Advertiser Disclosure

Borrower Beware: Student Loan Solutions LLC

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

Student Loan Solutions 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

In 2016, Student Loan Solutions agreed to cease operations in Georgia after officials accused the company of breaking state law by charging illegal, excessive fees for document processing and using unfair and deceptive practices. Under a 2016 agreement with Georgia’s attorney general, Student Loan Solutions agreed to stop doing debt adjustment business there, pay a $5,000 penalty and refund more than $36,000 to customers. The Texas company admitted to no wrongdoing under the assurance of voluntary compliance. The settlement left the company free to operate anywhere but Georgia.

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: Georgia attorney general; Fulton County Superior Court


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