The Student Loan Relief Group

Re: The Student Loan Relief Group

• Xstatic3333 member

  

  December 2013

  I haven't used the Student Loan Relief Group, but I was curious so I did some googling.  I would be careful-all my sketchy alarms are going off.  From their website, it seems as if they will be charging you a fee to simply guide you through the Federal Direct Consolidation process, which should not have any extra fees associated with it.  You can read the Department of Education's information about it here (clicky).  Some news articles that popped up when I googled the company also say that many student debt relief services (this one was not specifically mentioned) will try to prevent you from directly contacting your loan servicer, which can cause lots of problems if you ever fall behind or want to change your repayment plan.  

  
  

  Now, if you have private loans (I don't so I'm less informed on those) I know there are some legitimate refinancing options, but this website mentions nothing about private loans so I assume you're dealing federal loans only.

  
  

  Who is your loan servicer?  It seems like you can consolidate your loans directly through them and save the fees.  I know some of them are difficult to work with, but it's better than the risk of getting scammed.  I have some pretty hefty loans too, and consolidation doesn't make sense for me.  What I did do is sign up for a payment plan with a lower monthly payment (the 20-year plan in my case, although IBR or Pay as you Earn are also good options) to give myself an emergency "buffer," but commit to actually making my payments at the 10-year rate or higher.  My job is in an insecure field, but if I ever were to lose it I'm now paid ahead several months and would have time to figure out the situation and get on Pay as you Earn or (only in a true, true emergency) put my loans in forbearance.  

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• Xstatic3333 member

  

  December 2013

  Oops!  That was the link to the Great Lakes website (my loan servicer).  The actual DOE one is more informative.  Notice the big warning that nobody should be charging you a fee for this.  

  
  

  http://studentaid.ed.gov/repay-loans/consolidation/
  

  
  

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• DLB&MRB member

  

  December 2013 edited December 2013

  Ok thank you!

   

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• Xstatic3333 member

  

  December 2013

  Good luck!

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• hoffse member

  

  December 2013

  Yeah I wouldn't do that - and I would call your loan servicer directly to see if consolidation will cause you to lose any rebates or interest rate breaks they may be giving you.  Sometimes that happens, sometimes it doesn't.

  

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