Advertiser Disclosure

Borrower Beware: Student Loan Aid

Loans, Student Loans

This company is on the NerdWallet Student Loan Watch List. The list flags student-loan businesses and individuals hit by enforcement actions, court judgments or liens, or bad ratings from the Better Business Bureau. Learn more in Who Gets Listed. Have you dealt with this business, or encountered a suspicious student-loan company that NerdWallet public interest reporters should investigate? Let us know at watchlist@nerdwallet.com.

Student Loan Aid, which was incorporated as Student Services LLC and dissolved in July 2016, was directed to refund almost $40,000 to clients in Washington state as part of a crackdown on “debt relief” companies.

Enforcement actions: The company refunded the money to 80 Washington borrowers, the state attorney general said in announcing the action.

“Thousands of Washingtonians are overburdened with student debt,” Attorney General Bob Ferguson said. “These firms unfairly preyed on students who sought help managing their loans.”

What the company claims to provide: According to a Better Business Bureau listing, the company provided document processing and preparation services related to applying for loan consolidation, loan forgiveness, and loan consolidation programs.

Based: Newport Beach, Calif.

Management: Nick Kohlschreiber, CEO; Henry Kalp, member

Sources: Washington state attorney general; California secretary of state; Better Business Bureau