pin.

If you qualify for anything, your lender can help you. You may qualify for an income-based repayment plan which could lower your payment to $0 if your income is low enough.

Oh, and about this whole Art Institute scam - here's a good article that details what can happen and what can't: http://www.huffingtonpost.com/steve-rhode/people-are-telling-me-my-_b_7972752.html