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Student Loan Managers – Review. Are They a Scam?

Company Name

Student Loan Managers

Our Impression of What the Company Offers to Consumers

The company appears to offer services for federal student loans only to consolidate and/or reduce monthly payments or discharge student loans. Yet these services are available for free directly through the Department of Education to consumers but the company is not transparent about that fact.

Depending on the fee schedule and terms of the service, consumers may be entering into non-refundable and non-cancellable long term agreements and monthly fees for service until their student loans are fully repaid. This can create a substantial long term financial consequence for enrolling and that money could instead be used to reduce the student loan balance early.

Address

The website does not list their company address on the contact us page. – Source

They do prove an address on the about us page.

28641 Marguerite Parkway
Ste C10
Mission Viejo, CA 92692

Student Loan Managers   Review. Are They a Scam?

Additional Contact Information

888-530-1732
888-530-1743
[email protected]

Company Description

Student Loan Managers are a student loan management company with a very simple premise:

Student Loan Managers take over your burden of dealing with student loans!

Through our services clients can typically save thousands of dollars and years off of their loans while covering the cost of our services.

Many people ask, how can Student Loan Managers do this with out having the client paying extra for their loans? There is an easy answer to that question! Most people grossly overpay for their loans, so their is more than enough room for Student Loan Managers to help save you thousands and still maintain a stable business model.

Student Loan Managers do not lend money. We work for you to make sure that your loans are in the most affordable and manageable repayment plan possible. – Source

Management

Adam Pestritto is listed as President at Student Loan Managers and also CEO at Phoenix Marketing Managers, who we have written about before here.

Phoenix Marketing Managers is said to be located at:

28641 Marguerite Pkwy
Suite C 11
Mission Viejo, California 92692 – Source

Student Loan Managers   Review. Are They a Scam?

I have no direct information this is the same Adam Pestritto that was listed as part of the events surrounding the murder of businessman Chris Smith. – Source

However an Adam Pestritto was named in that case that involved a debt relief marketing and related companies that create quite a strong suspicion it is the same person. – Source, Source, Source

Police investigators believe Shin lured Chris to The 800 Exchange office in San Juan Capistrano on the pretext of completing the buyout. There he allegedly murdered Chris and defendant Kenny Kraft helped by disposing of the body and helping Shin clean and repaint the office.

Police also believe – and Chris’s parents contend in their complaint – that Shin then posed as Chris for months, sending Chris’s family emails telling them about a trip around the world.

He assumed Chris’s identity “to convert and fraudulently transfer Chris’s assets into bank accounts controlled by Shin and The 800 Exchange located in the Cayman Islands and elsewhere,” the complaint states. “Plaintiffs are informed and believe that Shin was aided and abetted in this scheme by Shin’s father, James C. Shin, his wife, Karen Shin, his business associate Adam Pestritto, and by others named herein as Doe defendants.” – Source

According to case information the full name is JAMES ADAM PESTRITTO but the reference is to Adam Pestritto.

According to the complaint filed on February 19, 2013:

Defendant ADAM PESTRITTO (herein “PESTRITTO”) is an individual residing in San Juan Capistrano, California. At the time of the events complained of herein, he was Vice President of Sales and Business Development of Defendant THE 800 EXCHANGE, LLC.

Plaintiffs are informed and believe that on or before April 2009 (when SHIN and CHRIS were named as defendants in the LG lawsuit), a conspiracy was formed, masterminded by SHIN, to wrongfully protect and advance the interests of SHIN, including his financial interests, at the expense of SHIN’s business partner, CHRIS. As part of this conspiracy, Plaintiffs are informed and believe that SHIN sought to rid CHRIS of his fmancial interests and partnership share, which as part of the conspiracy, included transferring all assets of THE 800 EXCHANGE to another corporation or business whlch SHIN planned on partnering with Defendant ADAM PESTRITTO which SHIN agreed to pay PESTRITTO a share of. Plaintiffs are informed and believe that PESTRITTO and SHIN did in fact create a new business named Phoenix Media, which after the murder of CHRIS, PESTRITTO attempted and took affrrmative steps to transfer all assets of THE 800 EXCHANGE, including those of CHRIS, into.

In March of 2010, only three months before the murder, Paul Smith, the son of Plaintiffs and brother of CHRIS was staying at the Encore hotel in Las Vegas. Paul Smith also worked for THE 800 EXCHANGE as a salesman. As a salesman, Paul Smith maintained his contact information, including potential leads, on his computer. During his stay at the Encore in March of 2010, Paul Smith’s computer was stolen. Plaintiffs are informed and believe that at the time Paul Smith’s computer was stolen, PESTRITTO was also staying at the Encore hotel at the same time. Following CHRIS’ murder, after executing one of several search warrants, Paul Smith’s computer was recovered.

Later, after CHRIS was murdered and his identity was stolen by SHIN, SHIN, aided and abetted by other co-conspirators including Defendants JAMES C. SHIN (“JAMES SHIN”), KAREN SHIN, and PESTRITTO, used CHRIS’s stolen identity and other means to fraudulently transfer CHRIS’s financial assets into bank accounts controlled by SHIN, and to otherwise rob the decedent of his business interests, intellectual property, and other valuable assets belonging to him.

Plaintiffs are informed and believe that at about this same time, SHIN began using the stolen identity of CHRIS to convert and fraudulently transfer CHRIS’s assets into bank accounts controlled by SHIN and THE 800 EXCHANGE located in the Cayman Islands and elsewhere. Plaintiffs are informed and believe that SHIN was aided and abetted in this scheme by SHIN’s father, JAMES C. SHIN, his wife, KAREN SHIN, his business associate, ADAM PESTRITTO, and by others named herein as DOE defendants.

For those that are interested, you can read the full complaint here.

Company Information

According to the Mission Viejo News the company name Student Loan Managers is a fictitious name that is registered to Found Management, Inc. 101 Willowood, Aliso Viejo, CA 92656.

Student Loan Managers   Review. Are They a Scam?

According to California Public records Found Management, Inc was formed on January 1, 2012 and it’s business address is 100 W Broadway, Suite 100, Glendale, CA 91203.

Student Loan Managers   Review. Are They a Scam?

Services

They list a number of different programs but all are related to student loans.

Student Loan Managers   Review. Are They a Scam?

Relationships

In fact this source file lists Phoenix Media Agency with James Adam Pestritto at the same address as Student Loans Manager.

Student Loan Managers   Review. Are They a Scam?

Phoenix Media Agency has described themselves as a “Phoenix Media Agency, a leading debt referral agency, is advertising a debt settlement program with all of our clients…” – Source

Jennifer Osborne is listed as a past director of operations at Phoenix Media Agency and is now the marketing director of a debt settlement company consumers have been warned about, Cambridge Life Solutions. – Source

Interesting Points

Several people I found also listed a past history with another company we’ve written about Student Loan Processing US.

These people include Sarah Biber, Eve Farfán, Rima Radwan (possibly).

Anne Somsen is listed as the Director of Client Services at Student Loan Managers. – Source

The company has a relationship with Meracord and apparently Meracord, which is moving out of the debt settlement industry business may be moving into the student loan payment processing arena.

Student Loan Managers   Review. Are They a Scam?

Website

Student Loan Managers   Review. Are They a Scam?

Domain Information

studentloanmanagers.com

The ownership of the domain name is hidden. The domain was registered on June 1, 2012.

foundmanagement.com is forwarded to studentloanmanagers.com.

On November 21, 2012 the domain foundmanagement.com was reported to be owned by:

Found Management Inc.
101 Willowood
Aliso Viejo, California 92656

Administrative Contact:
James Pestritto [email protected]
Found Management Inc.
101 Willowood
Aliso Viejo, California 92656
(949) 289-8973
Fax — (949) 861-9526

Our Opinion After Review

We previously wrote a guide on what companies should offer in a fair and consumer friendly student loan service program. Please read How to Run a Clean Student Loan Assistance Program. In addition we provide the following guides to check out debt relief companies:

  1. The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
  2. How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off
  • Program Fees Clearly Stated on Site: No
  • Client Agreement Clearly Available on Site: No
  • States Consumers Can Contact Department of Education Directly to Consolidate and Reduce Payments for Free: No
  • Provides clear link to Department of Education Loan Options: No
  • Provides Historical Performance Statistics: No
  • Clearly Identifies Management/Officers on Site: No
  • Company is Clearly Registered to Business: No, not under Student Loan Managers. It is hard to verify and they is no indication found on the studentloanmanagers.com website who owners are, even in site privacy policy. – Source

It is our opinion the program reviewed here DOES NOT MEET OUR RECOMMENDED STANDARDS.

Scam, Complaint, Review or Praise

Consumers:

If you’ve had experience with this company, good or bad, you would like to share, please post your comments in the comments section below.

If you have a client agreement or paperwork you can share that this company gave you, you can do so here.

Owners:

If this is your company, please read the site review policy and feel free to post information in the comments you would like to share about your company.

If you feel something reported in this review is incorrect, please report it here so we can fix the error.

For Those Looking for Student Loan Resources

Before you pay any company for assistance with your student loans, be sure to check out our free student loan assistance links and guides below.

Student Loan Resources

You can use the following student loan resources to help reorganize, discharge or forgive your student loan payments.

The Overall Guide to Dealing With Student Loan Debt

Get Help For Your Student Loan Problem

Discharge Your Student Loans in Bankruptcy

Getting Sued Over a Student Loan

Student Loan Forgiveness and Discharge Information

Watch Out for Student Loan Assistance Programs

Student Loan Consolidation Information

Specific Federal Student Loan Repayment Program Information

Maybe College Isn’t the Answer

Student Loan Managers - Review. Are They a Scam? by

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Cautious Consumer

    Scary to think the Owner of this company is implicated with embezzlement and fraud when they take peoples payments and are touching 1000′s of $$$. I received something in the mail from these people but after doing my due-diligence anyone can clearly see there’s snakes in the sheets here to steels Americans hard earned money again!!!!

  • froggstarr

    I had no idea I could do it for free through the Department of Education! Almost got me

  • Skeptic

    Indeed…. They almost got me..

  • Reasonable Man

    awesome information. Thanks a bunch…

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