This is the company that's collecting your money on behalf of the federal student loan program. If you're eligible for the following services, your servicer will do it for free.You don't pick the company -- one company out of 10 is assigned to you by the DOE.
The loans that were consolidated are paid off and no longer exist.Your loan servicer — the company that works on behalf of ED to collect your payments, respond to your customer service inquiries, and manage other tasks related to your federal student loans — can help you decide which repayment plan best suits you and help you switch at no cost! If you have multiple loans that you want to combine, you can apply for loan consolidation through Student The application is free, and unlike many student loan debt relief companies, there are no extra processing fees.I bet many of you have seen ads on Facebook that sound something like this: “Want Student Loan Forgiveness in Two Weeks? There are countless ads online from companies offering to help you manage your student loan debt…for a fee, of course. The federal government makes it easy for you to switch to a more affordable repayment plan at any time at no cost. Before you contact your servicer, check out the Repayment Estimator to get an idea of plans available and see estimated monthly payments. ” Usually, if something sounds too good to be true, then it probably is. Department of Education (ED) does offer some legitimate student loan forgiveness programs and ways to lower your student loan payments, they are all free to apply for. If you’re a federal student loan borrower, ED provides free assistance to help: Are you out of a job or not earning very much?Help paying off a student loan sounds great, but here's the problem: You can get the same student debt relief directly from your loan company -- for free.There are hundreds of scams trying to make a buck off your desperation and hope, according to a survey released Tuesday by the advocacy group Student Debt Crisis and personal finance website Nerd Wallet.The Student Loan Relief Helpline will try to sell you paid services (where they take care of everything for you), but you’re in no way obligated to agree to use their service, and since you can get some free information and advice, it’s definitely worth spending a couple minutes on the phone with them.You can reach the Federal Student Loan Relief Helpline at: 1-888-906-3065.Those surveyed named about 200 companies they had heard of that charge for some kind of student debt relief.Nearly half said the company contacted them directly, and 9% said they've actually paid for these services. Some companies try to appear sanctioned by the federal government.