I’ve been critical of the wave of student loan assistance companies that are exploding on the scene. Some of these companies are charging huge fees for items the consumer can do themselves.
The statement below comes from someone who claimed to work inside one of these companies. The company name is less important than the issues they raise about the fees, the lack of compliance these companies have, and what consumers are being told.
This is not the only message I’ve received from people inside student loan assistance companies. Other tipsters (send in your tips here) have shared similar messages.
When it comes to someone selling you debt relief you need to understand their goal is to make the sale, not provide you with best advice.
I would recommend that anyone considering using such a company should read the following free guides.
- 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
“To all consumers with student loan debt I beg of you not hire  company. I worked for this company for two months and never have in all of my fifty years seen such an unprofessional organization. I would also like to mention that I have never filed a complaint against a company before but this is by far the worst I’ve seen.
 company is charging upfront fees and a monthly service fee to process student loan consolidation for consumers with federal student loans. Agents at this firm are lying to consumers in regards to qualifications for programs and not disclosing the $29.00 monthly maintenance fee they charge. All of these programs are offered by the Department of Education and the forms can be found online.
 is charging various fees depending on what the consumer owes, which ranges from $495.00 to 795.00 and 1% of anything over 100,000.00.
Per the Department of Education the work to consolidate is the same for any size loan balance. The agents dont tell you that you will pay approximately $319.00 a year directly to  for them in most cases to do nothing. BUYER BEWARE.
One agent specifically is outwardly lying to clients about the program they qualify for and the new consolidated payment. When I brought this to the attention of the processor , she had noticed and seen the same issues but would not address the non-compliance with either owner. I also requested to know why we were charging a monthly service fee for clients that didn’t need our services after their consolidation was completed.
This office has no compliance or oversight on what the consumer is being told. All they care about is making money and taking full advantage of the student loan debt crisis.
Anyone who has hired this company I would strongly suggest that you get your money back and cancel. Because I spoke out about the issues regarding compliance I was let go the following week.
For all consumers please note do your homework and research and know you don’t have to pay to get your loans consolidated and you dont have to pay for loan forgiveness either. STAY AWAY FROM THIS COMPANY !!! THEY ARE NOT HONEST !!
One agent specifically is misleading consumers regarding combined income for married couples and is pressuring the clients to sign the agreement so that he can forward directly to the DOE for payoffs on the loans, which is not the case. The company is already receiving complaints specifically to this agent and he ignores the calls. This company has bounced payroll checks and is desperate to get clients enrolled.”