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Messages - cmcvay

Disclaimer* I have not used this company* But want to bring things to peoples attention who may be considering this company!

1.) This company seeks out students to target them via direct mailings.
2.) Within the letter it gives details that make you think they have some inside knowledge and can help you, such as your loan amount (estimated) and claiming that recent legislation has passed, as well as claiming you qualify for lower rates. Your letter may even include a "Final Notice" section claiming eligibility is nearing its end.

I am going to go through this right now, piece by piece.

1.) Final notice - This is a bold faced lie. Consumers never receive a first notice, to make the use of a final notice legitimate.
2.) The Expiration date - Federal loan programs have no expiration date, and therefore this is also a lie. The federal programs are available the entire life of your loan.
3.) The Recent Government Legislation part - This again is a Lie, The William D. Ford Act, is not commonly known, but you have heard what it does. It established the Direct Loan programs both subsidized and subsidized. Nothing more. There is no forgiveness in this act.  Also known and the Federal Direct Loan Act. Which was re-enacted in 2010. Hardly recent.
4.) All the information in the letter is public record, it says so right at the bottom of the letter in small print. This information is public record.
5.) The services they are offering you and charging you for are for them to keep track of paperwork and possibly submit them/fill them out to the federal government ONLY. These programs are FREE, and do not cost you a thing. So you are paying someone lots of money to do something you can do for FREE via the Federal governments site. Google fed Loan servicing and it will get you all your programs.
6.) The letter says you should be comfortable speaking with one of their student loan specialists, DO NOT DO IT. They do not need any information from you. You can do everything yourself, and put the money you would of spent on them into bringing loans back from Default into good standing, or paying down your loans. The fed loan servicing even has an electronic option so you dont even have to send in most of your information.

This company by all accounts is a fraud and a scam. NEVER pay anyone to do something that is FREE. I do not know how much this company costs, but I doubt its cheap. Shame on them for targeting students who they know are struggling to milk them for more money. Do yourself a favor and destroy the letter!

Go to https://myfedloan.org/ for more help on getting on the payment plans this letter speaks of. . . for FREE