An amazing reader adalton sent in a new debt relief mailer through my I Buy Junk Mail program.
The mailer if for an entity identified as Education Loan Network and mailed from postal permit 1297 in Sacramento, CA.
The reader who submitted this mailer for review, said:
“I noticed a couple red flags on this one:
1. This generically named company has no physical address, and I wasn’t able to actually find information on a company with this exact name online.
2. Limited time offer that happens to “expire” on my birthday. This might be a coincidence but it got my attention
3. My federal student loans are unfortunately WAY higher than what it says on this sheet. So obviously they did not (as they claim) obtain my information from public sources.
4. “Bad credit OK.” …yeah.
5. No specifics on these “federal government programs”
6. The fine print at the bottom reads “Fee Based Program” yet no detail is given.
and here’s my rant:
My student loans are basically ruining my life, and constantly getting these offers is so disheartening. I have taken steps to consolidate and reduce payments through normal and legal means, but my debt is so high, and I make enough money (so they feel…), that it doesn’t do much for me. What these programs don’t seem to care about is the fact that I have a dependent. I care for my disabled mother who lives with me, but hey, all they see is that I make enough money to pay loans, and since I don’t have kids, I am SOL. I feel like I’m being penalized for being a responsible adult.
Thanks so much for doing these articles. I hope they help people who would otherwise be suckered into one of these things.”
The front of the mailer says this is a 1031-4C Student Loan Forgiveness mailer.
The inside of the mailer, in my opinion, could confuse some people into thinking this is some sort of official mailer. It bears a picture of the U.S. Capitol and says things like “Contact: Student Loan Forgiveness Administrative Office.”
The message on the inside leaves me wondering how the marketer could pitch a ten year student loan forgiveness program without knowing if the person receiving this mailer might be eligible for ten year programs like the public service loan forgiveness program.
The example given appears to be a ten year loan forgiveness program with a new lower payment that is most likely the result of the consumer qualifying for an income based repayment program. But based on the description provided by the reader they have already attempted this route and their income is too high to qualify for that low payment.
As the reader observed, the fine print at the bottom says it is a fee based program.
Anyone receiving such a mailer should be aware that this appears to be a marketing mailer for a student loan assistance program by an unknown entity. If you owe federal student loans be sure to talk to your servicer and the Department of Education about what free options exist.
Additionally, you may want to read my free guide, The Ultimate Guide to Dealing With Student Loans You Can’t Afford.
This offer was able to be reviewed because a kind reader sent it in via my I Buy Junk Mail program.
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