ED Magedson – Founder
Student Loan ResolveInternet USA
Student Loan Resolve charging for services you can get for free!!! Internet
Should have followed my 1st instinct when attempting to deal with this company, but I ignored it because my friend recommended the company. Now I know she was just ripped off and doesn't even know it. The first clue was the bogus looking website. The second clue was when I finally called the company and the person who answered sounded like a salesman sitting at home in front of his television.
This company purports to help get your student loans forgiven or drastically reduced. The problem is they offer the same programs that you can do yourself through the department of education for FREE. They DO NOT disclose this. They act as if they are offering something you don't have access to. I was offered an IBR which is an income-based repayment plan. Look it up. You just need to contact your loan provider to apply. It's FREE. Student loan resolve wanted to charge me $699 for the pleasure of letting them do it. On top of that I was told that my monthly IBR would be $49.90 per month. Call me stupid, but that does not make any sense to me. That is the same amount my friend was offered with them. We have two different loan amounts, but the same payment??? Seems like there is just some type of fee scale they use. I call bogus.
Before I got off the phone with me he practically begged for my checking account number, said he can't draft the contract without it. When I got the contract it said $49.90 was a monthly service fee. Why would the $49.90 be labeled a service fee if it's going to the department of education? Then right below it stated the department of aducation monthly payment would be $0!!! What?
Here is what they did: An IBR is based on you income. If you are not making enough your IBR can be as low as $0 per month, and you will not be in defualt of you student loans. What happened in my case was that the IBR qualified me for $0, yet he was charging me an $49.90 fee over a 25 year period even though the department of education would be getting zero. But he mislead me to believe that the $49.90 would be going toward principle and interest.
Right now I'm in the process of doing the IBR online now with Sallie Mae. My payment will be $0 (until my income increases), and guess what it cost me...NADA!
Oh I forgot to mention that midway in the conversation he stated they do not work in the state of Georgia. He convinced me to use an out of state sale in the guise of helping me, but we all know it was so he can get a sale.
Stay away from these people and most other student debt relief companies. You don't need them. Do the footwork yourself.
Here is an article from the Huffington Post. I hope I can post: http://www.huffingtonpost.com/2013/06/20/student-debt-relief-companies-fees-report_n_3474457.html
This report was posted on Ripoff Report on 05/07/2014 04:33 PM and is a permanent record located here: http://www.ripoffreport.com/reports/student-loan-resolve/internet/student-loan-resolve-charging-for-services-you-can-get-for-free-internet-1144860. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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