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.
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
Mission Viejo, CA 92692
Additional Contact Information
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
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
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.
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.
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.
They list a number of different programs but all are related to student loans.
In fact this source file lists Phoenix Media Agency with James Adam Pestritto at the same address as Student Loans Manager.
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
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.
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.
Aliso Viejo, California 92656
James Pestritto firstname.lastname@example.org
Found Management Inc.
Aliso Viejo, California 92656
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:
- The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
- 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
It is our opinion the program reviewed here DOES NOT MEET OUR RECOMMENDED STANDARDS.
Scam, Complaint, Review or Praise
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.
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.
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12 thoughts on “Student Loan Managers – Review. Are They a Scam?”
I filed a complaint on them with the BBB. They conned me out of over $3000 over a 3 year span. That Eve Farfan lied to me repeatedly. I got a letter from Navient in 2013 saying my loans were in default and I had been paying SLM’S all that time. I still haven’t gotten my money back to date!!!
My process here can help. https://getoutofdebt.org/20126/how-to-try-to-get-refund-from-debt-relief-company
I’m making payments with them for 2yrs and someone told me to call Fedloan cuz I shouldn’t be making payments when I called FedLoan they told me I should not be paying any money I’m just paying for paperwork not the actual forgiveness program and when I called the #949 Eve Farfan as the manager of loans program she wouldn’t cancel my account and told me I have to finish the contract which I was not told anything about any contract. Someone please any advise how I can dispute this???
You should always try to work out issues first with the company but if you are not satisfied here is a guide on how to escalate the issue. https://getoutofdebt.org/20126/how-to-try-to-get-a-refund-from-a-debt-relief-company
I have been going with them………. Both times they have told me that my loan was canceled in re-consolidation….. I tried to get my money back, but now they are saying I have to wait until it is canceled again… Is there anything I can do?
I too received something in the mail from them. In further review I understood from the sales rep Mark that their payment processor is called Secure Account Service and that is who would process my payment if I were to sign up with them. I asked the rep what makes Secure Account Service any better than your company after reading about your reviews and the owner background especially! What does that say about Secure Account Service. I don’t think my personal info would be safe. He said “Oh sir, they have an A rating right now.”… I told him the keyword of that sentence was right now as you are who you do business with and clearly I can only judge the two companies from them choosing to do business with someone who is actively being pursued as mentioned in the posting I just read for embezzlement. I think it wise to try this process on your own through the government website as mentioned by Steve here. If your unable to do it then pursue a company that is legitimate.
I too received something in the mail from them. In further review I understood from the sales rep Mark that their payment processor is called Secure Account Service and that is who would process my payment if I were to sign up with them. I asked the rep what makes Secure Account Service any better than your company after reading about your reviews and the owner background especially! What does that say about Secure Account Services. I don’t think my personal info would be safe. He said “Oh sir, they have an A rating right now.”… I told him the keyword of that sentence was right now as you are who you do business with and clearly I can only judge the two companies from them choosing to do business with someone who is actively being pursued as mentioned in the posting I just read for embezzlement. I think it wise to try this process on your own through the government website as mentioned by Steve here. If your unable to do it then pursue a company that does it ligitamite.
I too received something in the mail from them. In further review I understood from the sales rep that their payment processor is called Secure Account Service and that is who would process my payment if I were to sign up with them. I asked the rep what makes Secure Account Service any better than your company after reading about your reviews and the owner background especially! What does that say about Secure Account Service if they are willing to do business with someone like this? He said “Oh sir, they have an A rating right now.”… I told him the keyword of that sentence was right now as you are who you do business with and clearly I can only judge the two companies from them choosing to do business with someone who is actively being pursued as mentioned in the posting I just read for embezzlement. I think it wise to try this process on your own through the government website as mentioned by Steve here. If your unable to do it then pursue a company that does not have so much dirty laundry.
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!!!!
I had no idea I could do it for free through the Department of Education! Almost got me
Indeed…. They almost got me..
awesome information. Thanks a bunch…