THE DANGERS, ABUSES AND FALSE PROMISES OF STUDENT LOAN “DEBT RELIEF” COMPANIES October 9, 2014 AFSLR Conference. Deanne Loonin National Consumer Law Center 617-542-8010 [email protected] Basics About National Consumer Law Center. SLBA web site ( www.studentloanborrowerassistance.org )
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THE DANGERS, ABUSES AND FALSE PROMISES OF STUDENT LOAN “DEBT RELIEF” COMPANIESOctober 9, 2014AFSLR Conference
National Consumer Law Center
Who is holding the loan:
DEMAND FOR QUALITY SERVICES CANNOT BE AN EXCUSE TO RIP OFF CONSUMERS
(quoted from 2014 email)
I wanted to follow up with you just in case your current student loan servicer has reached out to you in an attempt to help you reduce your current loan payments and I want to say DON’T DO IT. The programs they can offer you are not nearly as beneficial to you as what the government has established for you, that’s what [name deleted] will get you an approval for. At [name deleted] we only enroll our clients into government approved programs run by the Department of Education that provide true debt forgiveness, these programs are complex but don’t worry we can help.
Here is why you can’t trust your servicer:
Just A Few Major Servicers
Act now while you can! Congress can discontinue these programs at any time!
Obama’s federal student loan programs will not
be around forever.
1. After 12 months of nonpayment, not eligible to consolidate
2. Can’t include defaulted loans in consolidation, so sell a separate rehab/consolidation package
3. Rehabilitation is a two step process because ineligible if in default, so rehabilitate, then consolidate (lose both options for the future among other problems)
4. Can’t discharge student loans in bankruptcy
Consolidation Factories, not individualized counseling
Selling fully automated PIN retrieval, student loan retrieval, repayment options (with just one click)
I am a GENERATING SOURCE for Real Time Student Loan Leads.
REAL TIME means less than 24hrs old.
“The people they are ripping off are the poor or middle class”