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ASA College Blog, Making College Pay

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December 14, 2016
 

WARNING: LOAN FORGIVENESS SCAMS

Currently, deceptive ads about loan forgiveness are circulating on social media. The companies featured in the ads fraudulently use the ASA College logo or photos to suggest that the College sanctions their services. 

These are scams that are only seeking to profit from student borrowers by often making false promises and using other tricks to convince borrowers to pay for student loan services that either don’t exist or are available for free. 

Some of the companies that have targeted ASA students and alumni are:

  • The Loan Monster
  • Student Doc and Prep (StudentDocNPrep)
  • ProcessMyStudentLoans.com
  • ReliefStreet.com
  • StudentLoansUs
  • Consumer Budget Report
  • Consumer Money Advocate

These companies constantly change their names and tactics to separate borrowers from their money — their services can cost hundreds or thousands of dollars in fees and they may actually drive borrowers further into debt.

Those who have had contact with any of these debt relief companies should contact the New York State Attorney General’s Office at 1-800-771-7755 (within NY) or file a complaint at www.ag.ny.gov/complaint-forms, as they are currently investigating several of these companies. The U.S. Consumer Financial Protection Bureau is also taking action against many of these companies and can be reached at 1-855-411-2372 or www.consumerfinance.gov

ASA students or alumni who have already entered into a financial commitment with one of these companies and would like ASA’s assistance in contacting the New York Attorney General’s Office, the CFPB, and/or working to discontinue the commitment, may contact Anthony Dalton at adalton@asa.edu or 212-672-6450 ext. 1481.

Borrowers should make it a point to know who their official federal loan servicer is — either FedLoan Servicing, Great Lakes, Navient, or Nelnet. Borrowers can look up their federal loan history and loan servicer information at www.nslds.ed.gov. ASA students and alumni can also contact the ASA Office of Student Financial for assistance identifying their loan servicer. Loan servicers can discuss all repayment options. 

Borrowers can review all of the federal loan repayment plans, including the criteria for Public Service Loan Forgiveness, at https://studentaid.ed.gov/sa/repay-loans

ASA College students and alumni may always contact the ASA College Office of Student Financial Services for further information, support, and guidance at 212-672-6450 Ext. 1481 or adalton@asa.edu

Watch a video from the U.S. Department of Education on debt-relief ads.

Read a U.S. Department of Education article on these scams.

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