NerdWallet has published a list of 130+ student loan assistance companies that they say consumers should be wary of. They say “This Watch List names companies that charge for fraudulent or questionable debt relief services.”
Companies that made the list have been investigated, penalized, or sued by state or federal authorities.
The companies they list are said to have bee:
- Accused of illegal practices by a state or federal agency or found to have engaged in illegal practices by a judge;
- Managed by an individual who operates or has operated another business accused of illegal practices by a government agency or found to have engaged in illegal practices by a judge;
- Operated by someone who has incurred significant debts or a criminal conviction;
- Hit with liens for unpaid taxes; or
- Rated D or F by the Better Business Bureau
The current listing of companies on the watch list can be found online here.
As of June 26, 2017 the list contains the following companies and I’m sure the list is subject to change.
If you have had an issue with any student loan assistance company, you can report it here.
Student Loan Assistance Company Watch List
1File.org
Academic Debt Alliance
Action Administrative Services
Advantage Student Loan Consolidation
Advantage Student Loans
Affordable Life Plans
Aiding Student Relief
Allied Doc Prep
AlphaOne Student
Amazing Marketing
American Student Aid
American Student Loan Consolidators
American Student Loan Forgiveness & Debt Relief
ASF Assistance
Benchmark Processing Inc.
Bright Futures Financial Corp.
Broadsword Student Advantage
College Education Services
College Financial Advisory
Consolifi Inc.
Consumer Assistance Project
Consumer Financial Resources
Consumer Protection Counsel, P.A
Debt Relief Pros Inc.
Direct Student Aid
DFL International
Docs Done For You Inc.
Document Aid Relief
Done With Loans
Equitable Acceptance Corporation
Federal Student Aid Relief
Federal Student Loan Alliance
FedLoan Help Center
Financial Help Services Inc.
First American Student Aid
First American Tax
First American Tax Defense
Freedom Student and Tax Defense
Global Financial Support Inc.
Good EBusiness
Grads1st
GreenStudent
Help Assist Me Default Resolution Services
Horizon Debt Group
Interactiv Education
Lexington Doc Prep
Liberty Tax and Student Loan Defense
Life Cycle Student Loan Relief
Merrill & Hart
Miller Student Loan Consulting
Nation Wide Consumer Debt Relief Inc.
National Secure Processing
National Student Aid Care
National Student Aid Center
National Student Loan Help
National Student Loan Rescue
National Student Loan Solutions
National Student Loans
National Student Servicing
Nationwide Student Aid
Navloan
Performance Debt Relief
Performance Settlement
Performance SLC LLC
Post Grad Aid
Private School Loans Relief
Progress Advocates Group
Reliant Account Management
Rubik Payment Solutions
Select Document Preparation Inc.
Select Student Loan
Select Student Loan Help
Simple Student Loan Solutions
SL Programs
SLRS
Strategic Debt Solutions
Strategic Doc Prep Solutions
Strategic Student Solutions
Student Advocates
Student Aid Center Inc.
Student Aid Institute Inc.
Student Consulting Group Inc.
Student Debt Center
Student Debt Relief
Student Debt Relief Center
Student Debt Relief Group
Student Debt Resolutions Inc.
Student Debt Solutions
Student Financial Resource Center
Student Legal Services
Student Loan Advisors Group
Student Loan Aid
Student Loan Assistance Center
Student Loan Assistance Center (Florida)
Student Loan Care
Student Loan Consultants of America
Student Loan Counsel
Student Loan Educators
Student Loan Forgiveness Agency
Student Loan Forgiveness Center
Student Loan Group
Student Loan Help Direct
Student Loan Managers
Student Loan Processing.US
Student Loan Relief Advisors
Student Loan Repairman Inc.
Student Loan Resolution Center
Student Loan Resolve
Student Loan Service
Student Loan Service Managers
Student Loan Services
Student Loan Servicing Center
Student Loan Solutions
Student Loan Support
Student Loans Processing Corp.
Student Reform Associates
Student Relief Center
Student Zoom LLC
StudentLoan911.org
Sunshine Document Preparation Inc.
The Center for Student Debt Reform
The Student Loan Help Center
The Student Loan Project
The Student Loan Relief Department
U.S. Student Loan Services Inc.
United Advisors Group
United Student Loan Division
University of One
US Direct Student Loan Services
US Financial Freedom Center
US Student Loan Center
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I used one of the companies on the list above in mid-2014. I was *very* skeptical at first (for a number of reasons), but by that point my loans were in default, and had been for awhile, so I had to do SOMEthing… I just didn’t know how to do it myself, or even where to begin. There were a couple of minor hiccups here/there working with them, but I overall I don’t take issue with the company because ultimately they did do what they said they were going to do: They consolidated my loans with the gov’t, got them out of default, rehabilitated and back in good standing. Because of that, I became eligible to start the PSLF plan and income-based repayment. I have 18 months left on PSLF. I can’t speak to others’ experience with that company, but for me it worked and is well-worth the roughly $600 fee I paid for their service. They got the job done. I will always be grateful for them for helping me when I needed it the most.
Did they let you know about back credit that can be applied to PSLF credits? See https://studentaid.gov/announcements-events/pslf-limited-waiver
What if you used one of these companies on the list prior? I used one in 2015. It just doesn’t seem to have helped anything. All it did was add to my debt. And my payments jumped right back up on my student loans. I feel blocked and little trustworthy info at every turn. I am a single parent and there just isn’t an $800 payment per month for a student loan.
Well it sounds like you learned a valuable lesson in what not to do.