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

Eduloan Servicing

Started by AFroGuy, October 14, 2016, 04:08:52 am

Previous topic - Next topic


October 14, 2016, 04:08:52 am Last Edit: October 14, 2016, 09:59:17 am by TheCollegeInvestor
Hello there,

I hope is in the right section. If not I do apologize.

I have a sibling who is a recent university grad and has federal student loans. She had being going through Nelnet but her grace period is about to end and she got a bit worried. She called Nelnet she had assumed she was going to have to pay more money per month that she can currently afford as she is unemployed/job hunting and then thing go odd. She was on Facebook and found an AD or link for a company called "Eduloan Servicing" (Here is their site eduloanservicing <dot> com). They told her that they could get here payments down to $200 or something to that degree. She agreed and gave them all here info including social and control of her FASFA account just in the last day or so. My gut feeling is that this feels really shady and I could see this going very terribly very quickly but she currently feels like she can trust this company and I have little experience in this area. Once again, she already gave them here info just recently so the clock may already be ticking.

Does anyone know about this company? Are they to be trusted? Am I being paranoid? If these people are a scam, what can she do? Who do we talk to?

Please respond soon, I feel like I'm getting an ulcer from stress here.

Thank you for time,


Hi Afroguy,

Just from looking at the website Eduloan Servicing looks to be a document prep company.  They will charge you a flat fee to process consolidation / loan repayment plan paperwork that you could otherwise do yourself for free.  If your sibling hasn't yet signed a contract, tell her to stop the process, contact her loan servicer and ask for repayment plan options.  If she is unemployed, chances are that she will not have to pay anything.

I would suggest reading this article for more information. 

Have her review this website for different payment plans.  On there is a link to a repayment estimator.  Once she gains employment, she will want to use that to help giver her an idea of the best payment plan for her situation.


What swamileoni said. They look like a document preparation firm, and your sister doesn't need to use them. She needs to work directly with NelNet, or go online to StudentLoans.gov.

Her situation is not uncommmon - what she should do is switch to an income-based repayment plan which will adjust her payment based on her income. If her income is $0, her "real" payment will be $0. Under the plan, your payments change every year based on your income you declare on your tax return. She just needs to recertify every year.


October 14, 2016, 04:34:25 pm #3 Last Edit: October 14, 2016, 04:44:36 pm by AFroGuy
Hello again,

I just wanted to give you all a quick update on the situation and its outcome. My sister found out that the Eduloan service company had logged into her FASFA account and was attempting to take it over more or less. They tried change the login info and email but we got it back now. My sister called Nelnet and talked to a representative there. The Nelnet rep went to site the Eduloan site and showed her the disclaimer way down at the bottom. This proved to her that this company was just there to prep documents she could have done herself for free. She told Eduloan was going to try and charge her over around $500 - $600 to for their services. She is working with Nelnet on the papers now and should be mailing them out next week. As for Eduloan servicing, upon calling back to try to cancel their deal, the representative there got very loud and made some pretty rude statements to my sister over her trying to leave. In the end, he said finally said he was "kicking her out of the program for good" and many other word I'm not going to mention here. My sister is now very glad that she didn't go all the through with to completion with this company.

To sum it up quickly, my sister on track to get her students loans under control, she got out of the Eduloan program and I can finally rest a bit easier.

I wish to thank you all for your advice and very quick responses. I will most certainly recommend College Investors to some of my friends and siblings in the future.

This whole situation is almost sorted out I think but I still have a question or two in mind.
This Eduloan place was given her social security number and bank account number, should be look into a credit monitor or something? Is there anything else we need to watch out for? Am I still being a bit paranoid? I'm not very experienced with these types of things.

Thank you all for the time and effort you put in here,


October 14, 2016, 11:07:51 pm #4 Last Edit: March 15, 2019, 09:10:03 am by TheCollegeInvestor
I never hurts to monitor your credit. I suggest you pull your annual credit report for free at least once a year at annualcreditreport.com

Also, you could use a free service like Credit Karma (which we're affiliates for) that monitors your credit for you and sends you alerts.