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Student Advocates scam? Please help!

Started by AF1919, December 23, 2016, 06:37:24 am

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AF1919

A friend of mine told me about this program, Equitable Acceptance.  I called them just to be transferred to another company, Student Advocates.  Everything seemed fine, I was able to get my monthly payment down to something I could afford.  When I was done, I was instructed to sign up with this finance company--Equitable Acceptance-- in order to make this work. 
Now I am paying two different companies.  I'm not quite sure that's what was supposed to happen. 

My other question is, with signing up with Student Advocates, do they completely pay off your original loan?  Is the original loan wiped from my credit? I have not pulled my credit report, bexcuse I had just pulled it a month before.

Any advice is great!
Much thanks

TheCollegeInvestor

Hi there!

Based on what you described, we can't tell you what they did. I'm unsure what products or services you signed up and paid for.

In general, though, these companies don't do anything other than document processing - something that you can do for free at StudentLoans.gov or by calling your lender. You're paying these companies to fill out the forms for you.

What you're describing as "paying off your loan" is typically student loan refinancing - where you take out a new loan with a new lender, and that new loan pays off your old loan. Getting a loan typically requires a credit check and a big application. You should clearly know if that's what happened.