I just signed up yesterday with student loan processing. US, but have paid no money as of yet. I signed an agreement that says I will get 100% of my money back if I am rejected for a federal student loan consolidation by Dept of Ed. The contract states how much, what the payment is estimated to be. I have to send 3 check stubs to verify my income. It does say the new monthly cost could change.
I am not feeling worried and there are no complaints as of yet on the BBB website; however, I have second thoughts now. (Something too good to be true). Worse comces to worse, I can always go back to the loan consolidation I have. What would you do?”
On one hand this is a question about cleaning a toilet. If you don’t want to clean your toilet and instead you want to hire someone else to come in and do it for you, that’s your choice. Nobody would fault you for making a decision to hire another party to perform a service for you which you can do for free yourself.
If however the company made any sort of claims to you they had special insight or they were not clear these services were available for free to your directly from the Department of Education then I’d have a real problem with that.
In a previous article, Student Loan Processing.US – My Observations and Site Review I spent a lot of time presenting my observations and findings of the service, site, and client agreement.
On April 24, 2013, Thomas Gill who represented he is with Student Loan Processing .US posted a statement objecting to my review but not identifying any information that was wrong or incorrect. In fact Gill said, “We only offer Federal Consolidations through the Department of Education.”
So by his own admission they are not doing anything you could not do yourself for free.
For information on the different ways to deal with student loans, see The Ultimate Guide to Dealing With Student Loans You Can’t Afford
Please post your responses and follow-up messages to me on this in the comments section below.I Just Signed Up With Student Loan Processing .US and I'm Having Second Thoughts. by Steve Rhode