March 19, 2017
I can’t find much information on this company and I think it’s strange they have such a general name … The information mailed to me stated they were not a government program but when I spoke to the guy he keeps referencing obamas loan forgiveness.. I’m out of my league here. he said it is an income based repayment with the remainder of the loan forgiven after 5 years. No money upfront but For the first 2 years there is a $42 monthly fee. I did the math and I would be saving money in the long run but I am still a little skeptical. Also I am worried that filing a forbearance for them to take over the loan will negatively affect my credit. My loans are serviced through navient right now and I want to make a switch with out hurting my credit.
May 3, 2014
Lack of information about a company is definitely a concern. A company having such a general name is also a concern. However, the biggest red flag is the references to Obama’s Loan Forgiveness…. there is no such thing (Source: http://www.huffingtonpost.com/…..a19d180c3f )
It also sounds like they are only working with your federal loans. Federal loan management is something you can do entirely on your own. I’m not sure what the $42 per month would be getting you or saving you.
As far as switching from Navient, I’m not sure how this company would help. We did briefly cover this subject here: https://studentloansherpa.com/guide-switching-federal-student-loan-servicers/
Keep us posted on how it goes for you!
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