Recent Posts

1

Student Loan Scams / Re: Student Loan Exchange.org

« Last post by TheCollegeInvestor on October 17, 2017, 10:11:53 AM »

Remember, you can do anything with your Federal loans for free at StudentLoans.gov - including consolidation and changing your repayment plan.

The Willian D. Ford act is simply the law that allows for student loans and their programs - nothing fancy there. It's kind of like saying the First Amendment Program allows you to write this forum post... it's pointless.

If you want to pay a third party company to help you, you can, but realize you don't need to. If you choose to go this route, read this first: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/ 

2

Student Loan Scams / Student Loan Exchange.org

« Last post by tbourgoin on October 17, 2017, 08:08:41 AM »

Can anyone assist with this? I called the number and this is the information they emailed me - I want to know if it's legitimate before proceeding with anything.

It was a pleasure speaking with you. Just to recap our conversation, you qualify for:
Income-Based 120 Months $57.00
Consolidation Engagement 3 Months $279.33
Any unpaid interest or principal at the end of the term is forgiven.
Payment is updated annually based on income and family size.
At this point, please determine if any of these programs would be a benefit to you and get back to me at your earliest convenience.

William D. Ford Federal Direct Loan Program
Also Known As: Direct Loan program; Direct Loans. Direct Loans includes four components: Direct Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans.

3

Investing / Re: How to deal with retirement accounts from an old job

« Last post by JavierCoats on October 17, 2017, 04:28:57 AM »

This is a rather complicated question for me to calculate! I don't know what to do and how to deal with old employer retirement accounts. However, I will be happy to get answers!

4

Student Loan Scams / Re: Anyone familiar with American docuprep

« Last post by rmorton615 on October 16, 2017, 08:02:25 PM »

@thecollegeinvestor

 I called to see what American docuprep offered besides what Danitee01 posted.  They said that they would be able to remove all of the department of education loans from My credit report as paid in full and pretty low payments. Can they do this?

They told me the same thing and said that my credit score would increase up to 5 points per loan when consolidated. My credit score has dropped 15 points.....it didn’t go up! Seriously, it’s a rip off! They’re refunding my money after I threatened to report them to my credit card company as fraudulent billing.

5

Student Loan Scams / Re: Anyone familiar with American docuprep

« Last post by rmorton615 on October 16, 2017, 07:55:18 PM »

Do not pay this company anything! They’re out for your money. I’ve learned the hard way. Consolidating is free through the dept. of education

6

Student Loan Scams / American Docu Prep

« Last post by rmorton615 on October 16, 2017, 07:52:30 PM »

New to the forum but I wanted everyone to know....DO NOT PAY A FEE TO HAVE YOUR FEDERAL STUDENT LOANS CONSOLIDATED!  I’ve just realized after dealing with the company referenced above, they will consolidate your loans AND charge you at least $700-$1000 or more to do this!  They promised higher credit scores after consolidation.  My credit score has dropped by at least 15 points!!! This company is only out to charge you $$$ for “processing fees”. I’ve called the department of education to report them as well as the BBB. This is a poor business practice and a complete scam!  They are going to refund my $799 minus $5 fee after I threatened to report the transaction as fraudulent. Beware of these companies and deal directly with the department of education!

7

General Discussion / Re: parent plus and refinancing roadblocks

« Last post by TheCollegeInvestor on October 16, 2017, 07:39:44 PM »

Here are the options for a PLUS loan: https://thecollegeinvestor.com/17101/options-if-you-cant-afford-your-parent-plus-loans/

Refinancing the PLUS loan can be a great option if you can afford it.

As for refinancing your house, even if you're on IBR or ICR, most lenders won't accept that payment amount. They instead will calculate using your Standard 10-year repayment amount or 1% of the loan amount. Read about getting a mortgage with IBR (it's the same as ICR): https://thecollegeinvestor.com/5742/reader-question-applying-mortgage-income-based-repayment/

8

General Discussion / Re: Parent plus Loan

« Last post by spar on October 16, 2017, 07:01:29 PM »

I've read that if an institution has been closed that loans were forgiven..But not how that works if he did graduate and it wasn't closed down while he was attending.

9

General Discussion / parent plus and refinancing roadblocks

« Last post by spar on October 16, 2017, 06:55:52 PM »

Trying  to refinance but running into a road block with the  outstanding parent plus loan..We will just begin making payments next month of about 490.00.  Unfortunately to much according to our bank which we have current mortgage with, excellent credit and reasonable income.  Thought of forbearance to delay current payments to appease the bank for the 1pcnt amout till next year but they said they needed a  exact dollar amount after the 1 or 3 year forbearance.  Which  know one can seem to calculate it,,I've also thought of paying the accruing interest during that time so they monthly amount wouldn't go up..Doing an Icr would be a higher monthly amount so cant do that.  I believe we would qualify for Ibr but dont know exactly how to go about getting that  need help..I would like the refinance to go thru as that would ease up money to pay current monthly amount..  Help..

10

Student Loan Scams / Re: Equitable Acceptance and MJCCSL CORP.

« Last post by TheCollegeInvestor on October 13, 2017, 10:25:14 AM »

You need to read what their cancellation policy is.

You might also find this article helpful: https://thecollegeinvestor.com/19642/scammed-by-a-student-loan-company/