The monthly loan payment amounts under the income driven payment plans depend on the income and family size. This is stated in the Client Agreement which Client signed on 8/4/2015. Client's monthly loan payments increased because her family size decreased from 6 to 2. Her monthly loan payments are still lower than what she would owe under the Standard payment plan and is lower than the amount she was quoted on in the original repayment plan renewal estimate. SLS has reached out to Client to go over available options going forward and to resolve this issue.
Client
signed on with SLS on 7/24/SLS gathered Client's information, discussed
available options, and completed all necessary loan consolidation and repayment
option documents on 7/27/SLS spoke with Client on 8/4/and asked for
Client's proof of income (POI) to
send in with her applicationOn 9/14/2015,
SLS again spoke with Client at which time she confirmed she would send in her
POIOn 9/17/2015, Client sent in her state taxes and was advised that she
would need to send in her federal taxesOn 10/22/2015, SLS contacted Client
and left a voicemail to let her know that FedLoan, her servicer confirmed
receipt of the application documents on 10/20/On 10/29/2015, SLS updated
Client via voicemail and e-mail to inform her that her consolidation entered
the "Summary Phase" with FedLoan, and that all loans were included in
the consolidationOn 12/1/2015, SLS followed up with FedLoan on the status of
Client's consolidation, and updated Client via voicemail and e-mail that her
consolidation was still in the "Summary Phase." On 12/15/2015, SLS
followed up on Client's consolidation process with FedLoan and discovered that
FedLoan had incorrectly placed Client in the Standard repayment plan rather
than the Income Contingent Repayment (ICR) plan as indicated on the application
paperwork processed by SLSThis is a common error by loan servicers, who, due
to the high volume of applications, routinely place borrowers in an incorrect
repayment plan and send bills for higher payments in the Standard plan rather
than the chosen income dependent repayment plansThese private loan servicers
are bill collectors, not necessarily interested in making sure the client
receives all the benefits available through the DOE.
In a press
release by the DOE, released 2/27/2015, the DOE stated that following a review
of private collection agencies, it found that these "companies made
materially inaccurate representations to borrowers
" causing the DOE to
terminate contracts with of the private collection agencies reviewedThe
DOE further states that they will "provide enhanced Fair Debt Collection
Practices Act and Unfair, Deceptive, or Abusive Acts or Practices monitoring
and guidance for all private collection agencies that work with the
Department
" SLS provides services to protect borrowers from these types of
errors and misinformation from servicers, making sure that the consolidation
applications and repayment plan documents are processed correctly so that
clients can receive all the benefits available to them through the DOE
In
this case, SLS contacted Client for an updated Proof of Income, so SLS could
work on behalf of Client and have FedLoans correct their repayment plan error
Client's loans were successfully consolidated, and her consolidated loan is now
under the correct ICR repayment plan with $monthly loan payments
Client
erroneously states that SLS completed the incorrect paper work for the Loan
Forgiveness programThe Public Service Loan Forgiveness program is offered to
borrowers who are repaying their loans under an income-driven repayment plan,
and meet certain criteria as outlined by the Department of EducationThey must
work full-time (or more hours a week) at a qualifying public service, or
non-profit 501cjob, while remaining in an in-repayment statusThere is
currently not a loan forgiveness form available, because the benefits will not
go into effect until 2017, when the first batch of borrowers see the
forgiveness take effect (this program first became available in 2007; the
earliest borrower to qualify after completion of the year repayment term
will be in 2017)There is a PSLF certification form that can be submitted (see
attached) before the year term is complete, to confirm that an employer
qualifies as a Public Service place of employment, or to give the client
tracking information on how many qualified payments they have made into the
programThe form is not an application for the PSLF program and it is not
necessary to send this in to the loan servicersWe typically advise clients to
let us know if their employer changes or if they stop working, so that we can
send the certification form to have the previous employer on record confirm
their years of employment towards the year forgiveness termAs stated
above, Client's loans were successfully consolidated by FedLoan, and SLS was
able to correct the error by FedLoan, making sure that she is placed in the
correct income-based repayment plan (ICR) so she can start having her student
loan payments count towards the Public Service Loan Forgiveness programOnce
she completes the year repayment term, the qualifying payments will be
retroactive to when she entered repayment under her Direct Consolidation loan
Client elected
to cancel SLS services on 2/11/SLS cancelled Client on the same day, and
sent Client a cancellation confirmation e-mail
SLS performed
all services offered in accordance to the terms of the Client Agreement by
gathering Client's information, presenting the options available to Client,
preparing all consolidation and repayment plan application forms, and working
on behalf of Client to correct the error by FedLoan to place her in the correct
income based repayment program to qualify her towards the year repayment
term required for PSLFAs stated above, Client is mistaken in her claim that
SLS incorrectly filled out the loan forgiveness forms as there are no such
forms in use by the DOE or loan servicersClient's loans are currently
consolidated and under the ICR repayment plan with a monthly loan payment of
$
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
According to the new lender, this loan is not in any type of special program (income drive, teacher, or public service). The most recent application being considered is MY submission of 2/16/2016. Student Loan Service submitted at least 8 applications with out dated forms or incomplete information.
Regards,
[redacted]
Client signed on with SLS 5/25/It was explained
that the Document Processing Service Fee of $and the Monthly Maintenance and Administration fee of $were fees to SLSThe $was his estimated payment to his student loans under the Income Based Repayment Plan, offered by the DOEClient qualified for forgiveness under the Public Service Loan Forgiveness plan after qualifying payments, also offered by the DOEClient provided an income of $96,000, however his verified income showed an AGI of $123,516, increasing his payments to $Client would still qualify for PSLF forgiveness benefits if his income does not increase Client was cancelled on 6/4/2015, and a full refund was issued
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
The $499 registration fee
refund will not suffice for the troubles I have gone through with this
company. First off, Ms. [redacted], you
addressed your response with a misspelling of my name – quite an unprofessional
start to your rebuttal.
There may be negative
reviews on the Department of Education but it is certain they are NOT charging
clients an absurd amount of money for any services. Negative reviews aside, there are countless
positive reviews from all the clients that are not being scammed, unlike the
numerous victims who have shared their complaints against Student Loan Service
seen on the Revdex.com website.
You mentioned services
your company has “helped me” with and I find it almost comical that you had the
nerve to list “giving her father a consultation on his loans”. Do my parents need to pay monthly fees to be
lied to as well? I am not only hurt by these
unjust statements, but insulted that this company would also request my
original complaint be taken down from the Revdex.com website. I want this issue to be known to all
potential customers the cruelty that is Student Loan Service.
You find it “upsetting” that
I demanded a full refund, and I find it beyond offensive that you don’t think my
needs should be met and that a $499 registration fee refund would suffice for
the money you gained preying on a vulnerable and unemployed college grad. It pains me to be putting so much effort into
fighting for justice after my 10-month long scam with this company.
Since I requested a $49
refund for my latest monthly payment scheduled for 8/25/15 upon my cancellation
with Student Loan Service on 8/26/15, I will be satisfied with a complete
refund for $940 to cover the rest of the costs that have yet to be returned to
me.
Please enclose a check
made out to [redacted], and please do not misspell my name this time.
Regards,
[redacted]
Client signed on with SLS
6/13/2014, and her
consolidation application documents were mailed on 6/16/
Client's consolidation was completed within the typical 60-day timeframe set
by the Department of Education on 8/9/However, Client's loan servicer,
FedLoan, placed her incorrectly in the Standard repayment plan, rather than the
Pay As You Earn ("PAYE") repayment plan which was indicated on the application
paperwork processed by SLSThis is a common error by loan servicers who, due
to the high volume of applications, routinely place borrowers in an incorrect
repayment plan and send bills for higher payments in the Standard plan rather
than the chosen income dependent repayment plansThese private loan servicers
are private bill collectors, not necessarily interested in making sure the
client receives all the benefits available through the Department of Education
("DOE")In a press
release by the DOE, released 2/27/2015, the DOE stated that following a
review of private collection agencies, it found that these "companies made
materially inaccurate representations to borrowers
" causing the DOE to
terminate contracts with of the private collection agencies reviewedThe
DOE further states that they will "provide enhanced Fair Debt Collection
Practices Act and Unfair, Deceptive, or Abusive Acts or Practices monitoring
and guidance for all private collection agencies that work with the
Department
" SLS provides services to protect borrowers from these types of
errors and misinformation from servicers, making sure that the consolidation
applications and repayment plan documents are processed correctly so that
clients can receive all the benefits available to them through the DOE
In this case, SLS advocated on
behalf of the Client and conducted a conference call with FedLoan on 8/25/14,
at which time FedLoan indicated that they had not yet processed Client's Proof
of Income ("POI") and would place Client in the correct repayment plan as soon
as her POI was processed. On 9/19/21014, FedLoan indicated that the
consolidation process was complete, however upon a follow-up, SLS found the
payment terms still reflected the Standard payment plan rather than the chosen
PAYE planAt this time, SLS again contacted FedLoan to correct Client's
repayment plan to PAYE, and applied for a forbearance for Client so she would
not have any payments due while FedLoan corrected their error in placing Client
in the Standard repayment programSLS emailed Client to get an updated POI for
FedLoan to process her into the correct repayment plan on 9/9/and 11/13/14,
called Client on 12/10/14, emailed again on 12/23/14, 1/23/However, Client
did not respondOn 2/13/15, Client contacted SLS regarding a bill for $
from FedLoan, which still reflects the payments due on the Standard PlanSLS
sent updated information to have this issue resolved on the same dayIt
appears FedLoan still has not processed her updated income and family size
information sent on 2/13/
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I would like to know what the full refund includes the 495 dollars and the 4 $39 monthly payments. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Fed Loan Serving is the lender. They advised it is not in any program. Your own rep, [redacted],stated in her most recent email that there was no news and as soon as she had an update, she would let me know.
Regards,
[redacted]
All call recordings between SLS and Client were reviewed and no mentions of being an affiliate of the DOE or that services could not be performed without SLS were found. It is possible Client spoke with previous Affiliate at [redacted]. SLS reached out to Client to resolve this issue.
Client signed on with SLS on 9/30/2014 at which time she signed the Client Agreement which states that SLS will not make any payments on behalf of Student, and that the Document Processing Fee and Monthly Maintenance and Administration Fee are fees to SLS and do not go towards the loan payments....
Client initialed next to each of these items:**Per privacy concerns the image cannot be published**Client also watched a Welcome Video which states that SLS will not make any payments towards your loans on your behalf, or pay off your loans in any way. SLS is a document preparation service.The Welcome Video also states, "Turn up your speakers, this one is very important: The Document Processing Fee and recurring Monthly Maintenance and Administration Fee are fees paid to SLS, and do not go towards your loan payments."Client signed the form acknowledging that she viewed and understood the video in its entirety on 9/30/2014. Please see attached Welcome Video Acknowledgment form and Client Agreement. Client called SLS on 1/20/2015 with a complaint that no payments had been made towards the loans. SLS clarified with Client in January of 2015that SLS does not make payments towards the loans, and that SLS needed Client to send in her Proof of Income to finalize the consolidation application. SLS prepared the application for Client's consolidation and Income Based Repayment plan, not income-based deferment as Client states in the complaint. Client's loans were successfully consolidated on 4/8/2015, excluding two loans which were not eligible for consolidation, and Client qualified for $0.00 loan payments under the Income Based Repayment plan. **Per privacy concerns the image cannot be published**Client sent in her Proof of Income and returned the signed consolidation application form son 1/20/2015. On 1/21/2015, SLS submitted the signed documents and POI to FedLoan, her loan servicer. At the time of consolidation, Client had two loans that were ineligible to be included in the consolidation. Client had one loan that was in an in-school deferment status, and another loan that was in default status. Please see the attached Summary Statement sent to Client from FedLoan on March 25, 2015, showing the defaulted loan as ineligible for consolidation. On 4/15/2015, SLS called Client to conduct a conference call with Navient, the loan servicer of the defaulted loan to have the defaulted loan included in the consolidation, however Client was unavailable. On 4/28/2015, SLS left Client a voice message, as well as e-mailed Client regarding the defaulted loan. On 12/9/2015, SLS spoke with Client regarding the defaulted loan, and that we would need Client to return signed documents to have the defaulted loan added to her consolidation. On 12/21/2015, SLS sent Clients the documents and left a voice message. On 1/5/2016, SLS again left a voice message and resent Client the documents through e-mail to be signed and returned. On 1/13/16, SLS emailed client to follow up on the documents. On 1/21/2016, SLS left a voice message and sent an email regarding the add-loan form to add the defaulted loan to the consolidation. On 1/22/2016, SLS completed the renewal application for Client's loans in the original consolidation. On 2/8/2016, SLS again left a voice message and emailed Client regarding the add loan form. On 2/18/2016, SLS again called Client, but was not able to leave a message, and e-mailed Client. Client did not respond to the numerous emails and voice messages, and failed to return the signed documents. Without the signed forms, SLS cannot move forward to add the defaulted loan to her consolidation. If Client's defaulted loan has entered judgment, SLS will not be able to add the loan. Client will need to contact her school to lift the in-school status if she desires to add it to her consolidation.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
I do not have any electronic nor hard copy of an SLS client agreement nor was an agreement read to me over the phone. Based on your most recent post, I do not believe that my restating, clarifying or continued comments on inaccuracies is necessary. I have a business case for reimbursement. I reject your offer (what offer?) and will continue to do so but without comment.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Nothing has been resolved yet. It sounds like my payment will not be reduced according to my income which is only $52.000 for the year for a family of 5, so I will be paying exactly what I was going to be paying my last lender with is over $200.00 on an $18,000. I guess you have to be pretty much jobless to get their discount. They promised to wave their fee, but we will see. They have said many things , but so far no success. All promises but no follow through yet. We will see. Nothing has been resolved as of yet.
Regards,
[redacted]
Business Bureau:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Multiple representatives I spoke with over the phone represented themselves in affiliation with the DOE. They stated that [redacted] could not provide these same services. [redacted] stated they are able to provide me with these services at no cost and that SLS was basically "pocketing my money."
Regards,
[redacted]
Student Loan Service is a
document processing company
that assists clients identify the most appropriate
Department of Education consolidation program for their personal situation,
complete the required consolidation application paperwork and follow up with
the Client, their servicer, or the Department of Education with any necessary
changes or assistance Client may needClient signed the Client Agreement with
SLS on 6/24/which clearly explains the services offered by SLS, and that the
fees go towards SLS and not towards Client's student loansThe Agreement also
states that the services can be done at no cost by the Client on their own
Completed consolidation application documents were sent to Client on 7/19/
Client's loans were successfully consolidated on 9/24/14, at which time SLS
noticed that the servicer placed Client in an incorrect repayment planSLS is
waiting on income verification documents from Client to place him in the
correct plan with his servicer
Client's eligible loans were
successfully
consolidated and Client was placed in the Pay As You Ear repayment
plan, under which Client qualifies for a $monthly paymentTwo of Client's
loans which were on an in-school deferment are now out of the deferment and
eligible for consolidation. SLS has tried to reach out to Client via
phone, but Client has not been able to be reachedSLS called Client twice on
8/6/to assist Client consolidate and/or place her two additional loans
into an income dependent repayment plan, but Client did not answer We
ask that Client please call us at 877-927-Monday through Friday 7:00AM –
5:00PM PST so that we can further assist her
We apologize for the mix up with the Client Agreement. Client signed the Acknowledgment form which states that Client can apply for a consolidation without paid assistance on 7/30/2015:**To protect consumer privacy, the image has been removed.**Client initialed the Important Information for you to Consider section where it states that SLS is a for-profit business that provides assistance compiling, preparing and processing paperwork for a fee on behalf of persons seeking consolidation through the U.S. Department of Education:**To protect consumer privacy, the image has been removed.**There is no company which forgives student loans. Only the U.S. Department of Education can forgive federal student loans. FedLoan is a third party loan servicer hired by the Department of Education ("DOE") to service loans and process consolidation, repayment and forgiveness paperwork for the DOE. These private loan servicers are private bill collectors, not necessarily interested in making sure the client receives all the benefits available through the DOE. In a press release by the DOE, released 2/27/2015, the DOE stated that following a review of 22 private collection agencies, it found that these “companies made materially inaccurate representations to borrowers…” causing the DOE to terminate contracts with 5 of the 22 private collection agencies reviewed.SLS provides services to protect borrowers from these types of errors and misinformation from servicers, making sure that the consolidation applications and repayment plan documents are prepared processed correctly so that clients can receive all the benefits available to them through the DOE.The Notice of Right to Cancel page is also included in the Client Agreement:**To protect consumer privacy, the image has been removed.**All necessary disclosures were given to Client, ufortunately, Client does not qualify for a refund.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID[redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved. I am also wanting to know if this refund will be credited back to the bank account that it was taken out of or will a check for the amount of $668.00 be issued and sent?
Regards,
[redacted]
Client completed a voice verification call in which she is asked if she understands that the Monthly Service Fees are fees to SLS and do not go towards the balance of the loans. Client answers "Yes." It was explained to Client during the sales call, in the Client Agreement, and in the voice...
verification call that the Income Based Repayment plan Client chose would require annual renewal, and the monthly loan payment may change depending on family size and income. Client qualified for a $0 payment under IBR the first year calculated by the DOE, using income and family size. Client will need to renew every year with updated income and family size information. If Client's income rises, her IBR payment may also increase.The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. PSLF does not require "signing up", rather at the end of 120 qualifying payments, Client will submit the PSLF application to receive the loan forgiveness. Although it is not required, Client can submit a PSLF Employment Certification Form to determine whether Client's employment qualifies as Public Service for the PSLF program. More information can be found directly on the Department of Education website: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
The monthly loan payment amounts under the income driven payment plans depend on the income and family size. This is stated in the Client Agreement which Client signed on 8/4/2015. Client's monthly loan payments increased because her family size decreased from 6 to 2. Her monthly loan payments are still lower than what she would owe under the Standard payment plan and is lower than the amount she was quoted on in the original repayment plan renewal estimate. SLS has reached out to Client to go over available options going forward and to resolve this issue.
Client
signed on with SLS on 7/24/SLS gathered Client's information, discussed
available options, and completed all necessary loan consolidation and repayment
option documents on 7/27/SLS spoke with Client on 8/4/and asked for
Client's proof of income (POI) to
send in with her applicationOn 9/14/2015,
SLS again spoke with Client at which time she confirmed she would send in her
POIOn 9/17/2015, Client sent in her state taxes and was advised that she
would need to send in her federal taxesOn 10/22/2015, SLS contacted Client
and left a voicemail to let her know that FedLoan, her servicer confirmed
receipt of the application documents on 10/20/On 10/29/2015, SLS updated
Client via voicemail and e-mail to inform her that her consolidation entered
the "Summary Phase" with FedLoan, and that all loans were included in
the consolidationOn 12/1/2015, SLS followed up with FedLoan on the status of
Client's consolidation, and updated Client via voicemail and e-mail that her
consolidation was still in the "Summary Phase." On 12/15/2015, SLS
followed up on Client's consolidation process with FedLoan and discovered that
FedLoan had incorrectly placed Client in the Standard repayment plan rather
than the Income Contingent Repayment (ICR) plan as indicated on the application
paperwork processed by SLSThis is a common error by loan servicers, who, due
to the high volume of applications, routinely place borrowers in an incorrect
repayment plan and send bills for higher payments in the Standard plan rather
than the chosen income dependent repayment plansThese private loan servicers
are bill collectors, not necessarily interested in making sure the client
receives all the benefits available through the DOE.
In a press
release by the DOE, released 2/27/2015, the DOE stated that following a review
of private collection agencies, it found that these "companies made
materially inaccurate representations to borrowers
" causing the DOE to
terminate contracts with of the private collection agencies reviewedThe
DOE further states that they will "provide enhanced Fair Debt Collection
Practices Act and Unfair, Deceptive, or Abusive Acts or Practices monitoring
and guidance for all private collection agencies that work with the
Department
" SLS provides services to protect borrowers from these types of
errors and misinformation from servicers, making sure that the consolidation
applications and repayment plan documents are processed correctly so that
clients can receive all the benefits available to them through the DOE
In
this case, SLS contacted Client for an updated Proof of Income, so SLS could
work on behalf of Client and have FedLoans correct their repayment plan error
Client's loans were successfully consolidated, and her consolidated loan is now
under the correct ICR repayment plan with $monthly loan payments
Client
erroneously states that SLS completed the incorrect paper work for the Loan
Forgiveness programThe Public Service Loan Forgiveness program is offered to
borrowers who are repaying their loans under an income-driven repayment plan,
and meet certain criteria as outlined by the Department of EducationThey must
work full-time (or more hours a week) at a qualifying public service, or
non-profit 501cjob, while remaining in an in-repayment statusThere is
currently not a loan forgiveness form available, because the benefits will not
go into effect until 2017, when the first batch of borrowers see the
forgiveness take effect (this program first became available in 2007; the
earliest borrower to qualify after completion of the year repayment term
will be in 2017)There is a PSLF certification form that can be submitted (see
attached) before the year term is complete, to confirm that an employer
qualifies as a Public Service place of employment, or to give the client
tracking information on how many qualified payments they have made into the
programThe form is not an application for the PSLF program and it is not
necessary to send this in to the loan servicersWe typically advise clients to
let us know if their employer changes or if they stop working, so that we can
send the certification form to have the previous employer on record confirm
their years of employment towards the year forgiveness termAs stated
above, Client's loans were successfully consolidated by FedLoan, and SLS was
able to correct the error by FedLoan, making sure that she is placed in the
correct income-based repayment plan (ICR) so she can start having her student
loan payments count towards the Public Service Loan Forgiveness programOnce
she completes the year repayment term, the qualifying payments will be
retroactive to when she entered repayment under her Direct Consolidation loan
Client elected
to cancel SLS services on 2/11/SLS cancelled Client on the same day, and
sent Client a cancellation confirmation e-mail
SLS performed
all services offered in accordance to the terms of the Client Agreement by
gathering Client's information, presenting the options available to Client,
preparing all consolidation and repayment plan application forms, and working
on behalf of Client to correct the error by FedLoan to place her in the correct
income based repayment program to qualify her towards the year repayment
term required for PSLFAs stated above, Client is mistaken in her claim that
SLS incorrectly filled out the loan forgiveness forms as there are no such
forms in use by the DOE or loan servicersClient's loans are currently
consolidated and under the ICR repayment plan with a monthly loan payment of
$
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
According to the new lender, this loan is not in any type of special program (income drive, teacher, or public service). The most recent application being considered is MY submission of 2/16/2016. Student Loan Service submitted at least 8 applications with out dated forms or incomplete information.
Regards,
[redacted]
Client signed on with SLS 5/25/It was explained
that the Document Processing Service Fee of $and the Monthly Maintenance and Administration fee of $were fees to SLSThe $was his estimated payment to his student loans under the Income Based Repayment Plan, offered by the DOEClient qualified for forgiveness under the Public Service Loan Forgiveness plan after qualifying payments, also offered by the DOEClient provided an income of $96,000, however his verified income showed an AGI of $123,516, increasing his payments to $Client would still qualify for PSLF forgiveness benefits if his income does not increase Client was cancelled on 6/4/2015, and a full refund was issued
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
The $499 registration fee
refund will not suffice for the troubles I have gone through with this
company. First off, Ms. [redacted], you
addressed your response with a misspelling of my name – quite an unprofessional
start to your rebuttal.
There may be negative
reviews on the Department of Education but it is certain they are NOT charging
clients an absurd amount of money for any services. Negative reviews aside, there are countless
positive reviews from all the clients that are not being scammed, unlike the
numerous victims who have shared their complaints against Student Loan Service
seen on the Revdex.com website.
You mentioned services
your company has “helped me” with and I find it almost comical that you had the
nerve to list “giving her father a consultation on his loans”. Do my parents need to pay monthly fees to be
lied to as well? I am not only hurt by these
unjust statements, but insulted that this company would also request my
original complaint be taken down from the Revdex.com website. I want this issue to be known to all
potential customers the cruelty that is Student Loan Service.
You find it “upsetting” that
I demanded a full refund, and I find it beyond offensive that you don’t think my
needs should be met and that a $499 registration fee refund would suffice for
the money you gained preying on a vulnerable and unemployed college grad. It pains me to be putting so much effort into
fighting for justice after my 10-month long scam with this company.
Since I requested a $49
refund for my latest monthly payment scheduled for 8/25/15 upon my cancellation
with Student Loan Service on 8/26/15, I will be satisfied with a complete
refund for $940 to cover the rest of the costs that have yet to be returned to
me.
Please enclose a check
made out to [redacted], and please do not misspell my name this time.
Regards,
[redacted]
Client signed on with SLS
6/13/2014, and her
consolidation application documents were mailed on 6/16/
Client's consolidation was completed within the typical 60-day timeframe set
by the Department of Education on 8/9/However, Client's loan servicer,
FedLoan, placed her incorrectly in the Standard repayment plan, rather than the
Pay As You Earn ("PAYE") repayment plan which was indicated on the application
paperwork processed by SLSThis is a common error by loan servicers who, due
to the high volume of applications, routinely place borrowers in an incorrect
repayment plan and send bills for higher payments in the Standard plan rather
than the chosen income dependent repayment plansThese private loan servicers
are private bill collectors, not necessarily interested in making sure the
client receives all the benefits available through the Department of Education
("DOE")In a press
release by the DOE, released 2/27/2015, the DOE stated that following a
review of private collection agencies, it found that these "companies made
materially inaccurate representations to borrowers
" causing the DOE to
terminate contracts with of the private collection agencies reviewedThe
DOE further states that they will "provide enhanced Fair Debt Collection
Practices Act and Unfair, Deceptive, or Abusive Acts or Practices monitoring
and guidance for all private collection agencies that work with the
Department
" SLS provides services to protect borrowers from these types of
errors and misinformation from servicers, making sure that the consolidation
applications and repayment plan documents are processed correctly so that
clients can receive all the benefits available to them through the DOE
In this case, SLS advocated on
behalf of the Client and conducted a conference call with FedLoan on 8/25/14,
at which time FedLoan indicated that they had not yet processed Client's Proof
of Income ("POI") and would place Client in the correct repayment plan as soon
as her POI was processed. On 9/19/21014, FedLoan indicated that the
consolidation process was complete, however upon a follow-up, SLS found the
payment terms still reflected the Standard payment plan rather than the chosen
PAYE planAt this time, SLS again contacted FedLoan to correct Client's
repayment plan to PAYE, and applied for a forbearance for Client so she would
not have any payments due while FedLoan corrected their error in placing Client
in the Standard repayment programSLS emailed Client to get an updated POI for
FedLoan to process her into the correct repayment plan on 9/9/and 11/13/14,
called Client on 12/10/14, emailed again on 12/23/14, 1/23/However, Client
did not respondOn 2/13/15, Client contacted SLS regarding a bill for $
from FedLoan, which still reflects the payments due on the Standard PlanSLS
sent updated information to have this issue resolved on the same dayIt
appears FedLoan still has not processed her updated income and family size
information sent on 2/13/
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I would like to know what the full refund includes the 495 dollars and the 4 $39 monthly payments. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]
SLS has reached out to Client and left messages on 6/6, 6/8 and 6/10. Client has not responded.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Fed Loan Serving is the lender. They advised it is not in any program. Your own rep, [redacted],stated in her most recent email that there was no news and as soon as she had an update, she would let me know.
Regards,
[redacted]
All call recordings between SLS and Client were reviewed and no mentions of being an affiliate of the DOE or that services could not be performed without SLS were found. It is possible Client spoke with previous Affiliate at [redacted]. SLS reached out to Client to resolve this issue.
Client signed on with SLS on 9/30/2014 at which time she signed the Client Agreement which states that SLS will not make any payments on behalf of Student, and that the Document Processing Fee and Monthly Maintenance and Administration Fee are fees to SLS and do not go towards the loan payments....
Client initialed next to each of these items:**Per privacy concerns the image cannot be published**Client also watched a Welcome Video which states that SLS will not make any payments towards your loans on your behalf, or pay off your loans in any way. SLS is a document preparation service.The Welcome Video also states, "Turn up your speakers, this one is very important: The Document Processing Fee and recurring Monthly Maintenance and Administration Fee are fees paid to SLS, and do not go towards your loan payments."Client signed the form acknowledging that she viewed and understood the video in its entirety on 9/30/2014. Please see attached Welcome Video Acknowledgment form and Client Agreement. Client called SLS on 1/20/2015 with a complaint that no payments had been made towards the loans. SLS clarified with Client in January of 2015that SLS does not make payments towards the loans, and that SLS needed Client to send in her Proof of Income to finalize the consolidation application. SLS prepared the application for Client's consolidation and Income Based Repayment plan, not income-based deferment as Client states in the complaint. Client's loans were successfully consolidated on 4/8/2015, excluding two loans which were not eligible for consolidation, and Client qualified for $0.00 loan payments under the Income Based Repayment plan. **Per privacy concerns the image cannot be published**Client sent in her Proof of Income and returned the signed consolidation application form son 1/20/2015. On 1/21/2015, SLS submitted the signed documents and POI to FedLoan, her loan servicer. At the time of consolidation, Client had two loans that were ineligible to be included in the consolidation. Client had one loan that was in an in-school deferment status, and another loan that was in default status. Please see the attached Summary Statement sent to Client from FedLoan on March 25, 2015, showing the defaulted loan as ineligible for consolidation. On 4/15/2015, SLS called Client to conduct a conference call with Navient, the loan servicer of the defaulted loan to have the defaulted loan included in the consolidation, however Client was unavailable. On 4/28/2015, SLS left Client a voice message, as well as e-mailed Client regarding the defaulted loan. On 12/9/2015, SLS spoke with Client regarding the defaulted loan, and that we would need Client to return signed documents to have the defaulted loan added to her consolidation. On 12/21/2015, SLS sent Clients the documents and left a voice message. On 1/5/2016, SLS again left a voice message and resent Client the documents through e-mail to be signed and returned. On 1/13/16, SLS emailed client to follow up on the documents. On 1/21/2016, SLS left a voice message and sent an email regarding the add-loan form to add the defaulted loan to the consolidation. On 1/22/2016, SLS completed the renewal application for Client's loans in the original consolidation. On 2/8/2016, SLS again left a voice message and emailed Client regarding the add loan form. On 2/18/2016, SLS again called Client, but was not able to leave a message, and e-mailed Client. Client did not respond to the numerous emails and voice messages, and failed to return the signed documents. Without the signed forms, SLS cannot move forward to add the defaulted loan to her consolidation. If Client's defaulted loan has entered judgment, SLS will not be able to add the loan. Client will need to contact her school to lift the in-school status if she desires to add it to her consolidation.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
I do not have any electronic nor hard copy of an SLS client agreement nor was an agreement read to me over the phone. Based on your most recent post, I do not believe that my restating, clarifying or continued comments on inaccuracies is necessary. I have a business case for reimbursement. I reject your offer (what offer?) and will continue to do so but without comment.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Nothing has been resolved yet. It sounds like my payment will not be reduced according to my income which is only $52.000 for the year for a family of 5, so I will be paying exactly what I was going to be paying my last lender with is over $200.00 on an $18,000. I guess you have to be pretty much jobless to get their discount. They promised to wave their fee, but we will see. They have said many things , but so far no success. All promises but no follow through yet. We will see. Nothing has been resolved as of yet.
Regards,
[redacted]
Better...
Business Bureau:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Multiple representatives I spoke with over the phone represented themselves in affiliation with the DOE. They stated that [redacted] could not provide these same services. [redacted] stated they are able to provide me with these services at no cost and that SLS was basically "pocketing my money."
Regards,
[redacted]
Student Loan Service is a
document processing company
that assists clients identify the most appropriate
Department of Education consolidation program for their personal situation,
complete the required consolidation application paperwork and follow up with
the Client, their servicer, or the Department of Education with any necessary
changes or assistance Client may needClient signed the Client Agreement with
SLS on 6/24/which clearly explains the services offered by SLS, and that the
fees go towards SLS and not towards Client's student loansThe Agreement also
states that the services can be done at no cost by the Client on their own
Completed consolidation application documents were sent to Client on 7/19/
Client's loans were successfully consolidated on 9/24/14, at which time SLS
noticed that the servicer placed Client in an incorrect repayment planSLS is
waiting on income verification documents from Client to place him in the
correct plan with his servicer
Client's eligible loans were
successfully
consolidated and Client was placed in the Pay As You Ear repayment
plan, under which Client qualifies for a $monthly paymentTwo of Client's
loans which were on an in-school deferment are now out of the deferment and
eligible for consolidation. SLS has tried to reach out to Client via
phone, but Client has not been able to be reachedSLS called Client twice on
8/6/to assist Client consolidate and/or place her two additional loans
into an income dependent repayment plan, but Client did not answer We
ask that Client please call us at 877-927-Monday through Friday 7:00AM –
5:00PM PST so that we can further assist her
We apologize for the mix up with the Client Agreement. Client signed the Acknowledgment form which states that Client can apply for a consolidation without paid assistance on 7/30/2015:**To protect consumer privacy, the image has been removed.**Client initialed the Important Information for you to Consider section where it states that SLS is a for-profit business that provides assistance compiling, preparing and processing paperwork for a fee on behalf of persons seeking consolidation through the U.S. Department of Education:**To protect consumer privacy, the image has been removed.**There is no company which forgives student loans. Only the U.S. Department of Education can forgive federal student loans. FedLoan is a third party loan servicer hired by the Department of Education ("DOE") to service loans and process consolidation, repayment and forgiveness paperwork for the DOE. These private loan servicers are private bill collectors, not necessarily interested in making sure the client receives all the benefits available through the DOE. In a press release by the DOE, released 2/27/2015, the DOE stated that following a review of 22 private collection agencies, it found that these “companies made materially inaccurate representations to borrowers…” causing the DOE to terminate contracts with 5 of the 22 private collection agencies reviewed.SLS provides services to protect borrowers from these types of errors and misinformation from servicers, making sure that the consolidation applications and repayment plan documents are prepared processed correctly so that clients can receive all the benefits available to them through the DOE.The Notice of Right to Cancel page is also included in the Client Agreement:**To protect consumer privacy, the image has been removed.**All necessary disclosures were given to Client, ufortunately, Client does not qualify for a refund.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID[redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved. I am also wanting to know if this refund will be credited back to the bank account that it was taken out of or will a check for the amount of $668.00 be issued and sent?
Regards,
[redacted]
Client completed a voice verification call in which she is asked if she understands that the Monthly Service Fees are fees to SLS and do not go towards the balance of the loans. Client answers "Yes." It was explained to Client during the sales call, in the Client Agreement, and in the voice...
verification call that the Income Based Repayment plan Client chose would require annual renewal, and the monthly loan payment may change depending on family size and income. Client qualified for a $0 payment under IBR the first year calculated by the DOE, using income and family size. Client will need to renew every year with updated income and family size information. If Client's income rises, her IBR payment may also increase.The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. PSLF does not require "signing up", rather at the end of 120 qualifying payments, Client will submit the PSLF application to receive the loan forgiveness. Although it is not required, Client can submit a PSLF Employment Certification Form to determine whether Client's employment qualifies as Public Service for the PSLF program. More information can be found directly on the Department of Education website: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service