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]
SLS has reached out to Client to resolve this issue. Client signed on with SLS on 1/8/2015, at which time Client signed the Acknowledgment form which states that the Document Processing Fee and Monthly Maintenance and Administration Fee are fees to SLS and do not go towards the balance of the...
student loans. Client chose the Pay As You Earn (PAYE) repayment plan which requires annual renewal. SLS prepared Client's consolidation and PAYE application documents and Client's loans were successfully consolidated by the DOE and the loan servicer on 3/5/2015. At the time of consolidation, FedLoan, Client's loan servicer placed Client in the incorrect repayment plan with a much higher monthly payment. SLS was able to work on behalf of the Client to have FedLoan place Client in PAYE, the correct repayment plan, with a much lower monthly payment. PAYE is an income-driven repayment plan which requires annual renewal. [redacted] contacted Client for information to complete the renewal application. During the renewal process, FedLoan will often place the client on a deferment so that payments are not due while the renewal is processing. It was explained to Client at the time of sign-up on 1/8/2015 that Public Service Loan Forgiveness (PSLF) is only for people who are employed at least 40 hours a week at a qualifying non-profit organization. Client's sales rep explained to Client that because Client does not work for a non-profit entity, she does not qualify for PSLF. It was explained to Client that under the PAYE program, Client is under a 240 payment, 20 year repayment term. The 240 payment terms was repeated several times. Under PAYE, after the 20 year repayment term, any remaining balance is forgiven by the Department of Education. More information regarding PAYE and forgiveness can be found on the Department of Education website here: https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven#repaymen...⇄
Regarding the claim that Client
cancelled in October, Client accepted and signed the Esign disclosures sent to
her email on 11/25/The 60-day timeframe to process and complete
consolidation is set by the Department of Education, and is not under the control
of SLSClient became active on 8/5/when her first payment cleared, and her
documents were completed and sent by SLS to Client in business days on
8/11/Client was advised to send in the documents prepared by SLS to her
servicer several times as detailed aboveIf Client does not send in the
documents to her servicer, Client will not be able to proceed with the
consolidation processSLS has contacted Client several times if she had any
questions regarding the process as detailed earlierClient did not respond
Because Client was not able to proceed with the consolidation, we have issued a
refund on 1/8/The Record of emails sent to Client at [redacted] is shown below:
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 was not in fact informed ever of the fact that they were a third party. They said the service fee was a cost of bring in the loan forgiveness program which is in fact free. Secondly, the loan they are talking about is not the loan in dispute. They speak of a loan from 2014. The loan they missed was from 2011, far and beyond covered by what I paid them. I wish for it to be made known that they are simply saving face right now by deliberately providing false information.
Regards,
[redacted]
Revdex.com:i was told on Tuesday of last week that the refund would be sent overnight to me, it is now Sunday and I still have not received any sort of monetary refund.
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.
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.
[ I apologize for not replying sooner, but I work night shift and I'm usually busy during the week. I can assure you this is not a buyers remorse complaint because when I sign up with this company I was not told that consolidating your loans was a free service that I could do myself. Also paying $400 for something that should be free just doesn't seem right, and their a ton of companies just like this popping all over just trying to rip off college students who are just trying to get a fair payment on paying back their loans. I understand that their trying to run a business to help people, but I don't see tax people going around charging $400 to do your taxes for you. The only reason I went with this company was because someone referred me to use this to consolidate my loans and I was already going to need to pay $400 on my first payment on my loans so I said why not. After a year of being signed up I had an account issue with fedloans and called them and they told me I shouldn't be paying for this and that loan consolidation is free and just requires me to fill out a form. When I called the company on my complaint and tried asking them for a refund all they did was repeat their terms of service with me and refuse to offer me a refund. After I put in this complaint I was overnight-ed a check of $234, but after the way I was treated over the phone when I asked for the initial refund I am demanding the rest of my money back. I am not removing this complaint till that happens, and I will go to the media with this to get the word out on how these companies are trying to rip off college students who are already in a mass amount of debt, and are just trying to get a fair payment to make their life's easier without being rip off by these untrustworthy company who take advantage of us.]
Regards,
[redacted]
Client signed the Power of Attorney, allowing SLS to act on behalf of Client for support services relating to her consolidation
FedLoan is a private loan servicer, contracted by the Department of Education to perform collections activitiesThese private bill collectors are 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 DOESLS was able to ensure that Client's consolidation was successful, and that Client was placed in the correct repayment planSLS also prepared the renewal materials for her Income Based Repayment plan on 4/10/Renewal was complete 6/21/
LIMITED POWER OF ATTORNEY AND PERMISSION LETTER FORSTUDENTLOANSERVICE.US TO COMMUNICATE WITH ALL PARTIESINVOLVED WITH MY FEDERAL STUDENT LOAN
I,
[redacted]
expressly authorize StudentLoanService.US, its agents and
representatives (hereinafter, SLS) permission to communicate with any and all parties involved with my Federal Student
Loans for the purpose of assisting SLS in carrying out its obligations pursuant our AgreementI understand and agree that
this authorization does not represent an engagement of SLS for legal services, nor does it expand the scope of SLS's
obligations under our AgreementIt is solely to permit SLS to communicate with all parties involved with my Federal
Student Loans, to whom I understand and agree I remain primarily obligated.
Client signed on with SLS on 10/10/at which time she
signed the Client Agreement which states that the Document Processing Service
Fee and Monthly Maintenance and Administration Fee are fees to SLSClient also
completed a live Welcome Call on the same day, where she was asked if she was
aware that the fees are to SLS and do not go towards the balance of the student
loans; Client answered "Yes." SLS was able to successfully gather
Client's information and prepare the consolidation and Income Based Repayment
(IBR) application documentsClient's loans were successfully consolidated
through the Department of Education and FedLoan in January, SLS also
completed the IBR renewal application for Client on October as the income
dependent repayment options require annual renewal, often with substantial
changes in income and family sizeIn April 2015, SLS updated Client's
information with her loan servicer as she experienced changes in income and
family sizeClient is currently on IBR with a $monthly student loan payment
Unfortunately, because the disclosures regarding the fees were given to Client
on the Client Agreement which she signed on 10/10/2013, indicating that she
agreed and understood, and because she was given a live Welcome Call where she
was asked if she was aware that the fees are to SLS and do not go towards the balance
of the student loans, where she replied "Yes," Client does not qualify for a
refund
We apologize for the error,
client should not have been enrolled has her loans had previously been
consolidatedThe sales rep who enrolled client is no longer an employeeA
full refund has been issued
Client signed on in November 2014, at which time she signed
the Client Agreement which states that the fees go to SLS and do not go towards
the balance of the student loans and that SLS does not make payments or forward
payments on the Client's behalf towards the student loans
Client also signed
the Acknowledgment page prior to signing the Client Agreement which also states
that the fees go to SLS and do not go towards the balance of the student loans
Consolidation completed in April Client was incorrectly placed on the Standard
repayment plan by FedLoan, her loan servicer, with a $monthly loan paymentSLS was able to correct
this error with Fedloan and have Client placed in the Pay As
You Earn repayment plan with a $payment term
Client called in June to clarify the monthly service feesSLS was able to
clarify the fees, and Client elected to continue servicesClient did not call
in to cancel until March 22, at which time she informed SLS that she
initiated the renewal of the PAYE plan on her ownSLS was able to reach out to
Client and refund the monthly service fees which cover the renewal
On 3/25/15, SLS reached out to
Client and explained
the timeframe for consolidation, and that we were still
waiting on Client to send Proof of Income (POI)Client sent POI on 3/25/15,
and completed a conference call with her servicer to place her on a forbearance
so that no loan payments would be due until the POI is processed by her
loan servicerSLS reached out to Client and was able to clear any confusionWe will continue to update Client on the status of her
consolidation and repayment terms
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.
SLS charged me for a loan consolidation that was incomplete and unsuccessful. SLS continued to charge me as though the consolidation was successful. When I became aware there were outstanding loans and contacted SLS, the SLS employee attempted to re-consolidate, BUT STILL LEFT ONE LOAN OFF THE CONSOLIDATION. The SLS employee was made aware of this multiple times, as well as spelling errors to all names on the forms, and DID NOT CORRECT THE FORMS, but insisted that I sign the forms as they were presented. SLS has been forwarded these email communications, and are aware of the circumstances. There were no voicemail messages left, and the issues communicated were NEVER corrected. SLS owes me a refund of all payments, as they did not complete the services as agreed upon.
Regards,
[redacted]
Client has been with SLS and has been receiving our services
for over a year without issueThe fees are clearly set out in the Client
AgreementThe Document Processing Fee covers the individual consulting and
initial consolidation application paperwork processingThe Monthly
Maintenance
and Administration Fee (MMAF) covers the yearly renewals for income based
programs which often includes revisions to the client's original application,
as well as the following services:
1. Contacting the new
loan servicer to arrange placing clients into deferment or forbearance upon
their request;
2. Checking on
availability and placing clients into other DOE payment programs if their
income has changed upon the client's request;
3. Contacting the
client's loan servicer and updating the client's income if the client loses
their job (or is subjected to reduced hours) or files for divorce, which
typically results in a lower
4. monthly payment;
5. Serving as client's
primary contact for any student loan-related questions or concerns, including
communicating with the DOE and the loan servicersDealing with the loan
servicers is much like calling bank 800-numbers, including being placed on
hold, being disconnected, experiencing long wait times, etcMany clients
prefer to have a third party company that they can easily reach and with
whom they can easily communicate to handle these communications with their
servicer;
6. Assisting the client
in setting up AutoPay to receive a .25% reduction in the interest rate charged,
upon the client's request;
7. Obtaining annual
interest statements to the client, if needed for taxes;
8. Adding additional
loans to a consolidation loan, upon the client's request;
9. Completing additional
consolidations if clients are just out of school and additional loans are now
due, upon the clients request; and
10. Preparing loan forgiveness paperwork if the
client becomes eligible for forgiveness, upon the client's request
Client's loans were successfully consolidated in January of
2014, Client cancelled services on December, During the year,
Client's MMAF covered contacting Client's loan servicer regarding their error
placing him in the incorrect repayment plan, advising client regarding
alternative payment plan with lower monthly payment, applying for a forbearance
with Client's servicer while repayment plan is changed, gathering the necessary
documents to complete application process to change Client's repayment plan,
and successfully completing the change to the Income Contingent
Repayment Plan
Print
Client signed onto SLS on
12/12/2014.The Student Loan
Acknowledgment form which Client signed on 12/12/
clearly states that SLS is a private company, that Client can apply for a loan
consolidation without paid assistance through the Department of Education
(DOE), but that Client is choosing to use SLS services to assist Client prepare
and process the consolidation paperwork, and that the Document Processing
Service Fee and Monthly Maintenance and Administration Fee are fees to SLS and
do not go towards the balance of Client's loansThis information is repeated
in the Client Agreement, on a separate page titled Important Information For
You To Consider, where Client initialed that she understood and agreed to each
itemThis information is again repeated in Client's welcome email in video format
Print
[redacted]
Client chose the application for
the Pay As You Earn (PAYE) repayment program which is an income-driven payment
program offered by the Department of EducationUnder PAYE, the repayment
period is years, or payments, after which time the remaining balance and
interest of the loans are forgivenThese are terms set by the DOE
Client was contacted on 2/13/
and 2/16/to address any issues she may have hadClient did not respond
Client will be issued a refund
Client signed on with SLS on
9/26/14, and all
consolidation application documents were mailed to Client on
10/14/SLS sent Client an email with her login information as well as a
voice message to check her email for the login information on 10/28/SLS has
no record of Client being placed on hold or calling inShe may have called
another company, Student Loan Repair Group, which initially contacted Client (http://studentloanrepairgrp.com/)
SLS has terminated its relationship with SLRGSLS updated Client on 11/18/
to let her know that her consolidation entered the summary statement
phase with her loan servicer on 11/5/14, and should be completed within the
next two weeks On 12/4/2014, her consolidation was complete, however
FedLoan, her loan servicer, placed her on the wrong repayment programSLS was
able advocate for Client and corrected the repayment plan on behalf of Client
with her servicerOn 1/12/15, Client contacted SLS to request a forbearance
with her servicer and set up her student loan account on autopaySLS sent
autopay forms on 1/12/and again on 1/26/for Client to fax back to SLS
SLS left a message on 3/13/to see how Client would like to set up payments,
since she had not returned the autopay forms to SLSClient did not respond
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.These are all lies. I never received an agreement through email or regular mail and there was no way of finding the agreement when I needed to on a website. You stated you just sent agreement again? Nope. You have reached out once during this process through a phone call (not email). Will you offer a settlement if I call you? SLS uses vague language to lure clients in and then withdraws money from your account monthly without doing any work. I am requesting a refund of $1075: $685 for my processing fee and $395 for 10 months of $39 withdrawals. Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted]. While I maintain that the description and stipulations of the Document Management Fee were unclearly and ambiguously described during the sales process, the business has provided me with the refund I requested, and I accept the outcome of this resolution as satisfactory to me. I have received two checks from the business totaling $348.00, and so I consider this complaint resolved.
Regards,
[redacted]
This is the first time Client has requested cancellation or refundClient has no record of complaint or cancellation request prior to contacting the Revdex.comSLS spoke with Client on 7/22/to confirm loans to be included in repayment option applicationClient did not indicate any dissatisfaction
at that time.Client signed on with SLS on
5/19/SLS sent Income Based Repayment (IBR) application documents to
Client on 5/28/2015. On 6/1/2015, SLS informed Client that the
application listed the incorrect driver's license numberSLS resent the
documents to be corrected by ClientAll documents were completed and sent to
Client's servicer on 6/4/On 6/25/2015, SLS conducted a conference call
with Client's loan servicer to get an update on the status of his repayment
plan application, at which time the servicer notified SLS and Client that his
application was cancelled due to two ineligible loans which were previously
consolidated by [redacted]When Client signed on with SLS, the National Student
Loan Database System incorrectly showed that Client had four (4) loansTwo of
the loans listed had already been paid off in a previous consolidation,
resulting in the error on his new repayment applicationSLS resent the income
verification and repayment plan application documents with the correct
information to [redacted] on 7/1/On 7/22/2015, SLS followed up with a
conference call to [redacted], who notified us that the repayment application documents
had not been receivedThis is a common error by loan servicers who, due to the
high volume of applications, routinely misplace documents or 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 reviewed
Client is currently under the Standard repayment plan, and may be able to
benefit from a reduced monthly loan payment through the Income Based Repayment
plan offered by the Department of EducationBecause Client has elected to cancel
our services, Client will have to follow up with his servicer on the status of
his IBR applicationA full refund has been 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.
[I received a call on June 6th but I was at work and called back that day and left a voice mail to call me back the next day at 230pm. I did not received a phone call, the next phone call I received was today June 10th and again I am at work. ]
Regards,
[redacted]
Clien,t's renewal period opened in January 2016. SLS contacted Client regarding his renewal on multiple occasions, and mailed the physical documents to his PO Box twice upon request. SLS spoke to Client on 6/28/2016 regarding an email that was sent from SLS to Client. SLS contacted Client again 7/27/2016 to follow up on the renewal documents at which time Client requested SLS send the renewal applications to his PO Box. SLS sent the documents to Client the same day. On 8/9/2016, Client requested cancellation because his renewal had not been processed. Unfortunately, SLS cannot move forward with the renewal processing without Client returning the signed renewal documents. SLS reached out to Client for the renewal documents on 1/26/16, 3/4/2016, 3/23/2016 and 6/27/2016. Client did not return the renewal documents and could not move forward with the renewal without the returned documents. SLS emailed client, left voice messages, and sent the physical documents through USPS.
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]
SLS has reached out to Client to resolve this issue. Client signed on with SLS on 1/8/2015, at which time Client signed the Acknowledgment form which states that the Document Processing Fee and Monthly Maintenance and Administration Fee are fees to SLS and do not go towards the balance of the...
student loans. Client chose the Pay As You Earn (PAYE) repayment plan which requires annual renewal. SLS prepared Client's consolidation and PAYE application documents and Client's loans were successfully consolidated by the DOE and the loan servicer on 3/5/2015. At the time of consolidation, FedLoan, Client's loan servicer placed Client in the incorrect repayment plan with a much higher monthly payment. SLS was able to work on behalf of the Client to have FedLoan place Client in PAYE, the correct repayment plan, with a much lower monthly payment. PAYE is an income-driven repayment plan which requires annual renewal. [redacted] contacted Client for information to complete the renewal application. During the renewal process, FedLoan will often place the client on a deferment so that payments are not due while the renewal is processing. It was explained to Client at the time of sign-up on 1/8/2015 that Public Service Loan Forgiveness (PSLF) is only for people who are employed at least 40 hours a week at a qualifying non-profit organization. Client's sales rep explained to Client that because Client does not work for a non-profit entity, she does not qualify for PSLF. It was explained to Client that under the PAYE program, Client is under a 240 payment, 20 year repayment term. The 240 payment terms was repeated several times. Under PAYE, after the 20 year repayment term, any remaining balance is forgiven by the Department of Education. More information regarding PAYE and forgiveness can be found on the Department of Education website here: https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven#repaymen...⇄
Regarding the claim that Client
cancelled in October, Client accepted and signed the Esign disclosures sent to
her email on 11/25/The 60-day timeframe to process and complete
consolidation is set by the Department of Education, and is not under the control
of SLSClient became active on 8/5/when her first payment cleared, and her
documents were completed and sent by SLS to Client in business days on
8/11/Client was advised to send in the documents prepared by SLS to her
servicer several times as detailed aboveIf Client does not send in the
documents to her servicer, Client will not be able to proceed with the
consolidation processSLS has contacted Client several times if she had any
questions regarding the process as detailed earlierClient did not respond
Because Client was not able to proceed with the consolidation, we have issued a
refund on 1/8/The Record of emails sent to Client at [redacted] is shown below:
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 was not in fact informed ever of the fact that they were a third party. They said the service fee was a cost of bring in the loan forgiveness program which is in fact free. Secondly, the loan they are talking about is not the loan in dispute. They speak of a loan from 2014. The loan they missed was from 2011, far and beyond covered by what I paid them. I wish for it to be made known that they are simply saving face right now by deliberately providing false information.
Regards,
[redacted]
Revdex.com:i was told on Tuesday of last week that the refund would be sent overnight to me, it is now Sunday and I still have not received any sort of monetary refund.
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.
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.
[ I apologize for not replying sooner, but I work night shift and I'm usually busy during the week. I can assure you this is not a buyers remorse complaint because when I sign up with this company I was not told that consolidating your loans was a free service that I could do myself. Also paying $400 for something that should be free just doesn't seem right, and their a ton of companies just like this popping all over just trying to rip off college students who are just trying to get a fair payment on paying back their loans. I understand that their trying to run a business to help people, but I don't see tax people going around charging $400 to do your taxes for you. The only reason I went with this company was because someone referred me to use this to consolidate my loans and I was already going to need to pay $400 on my first payment on my loans so I said why not. After a year of being signed up I had an account issue with fedloans and called them and they told me I shouldn't be paying for this and that loan consolidation is free and just requires me to fill out a form. When I called the company on my complaint and tried asking them for a refund all they did was repeat their terms of service with me and refuse to offer me a refund. After I put in this complaint I was overnight-ed a check of $234, but after the way I was treated over the phone when I asked for the initial refund I am demanding the rest of my money back. I am not removing this complaint till that happens, and I will go to the media with this to get the word out on how these companies are trying to rip off college students who are already in a mass amount of debt, and are just trying to get a fair payment to make their life's easier without being rip off by these untrustworthy company who take advantage of us.]
Regards,
[redacted]
Client signed the Power of Attorney, allowing SLS to act on behalf of Client for support services relating to her consolidation
FedLoan is a private loan servicer, contracted by the Department of Education to perform collections activitiesThese private bill collectors are 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 DOESLS was able to ensure that Client's consolidation was successful, and that Client was placed in the correct repayment planSLS also prepared the renewal materials for her Income Based Repayment plan on 4/10/Renewal was complete 6/21/
LIMITED POWER OF ATTORNEY AND PERMISSION LETTER FORSTUDENTLOANSERVICE.US TO COMMUNICATE WITH ALL PARTIESINVOLVED WITH MY FEDERAL STUDENT LOAN
I,
[redacted]
expressly authorize StudentLoanService.US, its agents and
representatives (hereinafter, SLS) permission to communicate with any and all parties involved with my Federal Student
Loans for the purpose of assisting SLS in carrying out its obligations pursuant our AgreementI understand and agree that
this authorization does not represent an engagement of SLS for legal services, nor does it expand the scope of SLS's
obligations under our AgreementIt is solely to permit SLS to communicate with all parties involved with my Federal
Student Loans, to whom I understand and agree I remain primarily obligated.
Client signed on with SLS on 10/10/at which time she
signed the Client Agreement which states that the Document Processing Service
Fee and Monthly Maintenance and Administration Fee are fees to SLSClient also
completed a live Welcome Call on the same day, where she was asked if she was
aware that the fees are to SLS and do not go towards the balance of the student
loans; Client answered "Yes." SLS was able to successfully gather
Client's information and prepare the consolidation and Income Based Repayment
(IBR) application documentsClient's loans were successfully consolidated
through the Department of Education and FedLoan in January, SLS also
completed the IBR renewal application for Client on October as the income
dependent repayment options require annual renewal, often with substantial
changes in income and family sizeIn April 2015, SLS updated Client's
information with her loan servicer as she experienced changes in income and
family sizeClient is currently on IBR with a $monthly student loan payment
Unfortunately, because the disclosures regarding the fees were given to Client
on the Client Agreement which she signed on 10/10/2013, indicating that she
agreed and understood, and because she was given a live Welcome Call where she
was asked if she was aware that the fees are to SLS and do not go towards the balance
of the student loans, where she replied "Yes," Client does not qualify for a
refund
We apologize for the error,
client should not have been enrolled has her loans had previously been
consolidatedThe sales rep who enrolled client is no longer an employeeA
full refund has been issued
Client signed on in November 2014, at which time she signed
the Client Agreement which states that the fees go to SLS and do not go towards
the balance of the student loans and that SLS does not make payments or forward
payments on the Client's behalf towards the student loans
Client also signed
the Acknowledgment page prior to signing the Client Agreement which also states
that the fees go to SLS and do not go towards the balance of the student loans
Consolidation completed in April Client was incorrectly placed on the Standard
repayment plan by FedLoan, her loan servicer, with a $monthly loan paymentSLS was able to correct
this error with Fedloan and have Client placed in the Pay As
You Earn repayment plan with a $payment term
Client called in June to clarify the monthly service feesSLS was able to
clarify the fees, and Client elected to continue servicesClient did not call
in to cancel until March 22, at which time she informed SLS that she
initiated the renewal of the PAYE plan on her ownSLS was able to reach out to
Client and refund the monthly service fees which cover the renewal
On 3/25/15, SLS reached out to
Client and explained
the timeframe for consolidation, and that we were still
waiting on Client to send Proof of Income (POI)Client sent POI on 3/25/15,
and completed a conference call with her servicer to place her on a forbearance
so that no loan payments would be due until the POI is processed by her
loan servicerSLS reached out to Client and was able to clear any confusionWe will continue to update Client on the status of her
consolidation and repayment terms
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.
SLS charged me for a loan consolidation that was incomplete and unsuccessful. SLS continued to charge me as though the consolidation was successful. When I became aware there were outstanding loans and contacted SLS, the SLS employee attempted to re-consolidate, BUT STILL LEFT ONE LOAN OFF THE CONSOLIDATION. The SLS employee was made aware of this multiple times, as well as spelling errors to all names on the forms, and DID NOT CORRECT THE FORMS, but insisted that I sign the forms as they were presented. SLS has been forwarded these email communications, and are aware of the circumstances. There were no voicemail messages left, and the issues communicated were NEVER corrected. SLS owes me a refund of all payments, as they did not complete the services as agreed upon.
Regards,
[redacted]
Client has been with SLS and has been receiving our services
for over a year without issueThe fees are clearly set out in the Client
AgreementThe Document Processing Fee covers the individual consulting and
initial consolidation application paperwork processingThe Monthly
Maintenance
and Administration Fee (MMAF) covers the yearly renewals for income based
programs which often includes revisions to the client's original application,
as well as the following services:
1. Contacting the new
loan servicer to arrange placing clients into deferment or forbearance upon
their request;
2. Checking on
availability and placing clients into other DOE payment programs if their
income has changed upon the client's request;
3. Contacting the
client's loan servicer and updating the client's income if the client loses
their job (or is subjected to reduced hours) or files for divorce, which
typically results in a lower
4. monthly payment;
5. Serving as client's
primary contact for any student loan-related questions or concerns, including
communicating with the DOE and the loan servicersDealing with the loan
servicers is much like calling bank 800-numbers, including being placed on
hold, being disconnected, experiencing long wait times, etcMany clients
prefer to have a third party company that they can easily reach and with
whom they can easily communicate to handle these communications with their
servicer;
6. Assisting the client
in setting up AutoPay to receive a .25% reduction in the interest rate charged,
upon the client's request;
7. Obtaining annual
interest statements to the client, if needed for taxes;
8. Adding additional
loans to a consolidation loan, upon the client's request;
9. Completing additional
consolidations if clients are just out of school and additional loans are now
due, upon the clients request; and
10. Preparing loan forgiveness paperwork if the
client becomes eligible for forgiveness, upon the client's request
Client's loans were successfully consolidated in January of
2014, Client cancelled services on December, During the year,
Client's MMAF covered contacting Client's loan servicer regarding their error
placing him in the incorrect repayment plan, advising client regarding
alternative payment plan with lower monthly payment, applying for a forbearance
with Client's servicer while repayment plan is changed, gathering the necessary
documents to complete application process to change Client's repayment plan,
and successfully completing the change to the Income Contingent
Repayment Plan
Print
Client signed onto SLS on
12/12/2014.The Student Loan
Acknowledgment form which Client signed on 12/12/
clearly states that SLS is a private company, that Client can apply for a loan
consolidation without paid assistance through the Department of Education
(DOE), but that Client is choosing to use SLS services to assist Client prepare
and process the consolidation paperwork, and that the Document Processing
Service Fee and Monthly Maintenance and Administration Fee are fees to SLS and
do not go towards the balance of Client's loansThis information is repeated
in the Client Agreement, on a separate page titled Important Information For
You To Consider, where Client initialed that she understood and agreed to each
itemThis information is again repeated in Client's welcome email in video format
Print
[redacted]
Client chose the application for
the Pay As You Earn (PAYE) repayment program which is an income-driven payment
program offered by the Department of EducationUnder PAYE, the repayment
period is years, or payments, after which time the remaining balance and
interest of the loans are forgivenThese are terms set by the DOE
Client was contacted on 2/13/
and 2/16/to address any issues she may have hadClient did not respond
Client will be issued a refund
Client signed on with SLS on
9/26/14, and all
consolidation application documents were mailed to Client on
10/14/SLS sent Client an email with her login information as well as a
voice message to check her email for the login information on 10/28/SLS has
no record of Client being placed on hold or calling inShe may have called
another company, Student Loan Repair Group, which initially contacted Client (http://studentloanrepairgrp.com/)
SLS has terminated its relationship with SLRGSLS updated Client on 11/18/
to let her know that her consolidation entered the summary statement
phase with her loan servicer on 11/5/14, and should be completed within the
next two weeks On 12/4/2014, her consolidation was complete, however
FedLoan, her loan servicer, placed her on the wrong repayment programSLS was
able advocate for Client and corrected the repayment plan on behalf of Client
with her servicerOn 1/12/15, Client contacted SLS to request a forbearance
with her servicer and set up her student loan account on autopaySLS sent
autopay forms on 1/12/and again on 1/26/for Client to fax back to SLS
SLS left a message on 3/13/to see how Client would like to set up payments,
since she had not returned the autopay forms to SLSClient did not respond
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.These are all lies. I never received an agreement through email or regular mail and there was no way of finding the agreement when I needed to on a website. You stated you just sent agreement again? Nope. You have reached out once during this process through a phone call (not email). Will you offer a settlement if I call you? SLS uses vague language to lure clients in and then withdraws money from your account monthly without doing any work. I am requesting a refund of $1075: $685 for my processing fee and $395 for 10 months of $39 withdrawals. Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted]. While I maintain that the description and stipulations of the Document Management Fee were unclearly and ambiguously described during the sales process, the business has provided me with the refund I requested, and I accept the outcome of this resolution as satisfactory to me. I have received two checks from the business totaling $348.00, and so I consider this complaint resolved.
Regards,
[redacted]
This is the first time Client has requested cancellation or refundClient has no record of complaint or cancellation request prior to contacting the Revdex.comSLS spoke with Client on 7/22/to confirm loans to be included in repayment option applicationClient did not indicate any dissatisfaction
at that time.Client signed on with SLS on
5/19/SLS sent Income Based Repayment (IBR) application documents to
Client on 5/28/2015. On 6/1/2015, SLS informed Client that the
application listed the incorrect driver's license numberSLS resent the
documents to be corrected by ClientAll documents were completed and sent to
Client's servicer on 6/4/On 6/25/2015, SLS conducted a conference call
with Client's loan servicer to get an update on the status of his repayment
plan application, at which time the servicer notified SLS and Client that his
application was cancelled due to two ineligible loans which were previously
consolidated by [redacted]When Client signed on with SLS, the National Student
Loan Database System incorrectly showed that Client had four (4) loansTwo of
the loans listed had already been paid off in a previous consolidation,
resulting in the error on his new repayment applicationSLS resent the income
verification and repayment plan application documents with the correct
information to [redacted] on 7/1/On 7/22/2015, SLS followed up with a
conference call to [redacted], who notified us that the repayment application documents
had not been receivedThis is a common error by loan servicers who, due to the
high volume of applications, routinely misplace documents or 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 reviewed
Client is currently under the Standard repayment plan, and may be able to
benefit from a reduced monthly loan payment through the Income Based Repayment
plan offered by the Department of EducationBecause Client has elected to cancel
our services, Client will have to follow up with his servicer on the status of
his IBR applicationA full refund has been 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.
[I received a call on June 6th but I was at work and called back that day and left a voice mail to call me back the next day at 230pm. I did not received a phone call, the next phone call I received was today June 10th and again I am at work. ]
Regards,
[redacted]
Clien,t's renewal period opened in January 2016. SLS contacted Client regarding his renewal on multiple occasions, and mailed the physical documents to his PO Box twice upon request. SLS spoke to Client on 6/28/2016 regarding an email that was sent from SLS to Client. SLS contacted Client again 7/27/2016 to follow up on the renewal documents at which time Client requested SLS send the renewal applications to his PO Box. SLS sent the documents to Client the same day. On 8/9/2016, Client requested cancellation because his renewal had not been processed. Unfortunately, SLS cannot move forward with the renewal processing without Client returning the signed renewal documents. SLS reached out to Client for the renewal documents on 1/26/16, 3/4/2016, 3/23/2016 and 6/27/2016. Client did not return the renewal documents and could not move forward with the renewal without the returned documents. SLS emailed client, left voice messages, and sent the physical documents through USPS.