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Student Loan debt forgiveness legit?

jimmycalifornia 4 10 June 8, 2016 at 07:59 AM
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Hello folks,

I have very much over $10,000 in student loan debt. Recently, I received a call from (914)326-7025. They said, "If you have $10,000 or more in federal student loans and are having trouble making the payments. You're eligible for a new government forgiveness program press 9 now to decline the offer or press 5 to find out if you qualify to have your loan payments cut in half or in some cases completely wiped clean press 5 now for your free eligibility check."

Is it legit? How do I find out whether it is legit? Thanks.

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1

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#2
Don't go through anyone other than a federal plan and your loan servicer.

https://studentaid.ed.gov/sa/repa...ncellation
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#3
Just put the number in google, and lots of sites turn up indicating it's a telemarketer:

https://www.shouldianswer.com/pho...9143267025
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Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?
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#4
Thank you for the advice. I was hoping that the government comes up with something for people like me who can't climb out of student loan debt. But, I didn't see anything on the student aid site.

Got another call from (212)557-7581 with message, "You have $10,000 or more in federal student loans and are having trouble making the payments. You're eligible for a new government forgiveness program press 9 now to decline the offer or press 5 to find out if you qualify to have your loan payments cut in half or in some cases completely wiped clean press 5 now for your free eligibility check."

How are these people making money?
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#5
There are a few (very limited) ways to have a student loan forgiven. Teachers, for example, may have loans forgiven in whole or part if they teach certain subjects in low income areas for X amount of time. The calls you are getting, however, are scams.

Quote from jimmycalifornia View Post :
How are these people making money?
The scams generally works in one of a few ways:

(1) The company will request a fee in order to, allegedly, negotiate with the lender on your behalf. They never do this of course because student loans aren't negotiable. Your monthly payment amount is negotiable, but there is a formal process for doing so and it is one you can (and should) do on your own.

(2) The company consolidates your student loans. They will either charge you a fee to do what the government allows you to do for free anyway (MyFedLoan consolidated my loans free of charge) or they will move your loan to another lender. In the latter case, you will very likely end up paying more in the long run. They'll probably place your loan with a lender that has lower monthly payments and higher interest.
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Last edited by ManUpOrShutUp June 8, 2016 at 04:02 PM
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#6
Thanks for the explanation.
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#7
Here is the program information make sure you read and follow the rules carefully

https://studentaid.ed.gov/sa/repa...ic-service
ecause you have to make 120 qualifying monthly payments, it will take at least 10 years for you to become eligible for PSLF. To help you determine if you are on the right track as early as possible, we have created an Employment Certification for Public Service Loan Forgiveness form (Employment Certification form) that you can submit periodically while you are working toward meeting the PSLF eligibility requirements. We will use the information you provide on the form to let you know if you are making qualifying PSLF payments.

Although you are not required to do so, we encourage you to submit the Employment Certification form annually or whenever you change jobs, so that we can help you track your progress toward meeting the PSLF eligibility requirements. If you do not periodically submit the form, then at the time you apply for forgiveness you will be required to submit an Employment Certification form for each employer where you worked while making the required 120 qualifying monthly payments.

If you would like us to track your progress as you work toward making the 120 qualifying monthly payments for PSLF, send the completed form, with your employer’s certification, to FedLoan Servicing (PHEAA), the U.S. Department of Education’s federal loan servicer for the PSLF Program.

We will take the following actions after we receive your Employment Certification form:

We will review your Employment Certification form to ensure that it is complete, and to determine whether your employment is qualifying employment for the PSLF Program.
We will notify you if the form you submitted is incomplete or if we cannot determine, based on the information provided on the form, whether your employment qualifies. We may ask you to provide additional information or documentation to help us determine whether you were employed by a qualifying public service organization.
If we determine that your employer is not an eligible public service organization, we will notify you that your employment does not qualify. If you believe there is additional information that would establish the eligibility of your employer, you will have the opportunity to provide that information.
If we determine that your employment qualifies, and if some or all of your federal student loans that are owned by the U.S. Department of Education are not already serviced by FedLoan Servicing (PHEAA), those loans will be transferred to FedLoan Servicing (PHEAA). You will then have a single federal loan servicer for all of your federally held loans. You will receive a notice if your loans are transferred.
If we determine that your employment qualifies, we will then review your payment history (including any payments you made to another federal loan servicer before your loans were transferred) to determine how many payments made during the period of employment certified on the Employment Certification form are qualifying monthly payments for PSLF. We will then inform you that your employment qualifies and notify you of the total number of qualifying payments you have made, and how many payments you must still make before you can qualify for PSLF.
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Will I automatically receive PSLF after I’ve made 120 qualifying monthly payments?
No. After you make your 120th qualifying monthly payment, you will need to submit the PSLF application to receive loan forgiveness. The application is under development and will be available prior to October 2017, the date when the first borrowers will become eligible for PSLF. You must be working for a qualified public service organization at the time you submit the application for forgiveness and at the time the remaining balance on your loan is forgiven.
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#8
They better not forgive student loans. People work their ass off through school to afford it while clowns accept financial aid and PArrrty until they realize they have a shit load of debt and then cry all the way home. Cheers
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#9
hmm... first I get a flyer from discover card about saving money being student.
I'm not a student of anything.
Today I get a call about saving money on my student loans. Similar to what the OP received.

No student loans. Random?

All 3 reports look good. no inquires or student loans
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#10
Quote from MakeitRainDolla View Post :
They better not forgive student loans. People work their ass off through school to afford it while clowns accept financial aid and PArrrty until they realize they have a shit load of debt and then cry all the way home. Cheers
Agree 100%. I went to lawschool and incurred 200k im debt. I worked my balla off often working 80 hours a week for 3 years, lived well below my means, like a poor college student for those 3 years, and paid off my loans in FULL during 3 years.

Meanwhile i have classmates who incurred 300k in law school loans who partied in law school and lived like rock stars during that period and now complain about their loan payments and want loan forgiveness.


Give me a break.
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#11
Quote from Switching2Geico View Post :
Agree 100%. I went to lawschool and incurred 200k im debt. I worked my balla off often working 80 hours a week for 3 years, lived well below my means, like a poor college student for those 3 years, and paid off my loans in FULL during 3 years.

Meanwhile i have classmates who incurred 300k in law school loans who partied in law school and lived like rock stars during that period and now complain about their loan payments and want loan forgiveness.


Give me a break.
Its for certain fields; like special ed teaching which pays crap but still incurs high student debt. I don't mind them getting a bail out unlike a poor lawyer who can make bank.
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#12
And yet again the poor people will have debt forgiven. Boy what a mistake it was to be responsible and pay off my student loan debt all while living below my means.
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#13
Quote from FHRITP View Post :
And yet again the poor people will have debt forgiven. Boy what a mistake it was to be responsible and pay off my student loan debt all while living below my means.
exactly.
we get punished for paying them off. its bollocks.
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#14
You didn't get punished, go into a field that pays low and you'll get help with your loans... its not rocket science (as that pays well so you don't need help).
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