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Am I being scammed on student loan forgiveness?

Started by Tiffnee11, December 06, 2016, 12:42:31 pm

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Tiffnee11

I just had recently reached out to Stident Loan Relief. I had seen it on Facebook. Has anyone heard of this student loan relief program and if so any advice?

TheCollegeInvestor

Did you go through the checklist here: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/

It sounds like a docuprep company. Remember, you don't need to pay for most things related to your Federal student loans. You can do it for free yourself at StudentLoans.gov or by calling your loan servicer.

What are you actually considering paying them for?

Tiffnee11

They wanted me to pay 799.36 up front and then foe 36 months I would be paying
49 dollars. After that my loans would go away after twenty years and
They even said my credit would increase because I wouldn't be in forbearance on my loan which hurts my credit.

TheCollegeInvestor

It sounds like they are signing you up for IBR or PAYE, maybe you've heard that language before?

Regardless, you can change your repayment plan on studentloans.gov or by calling your lender to one of those for free. You don't need to pay an up front fee or anything.  With both of those plans, you'll get forgiveness on any balance after 20 or 25 years (depending on your loans).

And your credit will increase whenever you start making continual on-time payments, regardless of the plan.

stephmena32

Hey!
I'm glad I came across your post because I also saw a FB post & it led me to call (844) 325-1189 Student Loan Relief Department. I also have an email from the person who I was speaking to which was for an entire hour. I have all her info but the company seems sketch bc there is no website to visit & is there logo "Student Advisors" ?
They wanted me to pay $500.00 up front or as they said "consolidation fee" & then by $39 per month for 20 years all of my loans will be forgiven.

It's definitely a scam huh? :/

TheCollegeInvestor

It's not necessarily a scam - you can pay to have it done, you just don't have to. You can do it for free at StudentLoans.gov