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Possibly Being Scammed By Education Loan Center

Started by Grumpet, September 25, 2017, 02:13:15 pm

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Grumpet

Hi,

Long story, but I'm an idiot and I've been using Education Loan Center to consolidate my loans. I agreed to a verbal contract over the phone to make three payments of $233.00. In between then and now, I lost my job and I'm not going to be able to pay. I called them to ask what the status is, but they said nothing would really be submitted until I finished paying. I paid the first one originally but I want to cancel and they said I couldn't at first but I pressed hard and the rep said she'd submit the request to those above her.

Is there any hope for me getting out of it? I figure the first payment is a sunk cost. She's saying that they already put in work and that they've done a 3rd of the process. I countered saying they have a third of the cost so it should be able to be called even.

Any advice? I know I'm an idiot but I need this cash for my bills while I find another job.

TheCollegeInvestor

You need to read the contract you should have with them. If you don't have a contract, I wouldn't be too concerned.

You might find this article helpful: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/

And remember, you can do everything with your student loans (including consolidation) for free at StudentLoans.gov.