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Law Educator, Esq.
Law Educator, Esq., Consultant
Category: Fraud Examiner
Satisfied Customers: 111526
Experience:  24+ years law enforcement. Licensed Attorney.
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I just talk to the company that claims can help with student

Customer Question

I just talk to the company that claims can help with student loan forgiveness program. In my situation, when am 65, chiropractor who paid 12 y for the only interest program, my husband lost his job1 m ago and he is 69, so to find job is not really a possibility. The name of this company Student loans of America and they offer program monthly loan payment reduction and after 25y-forgiveness. They asked about 3 monthly payments of $257 made on specific dates, which is vert suspicious for me. What can you tell about it? Thank you.
JA: The Fraud Examiner will know what to do. Is there anything else the Fraud Examiner should be aware of?
Customer: Natalie
Submitted: 1 month ago.
Category: Fraud Examiner
Expert:  Law Educator, Esq. replied 1 month ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
This company has a B- rating with the BBB, but that does not mean everything. Legally, a debt settlement or solutions company cannot charge up front fees for resolving debts and the major red flag of these companies is charging fees for their services up front it is against Federal Trade Commission rules for any debt settlement service to charge up front fees. These companies cannot guarantee relief as any such forgiveness they are talking about is income based and they will do nothing more than you could do yourself in applying to the student loan company for forgiveness based on your income. Also, there are complaints that they did not do what they said, see: http://www.revdex.com/reviews/student-loans-of-america/1064916
So given all of these signs, it is a good indication to stay away.
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