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Student Loan Service Center- Am I being Scamed?

Started by mmcewan10, October 03, 2015, 02:26:48 pm

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mmcewan10

Hello,

I want to know if Student Loan Resource Center is a scam.

I was sent a letter that gave me a number to call with a specific benefit ID# and once they typed that in they knew my name. 

They said they could consolidate my federal student loans for a consolidation fee of 799 that could be broken down into 4 payments every 2 weeks.  They would put my loans in forbearance for 4 months as well.  The said they could lower my interest rate and monthly payment. 

For my private student loans (which are through Navient) they said that they could hook me up with a law group (Kneeper and Johanson Law group) and they would forgive some of my student loans because of the fraud lawsuit that sally mae is going through. 

Please Help! I'm not sure if I have been scammed! 

TheCollegeInvestor

It's not a scam per-se, because they will likely do what they are telling you they will do. However, you can do everything they are telling you for your Federal loans for free in about 15 minutes by logging onto StudentLoans.gov. So the question is really, why would you pay $799 for it?

Here's a great article describing what to look for with these companies: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/

As for your private loans, there's a big, big risk there, and it likely isn't worth it. Basically, they will ruin your credit while they fight a likely losing battle for you.

You're better off refinancing your private loans if you want lower payments.

mmcewan10

For the private loans they required that I check my credit score every three months so they could make sure it didn't change.

mmcewan10

And it also wasn't just lowering payments... They said they would be able to take my $40,000 and decrease them to $16,000.

TheCollegeInvestor