Student Loan Consolidation Scams

 
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LakerFan87
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PostPosted: Wed Dec 26, 2018 5:51 pm    Post subject: Student Loan Consolidation Scams

I have been contacted by a representative of American Support Network who claims that I qualify for partial loan forgiveness.

I had a phone call with him and he asked me about specific tax and income information so he could precisely calculate what programs I'm eligible for and how much I could possibly save. I didn't have the information off hand so I set up an appointment for him to call me back on Monday when I have all the information ready.

The representative I spoke with has sent me texts and e-mails with his professional contact information along with the company's website. The website doesn't seem to provide a whole lot of information and I can't find any reviews.

Also, I can't seem to find any information online regarding specific companies that are known to be scams or are known to be reputable. I can just find articles providing general information on what to look for in terms of potential scams.

Does anyone have any experience with American Support Network or know anything about them? Does anyone know where I can find a list of companies that are known to be scammers?
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axs
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PostPosted: Thu Dec 27, 2018 9:35 pm    Post subject:

Sounds like your gut feeling is telling you this is not right. And you should probably listen.
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mhan00
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PostPosted: Fri Dec 28, 2018 10:19 am    Post subject:

If they contacted you seemingly randomly, then 90 percent chance it’s a complete scam.
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venturalakersfan
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PostPosted: Fri Dec 28, 2018 3:41 pm    Post subject:

I often get calls about consolidating student loans (though I am not familiar with that service). The kicker is, I don’t have student loans.
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LakerFan87
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PostPosted: Sun Dec 30, 2018 9:36 pm    Post subject:

Thanks for the input everyone.

I'll hear this guy out tomorrow for the hell of it and probably end up saying I need to think about it before I make a decision and then never get back to him.
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nickuku
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PostPosted: Sun Dec 30, 2018 11:28 pm    Post subject:

LakerFan87 wrote:
Thanks for the input everyone.

I'll hear this guy out tomorrow for the hell of it and probably end up saying I need to think about it before I make a decision and then never get back to him.


Don't give them that courtesy. Just say you're not interested.
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ringfinger
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PostPosted: Mon Dec 31, 2018 7:45 am    Post subject:

When a Google search for "American Support Network" brings up mostly "loan scams" and related results (with the first one being from FSA, it's almost certainly a scam.

BTW, the page from FSA, has a FAQ that includes some things to look out for if a company is trying to scam you.

Quote:

Here are some signs to help you identify a scam by a student loan debt relief company:

They require you to pay up-front or monthly fees for help. It is illegal to charge an up-front fee for this type of service, so if a company requires a fee before they actually do anything, that’s a huge red flag—especially if they try to get your credit card number or bank account information. In some cases, they may even step in and ask you to pay them directly, promising to pay your servicer each month when your bill comes due. Free assistance is available through your federal loan servicer.

They promise immediate and total loan forgiveness or cancellation. No one can promise immediate and total loan forgiveness or cancellation. Most government forgiveness programs require many years of qualifying payments and/or employment in certain fields before your loans can be forgiven. Also, student loan debt relief companies do not have the ability to negotiate with your federal loan servicer for a “special deal” under the federal student loan programs. Payment levels under income-driven payment plans are set by federal law.

They ask for your FSA ID. ED or its partners will never ask you for your FSA ID password. Your FSA ID is used to sign legally binding documents electronically. It has the same legal status as a written signature. Do not give your FSA ID password to anyone or allow anyone to create an FSA ID for you. If a company has access to your FSA ID information, they can make changes to your account without your permission.

They ask you to sign and submit a third-party authorization form or a power of attorney. These are written agreements giving the third party legal permission to talk directly to your federal loan servicer and make decisions on your behalf. Debt relief companies often want these authorizations so that they can change your account and contact information, so you don’t realize that they aren’t actually paying your monthly student loan bill.
They claim that their offer is limited and encourage you to act immediately. Student loan debt relief companies often try to instill a sense of urgency by citing “new laws” or discontinuing programs as a way to encourage borrowers to contact them immediately. While there are some deadlines you need to meet in regards to your student loans—for instance, if you’re paying under an income-driven repayment plan, you need to recertify annually—our programs are limited only by the eligibility requirements.

Their communications contain spelling and grammatical errors. While many of the communications sent out by these companies look very formal (for example, fold-and-tear letters with safety patterns), they often contain spelling and grammatical errors. If you notice unusual capitalization, improper grammar, or incomplete sentences in the communication you receive, that’s likely a red flag that the company is not affiliated with ED.


https://studentaid.ed.gov/sa/repay-loans/avoiding-loan-scams
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unleasHell
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PostPosted: Mon Dec 31, 2018 9:28 am    Post subject:

Tell him your money is tied up in getting $20 million from a recently departed Nigerian King and that as soon as you get that money, you'll be able to pay off your student loans right away..
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Freddie Buckets
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PostPosted: Mon Dec 31, 2018 3:13 pm    Post subject:

LakerFan87 wrote:
Thanks for the input everyone.

I'll hear this guy out tomorrow for the hell of it and probably end up saying I need to think about it before I make a decision and then never get back to him.


the plan he is referring to likely applying for an income driven repayment program. you can do this for free and consolidate your loans at studentloans.gov.

there's never a need to pay an outside company to help you with student loans.
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lakersken80
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PostPosted: Tue Jan 01, 2019 8:57 am    Post subject:

Whenever I think of debt consolidation I think of those scams you see airing on daytime TV. Unfortunately, the only way to pay off loans is better money management and tightening your belts.
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