I Just Enrolled With Student Loan Movement and I’m Worried

Question:

Dear Michael,

I need help ASAP!

I have $40k in student loan debt and am a single mom with no support.
I am concerned about an agreement I signed for debt consolidation

What can I actually do about the debt? – Only student loans

I’m overwhelmed with so many financial issues and have no help, so I guess I’m vulnerable. I was hacked – in a serious way – in January and have been even more overwhelmed.

I was just reading that you researched the company ‘Student Loan Movement‘ and determined they are NOT legit.

I’m very concerned because I agreed to their terms on Friday (today is Monday).

I even gave them my SS#!! And bank info.

What can I do?

Thank you,
Marisa

Answer:

Hi Marisa,

You can likely unenroll from the debt consolidation plan you mentioned you barely started. You may not need help from anyone to consolidate your student loans.

First, reply to this post in the comments and tell me if the loan(s) are federal, private, or a mix of both.

Second, what are the balances on the loans?

Third, what is the status on each loan? Are you current or late with payments? If you are late, by how many months? Are any of the loans in default?

I can offer the feedback you are looking for when I have the answers to those questions.

Best Regards,
Michael Bovee