“Dear Steve,
I have been speaking with the Federal Student Aid Relief I havent signed or paid anything yet. I was hoping this was for real because I really need help. So this is a scam? What should I do?
What company can help me with my loans because I am drowning..
Kari”
Dear Kari,
These student loan companies are pissing off a lot of people, regulators included.
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
They make it sound as if consolidating your loans and putting them on a reduced payment plan is the magic wand to dealing with your debt. It’s not. In fact it can leave you in a worse spot in the long run if their are better alternatives.
See The Ultimate Guide to Dealing With Student Loans You Can’t Afford.
You can read my previous story about Federal Student Aid Relief, here.
I would be very concerned if the company did not try to help you first deal with your underlying debt and did not inform you the consolidation and reduced payment services are free from the Department of Education.
There is nothing you shared with me that would lead me to believe it’s a good move or that you’ve been fully informed about your options.
Please post your responses and follow-up messages to me on this in the comments section below.
I just received a call from Federal Student Loan Relief Aid and they told me that they could help me with my student loans and I gave them all my information, is this not a real company, because I don’t want them to charge my account. They said they would break down into months a payment of 600 dollars. I would pay it for four months till I pay it off, and I would pay zero dollars a month until the federal government forgives the rest of my loans. On my report it would look like 1 loan instead of multiples.