We had a woman who was in her 50s call who has been paying her federal student loans every month. We figured out that over the years, she’s paid back over $87,000! Now, this might sound reasonable to some, but when I tell you that in 2002 she owed $43,000, you have to say, “OMG!”
There’s more. She had spoken with her big loan company once in 2007 and twice in 2009. Both times, the Public Service Forgiveness Program was in place. Both times, she was eligible for forgiveness. Wouldn’t you imagine this would come up in one of those calls?
Here we are, nine years later, and this woman still owes $57,000. We had looked up her loans, and we informed her of her choices. Unfortunately, they aren’t nearly as good today as they were years ago.
She was so upset by the situation that she called her big loan servicer to find out where her $87k went. While on the phone, she also asked why she hadn’t been enrolled into the Public Service Loan Forgiveness Program. Only then did she hear, “We don’t service those loans, so we don’t put people into them.” That’s not really the truth … the real truth is that big loan companies don’t want to lose you as a paying customer. Why should they when they make money every month, no matter if you pay or not?
You have to understand that when you call your government paid big loan servicer for any type of question you may have, you are not getting great advice or fully accurate information. Calling them is just like calling the IRS for tax advice or asking the prosecutor for legal advice. You would be crazy to do either of those. And it’s just as crazy to ask the company who wants to keep you paying for your entire life for advice and expect an answer that is good for YOU.
Had this woman been cared for properly, she wouldn’t owe hardly any more toward her loans—she would have almost gotten forgiveness. IF this big company looked out for her when she called in ’07 and ’09, they would have gotten her into a forgiveness program. They didn’t.
We actually couldn’t reduce her monthly payment if we were to get her forgiveness because her income was so high. But we could get her a lower payment every month with a timeline of payoff, which is so much more than she has ever had. Don’t make the same mistake and believe what the big companies tell you. It pays to call us to see if you are on the best program possible for your situation.
In most cases, we can significantly lower people’s payments or find them forgiveness. However, in some cases, people don’t qualify for the various federal forgiveness programs available to those with lower incomes. Every case, every person’s situation, is different, and the only way to find out what we can do for YOU is to call us for a no-risk loan analysis. If you want control over your student loans and your money, call us today to see what we can do to help you gain the freedom you deserve. 1-800-379-1093