Advertiser Disclosure

Borrower Beware: SL Programs

You never have to pay for student loan help when plenty of free options exist.
Loans, Student Loans

SL Programs is one of more than 130 so-called “debt relief” businesses that we’ve placed on the NerdWallet Student Loan Watch List for illegal or questionable dealings.

You never have to pay this company or any other for student loan help. You can get legitimate student loan help for free through the Department of Education or your student loan servicer.

Why we flagged this business

The U.S. Department of Education accused SL Programs Student Loan and Debt Consolidation in 2016 of misusing the department’s official seal and implying it had a formal relationship for student debt relief with the federal government, according to an Education Department cease-and-desist letter.

What about other ‘debt relief’ companies?

The Federal Trade Commission and the Consumer Financial Protection Bureau have been cracking down on “debt relief” companies that rip off student-loan holders, but the agencies struggle to bring action against every business. Such companies often charge borrowers to fill out free government applications, or pocket money paid to service loans. These scams can push borrowers into default on their student debt and leave their credit ruined.

NerdWallet started its Student Loan Watch List in 2017 to flag the student-loan businesses hit by enforcement actions, court judgments or liens, or bad ratings from the Better Business Bureau.

Sources: U.S. Department of Education


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