This past May, Attorney General Madigan of Illinois filed a hefty lawsuit against the following 5 student loan debt relief agencies: Consumer Financial Resources LLC, operating as Student Loan Resolve (based in Texas) Federal Student Loan Alliance (based in California) Interactiv Education LLC, operating as Direct Student Aid (based in Florida) Student Consulting Group Inc., a.k.a. University of One and Help Assist Me Default Resolution Services (based in Georgia) Nationwide Student Aid LLC (based in Chicago) The Attorney General alleged Continue reading
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GL Advisor: where’d they go?
For the past few months, I have been receiving many phone calls from worried student loan borrowers concerning GL Advisor. Apparently, this agency, which was designed to help borrowers manage their student debt, has been unreachable for weeks. Unfortunately, this does not surprise me that much — but it did just a little! While scams of all kinds run rampant throughout the student loan debt relief industry, GL Advisor seemed to be on the up and up. They focused on Continue reading
Which student loan debt relief agency is reputable and safe?
I receive many, many emails with the following question: “How can I know if it’s safe for me to work with any student loan debt relief agency?” And my answer is always the same: No debt relief agency is truly recommendable, in my opinion. Debt relief agencies all offer the same services, as though they were “unique” programs that could only be obtained through their agency. For example, things like: federal student loan consolidation access to Obama’s student loan forgiveness Continue reading
How to get your new FSA ID and Password
Hello everyone, There have been a few important changes on the NSLDS and Studentloans.gov websites — and they’re mainly related to the verification process. Here are the changes: Where you used to put in your social security number, date of birth, first 2 letters of your last name and pin number, now you are required to create an “FSA ID and password.” You can create one of these on the spot. (However, like all things federal loans, it’s a Continue reading
Washington Attorney General & CFPB sue Student Loan Processing (debt relief agency)
Last Monday (April 6, 2015), Washington Attorney General Bob Ferguson filed a lawsuit against Student Loan Processing. Allegedly, this firm had been exploiting student loan borrowers by tricking them into paying for federal loan benefits that were designed to be 100% free. In other words, Student Loan Processing was positioning the benefits provided by the U.S. Department of Education as though they were “unique” programs that could only be obtained through their agency. Oy vey. Interestingly enough, back in Continue reading
The Doctors’ Loophole: what it is & how it might affect you
As a student loan consultant, I work with borrowers of various different career paths. Some are architects, some are baristas and some are even actors living in Hollywood. One of the biggest groups of borrowers I help are physicians. Because of their high debt amounts, and their participation in Internship and Residency, doctors are faced with special circumstances when it comes to managing their student debt. One of the most recent concerns that doctors are facing is the effect Continue reading
About the “Fairness for Struggling Students Act of 2015”
This month, 13 senators cosponsored the “Fairness for Struggling Students Act of 2015.” Through the passing of this bill, these senators intend to remove the bankruptcy immunities that have made private student loans impervious to being discharged through the process of bankruptcy. I’ve always held that applying bankruptcy immunity to private student loans is unfair, since they are far less borrower-friendly than federal loans. Allow me to expand a bit on why I believe federal student loans should have bankruptcy Continue reading
The Student Aid Bill of Rights (Obama’s Memorandum)
Big news! Today, President Obama signed a memo called the Student Aid Bill of Rights. Through this memo, he plans on changing student loan regulations to make repayment easier, as of July 1st, 2016. Also, he intends to establish and ensure strong consumer protections for student loan borrowers. Phew. These are welcome news, indeed. Notable fact: This isn’t the first time federal student loan regulations have been majorly overhauled on July 1st. In both 1987 and 1993, on July 1st, Continue reading
Student loan speaks on the Michael Cohen radio show
This morning, I had the pleasure of being the featured guest on Michael Cohen’s radio show. You can click here to listen to the interview. I really enjoyed sharing helpful information that I usually don’t get to share, particularly some little-known facts about student loan delinquency, and how it greatly differs from being delinquent (i.e. late) on any other type of debt. Sneak preview: student loans have much kinder policies for payment lateness — and they’re far more flexible than Continue reading
CNBC asks me: How to ease the burden of student debt
This past week, I was asked to contribute to a CNBC article about the topic that seems to be on everyone’s mind these days: the strange and incomprehensible world of student loan debt. The article is titled, “How to ease the burden of student debt,” and in it, I’m quoted saying, “there’s almost always a way to make your situation work.” What a perfect quote to be featured — this statement is at the heart of my work! You can Continue reading