Welcome to my blog! My name is Lynn and I am a former student loan collector. For over a decade I collected on thousands of accounts for the Department of Education and several FFELP guarantee agencies. I also collected on Perkins and tuition accounts for several major universities. Eventually I a career jump...I became a Financial Aid Officer for a major Big 10 University. Along with awarding financial aid and advising students, I specialized in Default Prevention and Resolution. I am also a frequent contributor and moderator on several online forums.

I have gained very specialized knowledge and skills over the years having worked both side of the student loan field. It really bothers me that there are several companies, individuals, and so-called organizations that will change you hard earned money for information that is readily available free on the web. One "rogue" collector wants to charge $50 for a book and CD's for "secret information". Other organizations will attempt to charge you hundreds of dollars for a Direct Loan Consolidation application which is and always has been, free at the Direct Loan Consolidation website. I will be blogging about student loan collections and simple tips to help you manage your current or defaulted student loans. Have a basic question? I am more than happy to answer it! For free! However if you need more extensive help, I am more than happy to help you at very affordable rates!

Sunday, January 4, 2015

More and more ad's are appearing on Facebook and on TV touting the skills of various companies  who can help you with your student loans.  The only thing they can help you with is emptying your bank account!



By Rohit Chopra

Today we took action to put an end to two student loan debt relief scams that illegally tricked borrowers into paying upfront fees for federal loan benefits. In a joint filing with Florida’s Attorney General, we shut down student loan debt relief company College Education Services and, separately, we filed a lawsuit against Student Loan Processing.US for running illegal debt relief services. We allege that both companies exploited vulnerable student loan borrowers, made false promises about their debt relief services, and charged illegal upfront fees.

We are warning all student loan borrowers who have trouble managing their student debt to watch out for scams run by companies promising “student debt relief.” These companies prey on distressed borrowers who run into trouble and struggle to figure out what comes next. In some cases, borrowers do not think their student loan servicers can help them and seek help from a third party. Others are lured in by aggressive marketing practices that target the most vulnerable student loan borrowers.

In many cases, these companies promise thousands of dollars in savings on your student debt by falsely claiming special expertise or a relationship with the Department of Education, only to enroll you in a payment plan that’s available for free for all borrowers with federal student loans — all at a cost of hundreds of dollars or more. In other cases, these companies fail to deliver on their promises, leaving you with more debt and less time to avoid financial distress or default.
Last year, we warned you that you don’t have to pay someone to help with your student loan. You should also be aware of these warning signs to help you avoid student loan debt relief scams and information on getting help if you are a victim of this scam.


what you need to do is get more information from these folks who called -  ask them to mail something to you, direct you to their website, send you an application, whatever.

then gather up all that information and file a complaint with the CFPB. http://www.consumerf....gov/complaint/


NEVER pay a third party  for something you can easily do yourself.  Go to the DOE site and read up on consolidation and rehab.  
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4 comments:

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