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

Lower Student Loan Solutions. Scam?

Started by Green_Rider, August 21, 2015, 07:44:12 pm

Previous topic - Next topic

Green_Rider

My fiance signed up for a loan consolidation last month, and they called today to get her to pay her fee because the account she gave them to access has been closed. Today was the first I heard about it because she signed up when she was recovering from surgery and taking heavy duty meds to manage pain, so she completely forgot about it. What is our best course of action?

TheCollegeInvestor

True student loan consolidation doesn't require any type of fee. This means she signed up with a company, not the Department of Education. I would cancel anything she is doing with them, and go to StudentLoans.gov to sign up for consolidation for free.

bknip771

I recieved a letter in the mail about Student Loan Consolidation and Payment Reduction Program. I have about 32,000 in loans left(Federal) and I just got hired as a public school teacher. The company offered me an income based program for 120 months. I would be charged only $29 each month for the first 12 months and this would be going towards a student assistent program because due to my income over the last year I do not have to make payments for the first 12 months. (although they said this will still count towards my 120 months). After one year this program will resubmit my information and get my payment based off the new income for the next year. They are charging me $599. Is this real?

TheCollegeInvestor

Is real in regards that they want you to pay $599 - but that program is just something they made up as a label for their product.

If you want to switch to IBR, you just login to StudentLoans.gov and click the link on the left sidebar. It's free, and it takes about 15 minutes.

So, bottom line, just do it yourself.