Jason Spencer Student Loans DallasJason Spencer Student Loans Dallas

Response to False Accusations by Tennessee Better Business Bureau and attempted Blackmail to take down story

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draft-concerning BBB false accusations | Jason Spencer Student Loan Relief

The below article is false and I have proof via a law firm in San Francisco that found who the real owners of the site mentioned below are.   They attempted to make it look like I owned it.  Why?  I would love to know.  But what I do know is when the Middle TN BBB was shown this evidence they woman I spoke with told me the only way they would take it down is if I hired their recommended reputation repair company.  I spoke with the gentleman at length but became a little upset when I learned he (the owner) was the husband of the woman at the BBB that told me the only way she would take down the article was if I hired him.  And what was his fee?  $7400 to get started.  This is all the BBB does.  A private company that forces you to pay or they work very hard at making an “example” of you by destroying you.  Google BBB Mafia and you will see extensive reports done by CNN and other reputable news organizations regarding this organizations tactics, and HUGE salaries they take for literally doing nothing for consumers.
NASHVILLE, Tenn. – Student loan debt forgiveness is a hot topic these days and predatory organizations are carrying out their best to money in on it. These firms contact, email and post ads on social media looking for distressed borrowers who will believe the too very good to be correct claims. Some firms guarantee thousands of dollars in savings and claim they have unique knowledge or relationships with the Division of Education. Student Loan Forgiveness Club (phone: 1-844-766-3462 | website: studentloanforgiveness.club) posts ads on social media targeting particular post-secondary school borrowers.
Students responding to the ads are instantly contacted following entering their speak to information on the internet site. The business asks students for $600 upfront or three payments of $200 to begin the method. BBB’s investigation determined www.studentloanforgiveness.club is using WhoisGuard, a company out of Panama, to hide domain registration info. BBB also discovered the site and Facebook pages for the organization were developed in January 2016.
Additional investigation by BBB determined Jason Spencer, connected with the Student Loan Forgiveness Club is also identified in BBB records as CEO of Student Loan Relief. According to BBB Dallas Texas, Student Relief failed to respond to 26 complaints, most alleging the company collected costs from shoppers and failed to offer services, failed to cancel services and failed to offer requested refunds resulting in an F Rating with BBB Dallas.
How to Avoid a Student Loan Scam • In no way pay upfront. Actual lenders will take a percentage when their service is full. You don’t require to pay an upfront fee beforehand. • Know your alternatives.
If you are having difficulty paying your student loans, contact your lender straight. You can analysis applications offered by the federal government. • Never ever give a 3rd party power of attorney.
Do not sign something providing a business the energy to negotiate on your behalf.
A scam organization can use this to take control over your loans. • If it appears too excellent to be true… It possibly is.
Any business that claims it can erase your student loan debt in minutes isn’t becoming truthful.
Don’t bother responding to the ad or e-mail. Shield Your self According to the U.S. Department of Education, if you took out federal student loans to spend for college you in no way have to spend to get support managing your student loan debt the Division of Education gives help for cost-free.
The Customer Economic Protection Bureau states paying a student loan relief business income to relieve debt is not the ideal decision since:
• Enrollment in option repayment programs, like Earnings-Primarily based Repayment (IBR), is offered at no expense to federal student loan borrowers.
• Debt relief companies do not have the capacity to negotiate with your creditors in order to get a “special deal” beneath these federal student loan programs.
Payment levels below IBR and other federal revenue-driven repayment plans are set by federal law.
• Any claims by debt relief firms to the contrary might be misleading and potentially a violation of law.
Jason Spencer Dallas
Navient aka Sallie Mae Takes Another Massive Student Loan Scam Loss in Court | Jason Spencer

Navient aka Sallie Mae Takes Another Massive Student Loan Scam Loss in Court | Jason Spencer

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Student loan giant Navient Corp., the industry’s largest, has suffered a pair of courtroom defeats in its try to block government lawsuits alleging borrowers had been mistreated according to jason spencer dallas.

The losses come in a trio of lawsuits filed in January by the U.S. Consumer Economic Protection Bureau and state attorneys common of Washington and Illinois. They collectively allege Navient mistreated hundreds of thousands of student debtors by taking shortcuts to lessen its own costs, even though adding what the CFPB said was as significantly as $four billion in interest charges to borrower loan balances.

Navient illegally steered struggling borrowers facing extended-term hardship into payment plans that temporarily postponed bills (although interest continued to accrue), the officials alleged, rather than assisting them enroll in federal programs that cap payments relative to their earnings and give the guarantee of loan forgiveness. Navient has denied the allegations.

On Friday, U.S. District Judge Robert D. Mariani in Scranton, Pennsylvania, denied Navient’s motion to dismiss the CFPB lawsuit. Mariani wrote in his ruling that Navient’s argument that its activities complied with the Larger Education Act, Department of Education regulations, and its loan servicing contract with the Education division didn’t relieve the firm of its obligation to not commit unfair, deceptive, or abusive acts in violation of the Customer Economic Protection Act.

Mariani also dismissed Navient’s argument that borrowers can not reasonably rely on it to counsel them on their quite a few alternatives, ruling that Navient’s earlier public statements to the contrary “created a duty to act in accordance with their personal statements.”

A CFPB evaluation earlier this year found that Navient was the nation’s most-complained about financial organization.

Mariani’s ruling followed a July 7 decision by state court Judge Veronica Alicea-Galván in Seattle, who denied Navient’s motion to toss out Washington Lawyer Common Bob Ferguson’s lawsuit. Meanwhile, Judge Kathleen M. Pantle in Chicago has nonetheless to rule on Navient’s motion to dismiss Illinois Lawyer Common Lisa Madigan’s lawsuit. Navient argued that each the Washington and Illinois cases need to be dismissed in element since state law is preempted by federal laws that govern the loan enterprise according to jason spencer dallas.

For now, the two courtroom losses imply the Washington and CFPB lawsuits can move toward trial, permitting authorities to demand proof from the company and delivering them with much more leverage to force a settlement. Moreover, Navient remains under investigation by other state authorities while it seeks to land a lucrative Trump administration contract to continue collecting payments from borrowers with federal student loans.

“We are confident we will prevail in the legal method,” Patricia Christel, a Navient spokeswoman, stated in a prepared statement about Mariani’s selection.

One particular particular Navient argument fell specifically flat with the federal court. In its complaint, the CFPB claimed that 1 way Navient failed borrowers was by signifies of what it described as inadequate e-mail notices warning them that their earnings-mostly primarily based repayment plans have been coming to an finish. In these plans, the U.S. government tends to make it achievable for borrowers to make month-to-month payments mostly primarily based on their earnings, rather than based on how considerably they owe. To enable for person income alterations more than time, the payment amounts are good for only 1 year, right after which borrowers call for to re-certify what they make for the subsequent year’s batch of month-to-month payments.

The CFPB argued that Navient’s emails to debtors didn’t clarify that their repayment terms had been ending. Rather, the emails just directed borrowers to log onto their accounts on Navient’s website. All through a courtroom hearing, Mariani wrote, Navient stated its e mail was related to the outdoors of an envelope. Borrowers want to click on the hyperlink in emails Navient sent, just like recipients require to have to open envelopes to see what’s inside.

But Mariani wasn’t persuaded. Navient’s reminder e-mail was akin to “receiving an envelope, opening it, and finding that the letter instructed the recipient to get in touch with a telephone number to receive a lot more information as to what the letter issues,” the judge wrote.

jason spencer dallas

Jason Spencer Student Loans DallasJason Spencer Student Loans Dallas
Jason Spencer Student Loans DallasJason Spencer Student Loans Dallas
Student Loan Relief Client NELNET FAQ | Jason Spencer Dallas

Student Loan Relief Client NELNET FAQ | Jason Spencer Dallas

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Student Loan Relief Client NELNET FAQ | Jason Spencer Dallas

jason spencer dallas Student Loan Scams

jason spencer dallas


Does Nelnet own my student loan(s)?

It is possible that Nelnet owns your student loan, although we also act as a student loan servicer (provide customer service for loans on behalf of many other lenders). Get the details on all of your student loans (ones with Nelnet and with other customer service providers) online through the Department of Education’s National Student Loan Data System (NSLDS) at nslds.ed.gov. You will need a PIN to access the site; you can get a copy of your PIN or request a new PIN at pin.ed.gov according to Jason Spencer Dallas.

How can I determine if my loan(s) is a Federal Direct Loan Program (FDLP) loan or a Federal Family Education Loan Program (FFELP) loan?

Log in to Nelnet.com, click on the View Loan Benefits link in the Account Snapshot. Under each of your loan groups, review the Loan Type. If the loan type is preceded by DL, the loan is part of the Federal Direct Loan Program (FDLP). If it is not preceded by DL, the loan is part of the Federal Family Education Loan Program (FFELP).

What is the difference between the Federal Family Education Loan Program (FFELP) and the Federal Direct Loan Program (FDLP)?

Generally, loans made under both programs have the same terms and conditions. Some differences include repayment plans, borrower benefits (for example, an interest rate reduction for making ontime payments), loan forgiveness programs, and interest rates. The primary difference between the two loan programs is that the Department of Education originates loans under the FDLP and private lending institutions originated loans under the FFELP according to Jason Spencer Dallas.


Do I have to pay back my student loan(s)?

Yes, you are responsible for paying back any student loan(s) taken out in your name. You need to repay the principal (the amount borrowed) and the interest (finance charges on the principal). Failure to make your monthly payments may result in additional fees. Click here for more information on the types of fees that may apply according to Jason Spencer Dallas.

If you have trouble making payments or are concerned that making your payments may become difficult, contact Nelnet immediately, while you can still take advantage of options that may be available to help you lower payments (a new repayment plan) or postpone your payments (deferments and forbearances).

If you are having trouble making your monthly payments, you can log in to Nelnet.com and click Lower My Payments to request a different repayment plan or Postpone My Payments to apply for a deferment or forbearance according to Jason Spencer Dallas.

How long do I get to repay my loan(s)?

Generally, Stafford and PLUS loans must be repaid within 10 years from the start of repayment. However, any periods when you postponed your payments due to deferment or forbearance, and anytime while you were in school or a grace period (when payments aren’t due) will not count toward the 10year repayment term. You may extend the repayment term if you qualify for the Extended Repayment Plan, IncomeBased Repayment Plan, income-contingent Repayment Plan, or Pay As You Earn Repayment Plan. On a consolidation loan, the repayment period may extend up to 30 years depending on the initial balance of the loan. Please review your Payment Schedule for information on the term of your loan.

How do I know when I have a payment due?

Nelnet sends billing statements (either electronically or via paper based on your selection at Nelnet.com) around three weeks before payments are due. You can always log on at Nelnet.com to verify upcoming due dates and amounts for all of your loans with Nelnet.

No payments are due while you are in school, grace, deferment, or forbearance, so you will not receive a statement if your student loan has one of these statuses according to Jason Spencer Dallas.

What if I can’t afford to pay my minimum monthly payment?

If you are concerned that making your payments may become difficult, contact us immediately to see what options may be available to you.

A different repayment plan may make managing your monthly budget easier. Those repayment plans include Graduated, income-sensitive, IncomeBased, income-contingent, Pay As You Earn, and Extended repayment plans. If you are having trouble making your monthly payment, log in to Nelnet.com and click on Repayment Options according to Jason Spencer Dallas.

Remember, Nelnet offers multiple ways to lower or postpone payments, so if you have any trouble making your payments, or even if you are already behind on payments, remember that we’re here to help you find a solution that will work better for you. Call us at 888.486.4722 to get started.

What if I’m behind on making payments (my loans are delinquent) at the time I am making a request for a new repayment plan?

To bring your account up to date and get a new repayment plan, you may make the payments that are needed to bring your loan current. If you are unable to make these payments, Nelnet may be able to grant you a forbearance on your loan to cover the time you were behind on making payments. If you are having trouble making your monthly payment, log in to Nelnet.com and click on Lower My Payments on the left to explore your options.

What is a grace period?

For Stafford loans. Once you’re done with school, or if you drop below half-time status as a student, this loan enters a period known as the grace period. During this time, you’ll have six months until you need to make your first student loan payment. NOTE: You may only use this six-month grace period in full one time. If you go back to school and take out new Stafford loans, you will have a grace period on the new loans after you graduate or drop below half-time student status.

For GradPLUS loans. GradPLUS loans do not have a grace period; however, if your GradPLUS loan is disbursed on or after July 1, 2008, payments are postponed on this loan for six months after you graduate or drop below half-time status as a student. For your GradPLUS loan, this postponement is called a six-month post-enrollment deferment. NOTE: You may requalify for the six-month post-enrollment deferment on your GradPLUS loans disbursed on or after July 1, 2008, each time you leave school.

Do parents who borrow PLUS loans get a grace period?

Parent PLUS loans do not have a grace period; however, if your Parent PLUS loan is disbursed on or after July 1, 2008, you may postpone payments while your student is in school, including six months after you or your benefiting student graduates or drop below half-time status as a student. During this postponement of payments, interest will continue to accrue if not paid. If you haven’t yet pursued this option, you can request this postponement (called a Parent PLUS Borrower Deferment) directly from us by calling 888.486.4722.

How can I pay less interest?

In general, to pay less interest, make payments toward your student loans before they are due. For example, you can save money on interest by making a payment even when payments aren’t due (such as when you’rein school, in your grace period, or in deferment). On certain subsidized loans, the federal government pays the interest while you are enrolled in school, grace, or deferment—so any payment you make goes straight toward reducing the principal balance. You can also save on interest by making extra payments on your loan or by paying more than the minimum due. All of these scenarios cause less interest to accrue overall according to Jason Spencer Student Loan Relief.

Can I make payments while I’m in school?

Yes. You aren’t required to make payments while you’re in school, but if you do, you’ll save money on interest in the long run. In addition, if you make payments within 120 days of taking out your loan, the payments will reduce the original amount of the loan, which reduces the amount that you borrowed and, therefore, the amount of interest you will pay.

Why don’t I receive billing statements while I’m in school?

You aren’t required to make payments on federal student loans while you’re in school—or for six months after you leave school (this six-month period is called your grace period)—so you don’t receive a monthly billing statement. However, it is important for you to always know how much student loan debt you have. You can log in to your account at Nelnet.com anytime to review the details on your loans that are with Nelnet, or log in to the Department of Education’s National Student Loan Data System (NSLDS). You’ll need your PIN—if you don’t know it, get a new one.

What’s the benefit of making payments on a subsidized loan while in deferment?

On a subsidized loan, the loan’s interest may be paid by the federal government during your deferment. In this case, any payment you make will be applied directly to the principal of the loan, so you’ll pay it off faster and pay less interest according to Jason Spencer Dallas.



My parent(s) (or a third party) is making payments on my account. How can he/she continue making payments on my account if a statement isn’t received in the mail?

Your parent(s) or a third party can quickly and easily make a payment on your account through Nelnet’s free, online payment system, but you need to set him or her up as an authorized payer. An authorized payer can make payments, even though they do not have access to any of your account information or messages. Follow these easy steps one time to set your parent(s) or a third party up as an authorized payer:

  1. After you have logged in to Nelnet.com, click My Info and Preferences.
  2. Click the Payment Profiles tab and then click the Add Authorized Payer button.
  3. Enter your authorized payer’s name and email address and create a username for him or her. Then click Save.
  4. Notify your authorized payer that his or her access has been set up.

If you desire to provide paper copies of your Nelnet statements and correspondence to your parent(s) or a third party, you may simply print the statements from your My Secure Messages inbox (if you are signed up to receive eStatements and other electronic correspondence).

I am a co-maker on a borrower’s account. Will I be able to access correspondence about that account through My Secure Messages?

Statements and correspondence are provided online through My Secure Messages only to student loan borrowers. Comakers and endorsers receive their correspondence from Nelnet via mail. If you are a comaker/endorser on a borrower’s account, but you have your own Nelnet account as a borrower, you will receive statements and correspondence online through My Secure Messages only for the account on which you are the borrower. As a borrower, you may add an authorized payer—a person you designate, who can view amounts due and make student loan payments on your behalf. Learn how to add an authorized payer.

Jason Spencer Dallas Texas Student Loan Relief Inc


How can I make a payment?

Making payments on your student loan with Nelnet is easy! With options to pay anytime, anywhere, you can manage your account your way.

Ways to Pay:



IMPORTANT: If you have both Nelnetserviced (account number starts with D or J) and Department of Education-owned (account number starts with E) loans, you must make your payments separately to have them applied correctly to your loans.

Remember to write your account number on your check (including the D, J, or E), always include the coupon portion, and clearly check the box on the front of the coupon if you have a change of address or require special instruction processing. Payments are effective the day received and are processed within five days of receipt. Do not send cash, as it will be returned to you, and your payment will not be applied.

+How do I make a payment online?

Can your online payment system store my information so I don’t have to re-enter it next month?

Yes. You can create a payment profile to reduce the time required to enter future payments. Payment profiles can store your name, contact information, and bank information so you do not have to re-enter it each time you make a payment.

What is the difference between auto debit and Nelnet’s online payment system?

While your student loans are in an active repayment status, an auto debit will automatically deduct your payment on your due date each month, including when your account is past due or you’ve paid more than the minimum due in recent months. You only have to sign up one time to have all of your payments made automatically. Nelnet’s online payment system allows you to make a one-time online payment, even when your student loan payments are postponed with a deferment or forbearance. Plus, you can direct your payment to specific loan groups.

When will my payments be posted to my Nelnet account?

It takes approximately two business days to process an online payment, but when it is posted to your Nelnet account, it will be effective as of the date you made your payment.

How long will it take from the time I make an online payment until my bank account is debited?

It takes approximately two business days to debit your bank account. Your bank may take additional time to post the payment to your checking or savings account.

What happens if I pay more than the payment amount?

You can always pay more than the minimum due with no penalty. Per regulations, all payments are applied to fees first, then interest, and finally principal unless your current repayment plan is IncomeBased Repayment. In this situation, your payments would first be applied to interest, then to fees, and finally to principal.

When you pay more than the minimum due, then you’ve covered future payments (called paid ahead), and your due date may advance more than one month. Any payments you make while paid ahead are still applied to your account as we receive them, which means you pay your loan balance down faster!

If you have paid ahead, not only will you pay down your debt quicker, saving you money in the long run, but your due date advances, leaving you some time to catch up on other bills if you find yourself falling behind.

How can I view the details of all the payments I have made in the past (payment history)?

To view your payment history, log in to Nelnet.com and click My Payments on the left according to Jason Spencer Student Loan Relief.




How can I change my repayment plan?

You may change your repayment option to another whenever you want. Please note, however, that the availability of some repayment plans may vary, depending on your outstanding loan balance, interest rate, and repayment term remaining.

You may prepay your loan at any time without penalty, regardless of repayment plan.

To learn more about the various repayment plans that may be available, log in to Nelnet.com and click on Lower My Payments on the left.

How do I know which repayment plan I am eligible for?

To know which plan(s) you may be eligible for, log in to Nelnet.com and click on Lower My Payments to determine the repayment option(s) for which you qualify.

How do I know if my repayment plan request was approved?

You will receive notification via mail or email based on your selected preference at Nelnet.com.

Will the total amount I have to repay stay the same if I change repayment plans?

No. Choosing a different repayment plan will change the amount of your monthly payment. The amount you repay each month will determine the total interest that accrues on your loan, and therefore, how quickly you repay your obligation. For example, if you lower your monthly payment by choosing a repayment plan that offers a longer term, the amount of interest you’ll pay over time, as well as the total amount you pay back over the life of the loan, will increase.

Will switching repayment plans or postponing my payments using a deferment or forbearance hurt my credit history?

No. The type of repayment plan used to repay a student loan is not reported to the credit bureaus. Using a deferment or forbearance for your student loans will not adversely affect your credit history. Making a late payment or not making a payment at all could impact your credit history, so let us know immediately if you will have trouble making payments—we can help!

Why don’t I qualify for the incomedriven repayment plan I applied for?

Your type of federal student loan may not have been eligible for the incomedriven repayment plan you chose. IncomeContingent and Pay As You Earn Repayment Plans are for most Direct Loans, and the IncomeBased Repayment Plan is for most Family Federal Education Loan Program (FFELP) and Direct Loans. Click herefor more information about the qualification requirements.

Are there any fees for changing my repayment plan?

No. There is no charge for changing your repayment plan. Please note that if your loans are on the IncomeBased Repayment (IBR) Plan and you wish to change to a different repayment plan, federal regulations require you to make one scheduled payment on the Standard Repayment Plan or in a Reduced Payment Forbearance after exiting IBR before you may change plans.

If you have Family Federal Education Loan Program (FFELP) student loans and choose to exit the IBR Plan, federal regulations require that your student loans be placed on a 10year Standard Repayment Plan or Reduced Payment Forbearance.

Any unpaid interest that accrued while you were on the IBR Plan would be added to your principal balance (this process is called capitalization) when you exit the IBR Plan. For more information about interest capitalization and its affect on your loan balance, click here.

What is the process for applying for an income-driven repayment plan (IncomeBased, income-contingent, or Pay As You Earn Repayment)?

When you apply online for an income-driven repayment plan (Lower My Payments link on the left), you will be directed to log in to StudentLoans.gov through which you can submit your application to us. Through the online application, you will have the option to securely transfer your Adjusted Gross Income from your federal tax information to your online application using the IRS Data Retrieval Tool.

Please note that if you elect to send alternative documentation of your income, or indicate on your application that the adjusted gross income from your tax return does not reflect your current income, you will need to send supporting income documentation to the address or fax number below before your repayment plan request can be fully reviewed and processed according to Jason Spencer Student Loan Relief.

P.O. Box 82565
Lincoln, NE 685012565
Fax: 866.545.9196

How do I renew my income-driven repayment plan?

You can renew your income-driven repayment plan in one of two ways:

  1. Log in to gov and click Complete IBR/Pay As You Earn/ICR Repayment Plan Request. Select “I am submitting annual documentation for the recalculation of my monthly payment amount under my current repayment plan” under Reason for Request.
  2. Download the form at com/Income and check box 1b in section 2. Return your form with all sections completed to the address or fax number listed on the web page or page 5 of the application.


My loans are in an income-driven repayment plan and my income or family size has changed. How can I have my payment amount reevaluated to more accurately reflect my income?

You may request that we recalculate your monthly payment amount on your incomedriven repayment plan in one of two ways:

  1. Log in to govand click Complete IBR/Pay As You Earn/ICR Repayment Plan Request. Select “I am submitting annual documentation for the recalculation of my monthly payment amount under my current repayment plan” under Reason for Request.
  2. Download the form at com/Incomeand check box 1c in section 2. Return your form with all sections completed to the address or fax number listed on the web page or page 5 of the application.


What happens if I do not renew my income information, or if I become ineligible for a reduced payment amount while enrolled in an incomedriven repayment plan?

The three incomedriven repayment plans (IncomeBased, IncomeContingent, and Pay As You Earn) were designed so that your payment will be reflective of your income as it changes over time, so it is necessary for you to provide us with your current income information annually.

If you choose not to provide us with your current income information each year, or we determine that your current income makes you ineligible for a reduced payment amount, you will remain on your incomedrive repayment plan, and your payment amount will be adjusted to ensure your student loans will be paid off by the end of your remaining loan term. This would most likely result in an increase to your monthly payment amount.

Jason Spencer Dallas Texas Student Loan Relief Inc



What is a deferment?

A deferment is an authorized temporary suspension of repayment and may be granted under certain circumstances. You must apply, meet the qualifications for, and make arrangements with the servicer of your loans to get a deferment. Learn more about deferments.

What is forbearance?

If you are willing but unable to make payments and do not qualify for a deferment, you may request forbearance. Forbearance allows payments to stop temporarily or decrease in amount for a specific length of time. Your lender may grant forbearance of principal, interest, or both. You are always responsible for repayment of accrued interest charges. You can make interestonly payments, or the interest will be added on to the principal (capitalized) at the end of the forbearance period.

To apply for forbearance to postpone your payments, log in to Nelnet.com and click Postpone My Payments (Deferment/Forbearance) on the left.

To apply for the Reduced Payment Forbearance, log in to Nelnet.com and click Lower My Payments.

How do I apply for a deferment or forbearance to postpone my payments?

To apply for a forbearance or deferment, log in to Nelnet.com and click Postpone My Payments (Deferment/Forbearance) on the left.

When should I apply for a deferment or forbearance?

If you have any trouble making your payments, please contact us immediately to explore your options.

To learn more about deferments and forbearances, click here.

To apply for a deferment or forbearance, log in to Nelnet.com and click Postpone My Payments (Deferment/Forbearance) on the left.

How long does it take my deferment or forbearance to be reviewed?

It typically takes approximately three business days from receipt of your application for your deferment or forbearance to be reviewed. To potentially reduce this time, you can apply online by logging in to Nelnet.comand clicking Postpone My Payments (Deferment/Forbearance) on the left. Many deferments and forbearances that are requested online are processed within 24 hours. If we need additional information from you to fully process your application, we will request that information and then process the deferment or forbearance at that time.

What happens after I submit my deferment or forbearance form?

Nelnet will review the form to ensure it is complete and that all supporting documentation (as needed) has been received. You will be notified via mail when your deferment or forbearance has been processed.

Does postponing my payments with a deferment or forbearance affect my repayment term?

No. Deferment and forbearance do not count against the repayment term on your loan.

IMPORTANT: By using deferment and forbearance options, you may increase your principal balance on your student loan due to interest that is added to the principal (capitalized) at the end of your deferment or forbearance. You may make payments to cover accruing interest to avoid this.

To apply for a forbearance or deferment, log in to Nelnet.com and click Postpone My Payments (Deferment/Forbearance) on the left.

How long will my deferment or forbearance last?

The maximum length of your deferment or forbearance will depend on your situation, the type of deferment or forbearance you have applied for, and the attributes of your loan.

How do I renew my deferment or forbearance?

If your situation has not changed and you require more repayment assistance, log in to Nelnet.com and click Postpone My Payments (Deferment/Forbearance) on the left to review additional options that may be available to you.

Can I consolidate my student loans with Nelnet?

Yes, you can consolidate your federal student loans through Nelnet. Learn more about loan consolidation.




When should I use special instruction payments?

You should make a special instruction payment when:

  • You are making a payment greater than the amount due and do not want to advance your due date more than one month.
  • You are making a payment greater than the amount due and would like to direct the excess to a specific group.
  • You would like to pay off any or all loans.

A request to have your payment applied only to your loan(s) and/or group(s) with active balances remaining does not require a special instruction.

How do I request that you process my payment using my special instructions?

If making a payment online, the Nelnet online payment system allows for you to make a special instruction payment for both Nelnetserviced loans and loans owned by the Department of Education. This provides you with the ability to make a payment for all of your accounts and specify the account and group ID for which you would like to make a payment.

If your payment amount is great enough to cover future payments (called a paid ahead status), your next due date moves ahead to the time when the funds you’ve already paid no longer cover the monthly payment. When you provide special payment instructions with a payment that would put your account in this situation, you can specify that you wish to not have your next payment due date advanced.

Note: You must not be past due (delinquent) in order to make a special instruction payment.

  1. Log in to Nelnet.com and click Pay Now on the left.
  2. Click the Allocate/Edit Payment button to the right of the area marked Payment Amount, and a new box will appear below.
  3. You may specify the payment amount by account, or click the arrow button next to the account number to specify the payment amount per loan group. If you do not designate how the payment should be applied, it will be distributed across all of your active loans in repayment.
    Note: If you do not want to advance your due date, click the arrow button next to the account, then click the arrow next to each group, and check the Do Not Advance Due Date box. This will ensure your normal monthly payment amount will be due the following month if you pay enough now to cover next month’s payment.
  4. Once the payment amount(s) is entered, fill in the checking/savings account information and click Make a Payment.
  5. On the Confirm Payment Details page, verify that the information entered is correct.
  6. Read the terms and conditions at the bottom of the page, check the box to acknowledge, and click the Pay Now button to submit your special payment.

Please be advised that certain Internet providers and firewalls may interfere with your ability to make an online payment. Should you experience any difficulty with this process, please contact us.

If making a payment by mail:
Mail your payment, account number, and/or payment coupon and special instruction request to the following address for Nelnet loans (ones with a D or J at the beginning of the account number):

P.O. Box 82501
Lincoln, NE 685012501
If you mail your payment with a special request to our regular payment address (P.O. Box in Omaha, Nebraska), please be sure to check the box on the front of your payment coupon indicating you have a special request. Allow 5 to 10 days for your special request to be processed.

Payments for Department of Educationowned loans (account number starts with E) should be mailed to:

Department of Education
P.O. Box 740283
Atlanta, GA 303740283

IMPORTANT: If you have both Nelnetserviced and Department of Educationowned loans, you must make your payments separately to the address shown on each statement in order to have them applied correctly to your loans. Always write your account number on your check so it can be properly applied to your balance.

If one or more of my loans is past due, can I still request that you process my payment based on my special instructions?

If one or more of your loans is past due (delinquent), we will not be able to honor your special payment instruction request because your payment must be applied across all delinquent loans to bring them as up to date as possible.

What happens if I tell you to apply my payment to a specific group but it has a zero balance or that group does not exist?

If the group or loan to which you have requested the payment be applied was previously paid in full, consolidated, or not found, the payment will be applied to any remaining loans with active balances.

Can I change my monthly payment due date?

Yes. If your account is not delinquent, you may request to change your payment due date to any dates between the 1st and 28th of the month. (The payment date cannot be the 29th, 30th, or 31st of the month.) To request a change to your payment date, call us at 888.486.4722.

Can I have my payment applied to interest or principal only?

Per regulations, all payments are applied to fees first, then interest, and finally principal unless your current repayment plan is IncomeBased Repayment. In this situation, your payments would first be applied to interest, then to fees, and finally to principal. If you send in a payment greater than the minimum amount due, the additional amount will automatically be applied to your principal balance after all outstanding interest and fees are paid. Nelnet cannot apply payments in a way that does not conform to regulations.

Jason Spencer Dallas Texas Student Loan Relief Inc



How is student loan interest calculated?

Most student loans (including all federal loans) use a method of interest accrual known as “simple interest.” Simple interest is only calculated on the principal balance, not on the previously accrued interest.

To calculate your daily interest accrual, use the following formula:
(Current Principal Balance x Interest Rate) ÷ 365.25

Translated, this equation means that your current principal balance would be multiplied by the interest rate and then the product would be divided by 365.25 (the number of days in one year). The result of these calculations could then be multiplied by a specific number of days to determine how much interest would accrue in a specific time frame.


  • Current principal balance: $10,000.00
  • Interest rate: 5.750%
  • Days of interest needed: 30

[(10,000 x .0575) ÷ 365.25] x 30 = 47.22780

What does it mean that interest is capitalized?

During certain periods when a payment is not required to be made on a loan, interest continues to add up (accrue) based on the principal balance of the loan. When this interest remains unpaid, it is usually added to the principal balance of the loan when the loan again has payments due (goes into repayment).

At that point, any future interest that accrues will be based on the new outstanding principal amount (previous principal balance plus capitalized interest). Therefore, capitalization increases the total cost of your loan.

You can avoid the cost of capitalization by making payments (on accruing interest or even on the balance) during any period when they are not due.

How does interest accrue if I am late on a payment?

Interest adds up (accrues) on the unpaid principal balance during the periods between the dates we have received payments. If the accrued interest is not paid, the excess interest remains due on your loan(s). Interest accrues using the simple daily interest formula:


  • Current principal balance: $10,000.00
  • Interest rate: 5.750%
  • Days of interest needed: 30

[(10,000 x .0575) ÷ 365.25] x 30 = 47.22780

What fees could potentially be added to my loan?

Two types of fees could potentially be added to your federal student loan: late fees and returned payment fees.

Late fees: Most lenders charge a late fee if you do not make your payment on time. These fees are usually charged as a percentage of the scheduled monthly payment. Most lenders provide for a grace period prior to charging a late fee. For example, if the grace period is five days, a late fee would be charged six days after the payment is due if a payment has not been received.

Returned payment fees: Most lenders charge a fee if your bank returns your payment for any reason. Some of the reasons a payment may be returned are that there are insufficient funds in the specified account, the bank is unable to locate the account, or a stop payment order has been placed on a check or payment.

If any fees are charged to your account, detailed information will be provided on your monthly statement.




Why is my current principal balance different from my payoff amount?

Your current principal balance does not include the accrued interest currently due on your loan. When paying your loan balance in full, you need to satisfy the accrued interest. The payoff figure shown online includes all accrued interest currently due on the loan plus the number of days of future interest you select (between 3 and 30). You must mail your final payoff amount to Nelnet for processing. If the payoff is not received in time to cover all accrued interest, you may need to send an additional payment.

IMPORTANT: If you have both Nelnetserviced (account number starts with D or J) and Department of Educationowned (account number starts with E) loans, you must make your payoff payments separately to have them applied correctly to your loans.

How do I find the amount needed to pay my loans in full?

When you log in to Nelnet.com, click Pay Now on the left. Then click Allocate/Edit Payment to view the details of each account. If you click the arrow to the left of each account, you’ll see the Outstanding Balance below the Payment Amount box. You can enter the full outstanding balance amount in the Payment Amount box to pay that account in full. Then continue to make the online payment.

Payoff information can be obtained 24 hours a day through Nelnet’s automated phone system when you call 888.486.4722. The information provided through the phone system updates daily, and the payoff amount you are given is applicable for 10 days.

Monthly statement:
Your payoff amount is shown on the Total Payoff line of your monthly statement. The payoff amount is applicable through the date shown on the Payment Due Date line.

View example

IMPORTANT: If you have both Nelnetserviced (account begins with D or J) and Department of Educationowned (account begins with E) loans, you must make your payoff payments separately in order to have them applied correctly to your loans. For payment information, click here.

What if the amount I pay is not quite enough to pay my loans in full?

If the payment you provide is not enough to pay your loans in full, the payment will be applied to your loans as normal and you will continue to receive statements from Nelnet until you make a payment(s) that pays the loans in full.

How will I know that you have received and processed my payment to pay off my loans in full?

Within approximately 45 days after receipt of the payment, a letter confirming the payoff will automatically be mailed to the current address we have on file. No special request for this letter is needed. You can also view this confirmation by logging in to Nelnet.com and clicking on My Payments.
Jason Spencer Dallas Texas Student Loan Relief Inc


What information will I need about my student loans to file my taxes?

You can access your IRS Form 1098E (detailing the interest you’ve paid on your Nelnet student loans) on Nelnet.com. Consult your tax advisor to see if you can deduct this interest when filing your taxes.

Will Nelnet provide my tax information to me?

Yes, this information is provided to all borrowers, regardless of the amount of interest paid.

If your interest paid/debt cancelled was greater than $600: We will send your tax information on your monthly statement in January (if you normally receive monthly statements), or on a separate IRS Form 1098E (if you do not normally receive monthly statements).

If your interest paid/debt canceled was less than $600: You can download and print your tax information after logging in to Nelnet.com. Click Print My Tax Info to get started. Additionally, you can view your tax information on your January statement (if you normally receive a monthly statement).

Regardless of the amount of student loan interest you paid in the previous year, Nelnet provides your tax information to you online, which is updated in mid January and is available for the entire year.

In addition, Nelnet provides your tax information via our automated phone system. You can hear this information 24 hours a day by calling 888.486.4722. Tax information is generally available via the phone system by the middle of January each year and remains available through the end of April.

Why does Nelnet provide information regarding student loan interest paid in the prior year?

A person, financial institution, government unit, or educational institution that receives interest payments of $600 or more during the year on one or more qualified education loans must furnish this information to you. This information is also reported to the IRS. Nelnet chooses to provide this information online to all borrowers even if it is less than $600; if more than this amount, the information will be sent via mail, if less, you can find it online. Log in to Nelnet.com and select Print My Tax Info.

Your January statement each year also serves as your IRS Form 1098E, containing all the financial information you will need to file your taxes. If you’ve made your final student loan payment, instead of a statement, as IRS Form 1098 will be mailed to you.

Can I deduct the student loan interest I paid in the prior year on my income tax return?

You may be able to deduct the student loan interest you paid in the previous year on your income tax return depending on your income and other factors not related to your student loans at Nelnet. However, you may not be able to deduct the full amount of interest reported. For more information regarding what is deductible, contact your tax advisor or see IRS Publication 970 “Tax Benefits for Education” and “Student Loan Interest Deduction Worksheet” in your Form 1040 or 1040A instructions. Nelnet advisors are not able to address federal tax issues.

What if I need another copy of my IRS Form 1098E?

This form is an informational form and does not need to be filed with your tax return; however, if you want a paper copy of your tax information, you can print one from your online account starting in January.

I am not the borrower, but I make payments on a student loan. Can I claim the student loan interest I paid when I file my tax return?

Contact a tax professional or the IRS at 800.829.1040 or IRS.gov. We cannot advise you on tax matters. Nelnet is required to report only to the primary borrower and to the IRS the amount of interest that was paid in the name of the primary borrower. For more information regarding what is deductible, contact your tax advisor or see IRS Publication 970 “Tax Benefits for Education” and “Student Loan Interest Deduction Worksheet” in your Form 1040 or 1040A instructions.



When am I considered delinquent (late) on my loan?

You are considered delinquent the day after your payment was due. For example, if your payment was due on May 15, and we don’t receive your payment, you are considered delinquent as of May 16.

If you are having trouble making your monthly payments, you can log in to Nelnet.com and click Lower My Payments to request a different repayment plan or Postpone My Payments to apply for a deferment or forbearance.

What if I’m behind on my payment(s) or foresee difficulty making my payment(s)?

If you are having trouble making payments or are concerned that making your payments may become difficult, contact Nelnet immediately while you can still take advantage of options that may be available to help you lower payments (a new repayment plan) or postpone your payments (deferments and forbearances).

If you are having trouble making your monthly payments, you can log in to Nelnet.com and click Lower My Payments to request a different repayment plan or Postpone My Payments to apply for a deferment or forbearance.

Why do I continue to receive phone calls and letters from Nelnet regarding my payments being overdue when I have made payment or applied for a deferment or forbearance to bring my account up to date?

Regulations require us to contact you by phone and through mail until your account is up to date (current). If you have brought your account current and are still receiving prompts from us indicating your payments are behind, this is likely because the payment, deferment, or forbearance is still being processed.

If you have recently made a payment or applied for a deferment or forbearance, please allow 7 to 10 days for mailing and processing. You can check the status of your account at Nelnet.com.

Why do I receive phone calls from Nelnet and a guaranty agency?

When we have an incorrect address or phone number on file for you or your account is delinquent (you are behind on making payments), we are required by regulations to reach you to resolve the delinquency or get updated demographic information. Your guarantor is also notified of the delinquency and will attempt to reach you by telephone or mail.

You can conveniently update your address and phone information by logging in to Nelnet.com, clicking on My Info and Preferences, and updating your information on the Personal tab. Then click Save Changes.

Why do you ask me for my complete mailing address, phone number, and email address when you call me?

When we talk to you, we want to ensure we have your most current information and make certain that we only discuss account detail with the correct parties associated with your loan(s). It was also indicated in the Borrower’s Rights and Responsibilities on the promissory note you signed for your loan that you are responsible for providing your servicer with your most current contact information so we can be sure to reach you with important account notifications.

Why did you contact my father, mother, relative, or an acquaintance regarding my loan?

When you completed your federal student loan application, you listed several personal references. When we do not have a valid telephone number or valid mailing address for your account, we will contact your listed references by mail or telephone to obtain correct information.

You can conveniently update your address and phone information by logging in to Nelnet.com, clicking on My Info and Preferences and updating your information on the Personal tab. Then click Save Changes.


How often do you report my loan information to the credit bureaus?

Nelnet reports credit information to the four national credit bureaus (Innovis, Experian, Transunion, and Equifax) on a monthly basis. Until the account reaches 90 days past due, the account is reported as being up to date (current). When the account reaches 90 days past due, the account is reported as delinquent. Once you have been reported to the credit bureaus as having an account that’s delinquent, that information can remain on your credit history for up to seven years.

How do I authorize Nelnet to release information about my account to a third party?

Complete and return the Release of Authorization form.

I am applying for a mortgage and need an account summary letter. How can I request a letter to be sent to the company?

You can conveniently download a mortgage credit reference online by logging in to Nelnet.com and clicking Print Loan Summary Letter on the left.

How can I contact the credit bureaus?

You can reach each credit bureau by clicking the bureau name to be redirected to their website.

  • Experian
  • TransUnion
  • Equifax


By Jason Spencer Dallas Texas Student Loan Relief Inc


Jason Spencer Dallas Response to Cristin Severance’s CBS Local News Story about Dallas Based Student Loan Relief Inc

Posted on Posted in jason spencer dallas

Jason Spencer Dallas Response to Cristin Severance’s CBS Local News Story about Dallas Based Student Loan Relief Inc

Coming Soon–work in progress

  • Sherrie Fuller got her accounting degree while raising 6 kids
    • She got her degree after all of her children were adults
  • Student Loan Relief is not a charity
    • Correct, nor do we say we are–not on the web nor to any clients.  However, Cristin was filming at the offices of Your Student Loan Relief Organization, which is the name on the door and it has been a federally registered and approved charity since 2014.  Also if you look at the Secretary of States website as she so diligently does in the aired version you would see that the owner of Student Loan Relief is Your Student Loan Relief Organization so I can not explain how an investigative journalist of such a high caliber could miss something so easy
  • Sherrie Fuller was a victim
    • Sherrie contacted us and asked us for help we did not seek her out and talk her into our service.
    • sherrie-uller-dallas-lies-scam-cbs
    • As a self-purported financial expert, she had borrowed $100k in getting a University of Phonix Online Degree at a time when tuition was just over 10k a year.
    • Sherrie Fuller’s Student Loans were all 100% in Default BEFORE she contacted us for help with wage garnishment imminent at an expected rate to be at approximately $1700 per month.
    • Default had not only caused substantial harm to her credit but also added 25% to the principal balance of her student loans.
    • We stopped wage garnishment from occurring.
    • We established a manageable payment of approximately $140 for the next 11 months that would not only allow her to escape from default but also remove the default designation from her credit like it had never happened.  Something that can not be done with any other financial instrument in this country.  Other negatives will eventually fall off or their presence weakened but the effects will always linger to one degree or another in every instance aside from this one little loophole and all she had to was make a payment less than 1/5th her normal payment to qualify.
    • In order to qualify the servicing company forced us to make payments by phone on one particular day of each month and we had a one-hour time window to do it.  Making it even more difficult was the fact that they demanded the payment via debit card (something that is normally forbidden by every student loan servicer in the United States).  This is an old collector trick that is used to legally (seriously have no idea how or why this is legal I just know its an honest to god tactic used every day by collection agents) clean out your bank account.  Not wanting to expose Sherrie to this we walked down the street on her designated day each month to a 7/11 and bought a VISA Debit Card with our own money to make her payment for her.  The collection agency threw so many tricks at us to get us to miss that payment deadline that we actually had to assign the third highest ranking person in the company who was actually the highest paid person in the company to personally handle this task given it took 3-4 hours to complete each month.
    • Sherrie Fuller Never Paid us a Penny for the work we did.  I believe that is one thing Student Loan Relief has in common with the American People.  Sherrie Fuller promised to pay us both and while  having the ability to repay her debts decided not to.
    • So much time and effort when into the Sherrie Fuller case that even if she had not refused to pay us we had decided it was impossible to come anywhere close to breaking even on helping people get out of default.  I remember the debate like it was yesterday (when in reality it was late 2012 or early 2013) with our in-house accountant (how has 3 masters degrees in accounting) and our second in command Thomas Scott (who has his Phd in Rocket Science from Stanford and an Ivy League MBA) insisting that after running extensive numbers it wasn’t possible and I insisted it was due to the halo effect of doing good.  And this is where we could do the most good.  Sherrie Fuller was a test case to see who was right—and if the HALO effect of pulling off a miracle for someone would reap rewards that weren’t on their spreadsheet that day…..and guess who won that debate in the end.  We did pull off a miracle for Sherrie Fuller.  I wish I could say she wasn’t special and we pulled off similar success for hundreds of clients but miracles don’t happen every day and she was the greatest success story Student Loan Relief ever achieved.  Never in a million years would I have imagined that our greatest success would be what destroyed everything we fought so hard to build.


  • Student Loan Relief is not a nonprofit but it never turned a profit in 6 six years.
  • Your Student Loan Relief Organization is a non-profit
  • CBS was filming at Your Student Loan Relief Organizations office.




Response to the Article Below

Dozens of people went to Dallas-based Student Loan Relief for help with debt, they were let down.

Sherrie Fuller was one of them. She received a masters degree in accounting while raising six kids.

“For me, my children, you can do this no matter the obstacles you face,” said Fuller.

She owed more than $100,000 in loans after graduating from the University of Phoenix.

“They were in transition from one lender to another,” said Fuller.

Fuller said she contacted Student Loan Relief for help and at first the company worked to get her payments to a lower amount.

According to the website, Student Loan Relief“offers an affordable way to make your Federal Student Loan debt easier to manage. …work with you to identify the best combination of Federal, State, and/or Local programs for which you qualify….We currently work with more than 300 different programs, created from 233 Congressional bills, that can reduce your principal balance, lower your interest…”

The problems came later when the company drafted her account but didn’t pay the lender.

“I’m making duplicate payments, I was a nervous wreck,” said Fuller.

Sherrie said she dropped the company after it happened — twice.

“Not only am I making the payment, I’m paying you to do this. They were collecting a fee. They are doing their legwork, I can understand paying for their service but I wasn’t getting anything but a headache,” said Fuller.

Another woman who turned to the company and CEO Jason Spencer for help was Michelle Ridgley.

She owed more than $60,000 in student loans for her two degrees, including a master’s degree in public policy.

Ridgley was working for a non-profit at the time.

“He (the representative) said, ‘Hey how would you feel about $46 a month? I could do $46 a month, who couldn’t do $46 dollars a month,” said Ridgley.

Ridgley thought that $46 was going to pay down her loans.

“My loans. I mean honestly, even though some people might be like $46 a month but yes. You’re working with someone, the paperwork looks legitimate, you have a colleague that’s utilizing the service,” said Ridgley.

Ridgley said she learned the money was actually the monthly fee going to Student Loan Relief.

She said her loans were actually in forbearance collecting interest — now she owes $90,000.

“I’m so stupid for taking that chance,” said Ridgley.

♦♦♦ Click Here For Resources To Help Lower Student Loan Payments ♦♦♦

Ridgley, Fuller and 30 others citing similar issues have filed complaints with the Dallas Better Business Bureau about the company.

The have an F rating and 26 unanswered complaints.

“The complainants are telling us, people are paying the fee but their student loans aren’t paid,” said Phylissa Landix of the Dallas BBB.

♦♦♦ Click Here For Resources To Help Lower Student Loan Payments ♦♦♦

Student Loan Relief CEO Jason Spencer agreed to talk to CBS11’s Cristin Severance from his Dallas office.

“Sherrie Fuller was by far the most work this company has ever done,” said Spencer.

He said his company has helped Fuller and 4,000 other clients find programs to lower their loan payments.

“I’m not just sitting here putting people into consolidations,” said Spencer.

When asked why there were many unanswered complaints with the BBB, Spencer admitted, “I’m ashamed to say it. I’m a wimp. I get on there and it beats me down.”

Spencer struggled to compose himself throughout the interview.

“You try so hard and to see people on there lying. Maybe that’s a good enough answer,” said Spencer as he wept.

When asked if he was upset about the BBB complaints Spencer replied, “This is what it does to me. And so I don’t want to feel like this.”

Spencer then said was only able to get through reading one complaint.

CBS11 wanted to know if the CEO thought his former clients were lying.

Spencer answered that he hasn’t “read them all.”

♦♦♦ Click Here For Resources To Help Lower Student Loan Payments ♦♦♦

The government has taken action on similar debt relief companies in the country.

The Consumer Financial Protection Bureau put out a warning about companies charging an upfront fee to lower student loan payments and shut down two companies in Florida in 2014.

Spencer said bad companies have popped up preying on borrowers but he’s not one of them.

“They are scumbags, they are phone-based scumbags. If I was bad, I’d be shut down a long time ago,” said Spencer.

However, some of things Spencer told CBS11 didn’t add up.

Spencer claimed he’s a nonprofit organization during the interview but he’s not registered as one with the IRS.

Student Loan Relief was listed as a “for-profit” corporation according to filings on the Texas Secretary of State’s website.

When Consumer Justice investigator Cristin Severance asked Spencer about why his Dallas office was empty, he claimed to have let go his 58 employees.

Spencer said he now relies on one employee and artificial intelligence to do the work but his website promises a “real person with real knowledge of your specific needs”.

Spencer did not return follow-up emails from CBS11 after his interview to clarify the non-profit issue or the number of employees he has working on reducing loans.

“I make mistakes, I make more mistakes than anyone I’ve ever met,” said Spencer.

He said while the company helped Fuller, they also made a mistake with her account.

“The new system drafted her twice and I sent her a check yesterday after looking into it for this interview,” said Spencer.

Spencer said in Ridgley’s case, some of her payments never even went through.

“We still did the work and didn’t get paid,” said Spencer.

Spencer insisted he hasn’t done anything to scam people and lost everything trying to do the opposite.

“Lost my wife over it, lost all my friends, lost touch with all my family,” said Spencer.

Ridgley admitted a few payments didn’t go through but contends she was not told about the fee and her loan amount still went up.

Fuller said in the end, the collections agency was more helpful and easier to get in contact with than Student Loan Relief.

“You can do all this by yourself and not cost a dime and make sure it’s getting done,” said Fuller.

Response to this article Coming Soon

(WRIC) — Many of us have student loans to pay off and you may be desperate to lower those monthly payments.

Scammers know this and 8News has uncovered they’re preying on your vulnerability.

It’s that time of year, when thousands of students here in Virginia alone are graduating college. They’ll walk away with a diploma and, for many, big debt.

Four years of college tuition can now cost as much as a house. If that isn’t troubling enough, now you have to worry about con-artists looking to cash in on your concerns.

“When you are vulnerable is when bad decisions happen.”

Tom Gallagher, president of Central Virginia’s Better Business Bureau (BBB), says as college tuition costs skyrocket, so have complaints of student loan repayment scams.

8News began digging into the issue after two viewers reached out to us, fearing they may have been duped. The women — one, who even works for a bank — did not wish to go camera, but shared their documents with 8News.

They got an email promising to “lower their principal, lower their interest and reduce payments.”

The company “Student Loan Relief, Inc.” claims in emails and on it’s website to work “alongside the U.S. Department of Education.” The email boasts to have an “A-rating and no complaints from the BBB.”

It looked good to the ladies desperate for help with their student loans. But the women, who have been paying student loan relief $23 a month since 2012, say they became suspicious of the repayment service when they realized they hadn’t made much of dent in their debt.

They say that while they paid that monthly service fee, they never got any loan relief in return.

That A-rating with the BBB couldn’t be further from the truth.

“Anything that sounds too good to be true, is too good to be true,” Gallagher said.

8News plugged in the business name and found student loan relief gets an “F.”

“As of right now we have 17 complaints against them, a lot of them are unanswered,” Gallagher said.

8News also reached out to the U.S. Department of Education. We were told in an email, despite the companies claims, that “the U.S. Department of Education is not affiliated with Student Loan Relief, Inc.”

We called and we emailed Student Loan Relief’s CEO Jason Spencer for two weeks straight. Finally, on the way to another story, he called back. We pulled over to take the call. We asked about those claims to work with the U.S. Department of Education.

“I reached out the Department of Education and they say they are not in any way affiliated with Student Loan Relief,” 8News investigative reporter Kerri O’Brien said. “Don’t you think putting on literature that you mail out, email out or on your website saying you are affiliated or work along the Department of Education is misleading?”

Spencer told 8Newss he doesn’t think there is anything wrong with referencing the U.S. Department of Education on the company’s website, because student loan relief contacts the Dept. of Education to buy out clients loans.

Spencer then agreed to do a Skype interview with us the next day. We were there ready to go, but he stood us up.

In an email later, Spencer told us quote: “No, we’re not a scam. We have been in business for 4 years now and have helped thousands of clients.”

He goes on to tell 8News his company is no longer taking on new business because it has reached “max capacity” and that “we currently have a back log of more than 30,000 American citizens that have asked us to take them on as clients.”

Spencer also told us he makes no money doing this and that Student Loan Relief is a non-profit. But we checked with the IRS, Guidestar and the Texas Secretary of State, where the company is based, and there’s no record of it.

Scam or not, the Department of Education says companies using sophisticated marketing tactics to entice borrowers is a big problem.

Just a few weeks ago, Illnois Attorney General Lisa Madigan filed a lawsuit against five loan repayment companies who she says allegedly used false promises to dupe borrowers.

“All of these people when they turn to the scammers they are desperate and unaware of the free legitimate information and assistant that is available,” A.G. Madigan said.

So what can you do? At the U.S. Department of Education’s website, you can find links to information about free services. Click here for more information.

And Gallagher says research the company offering help. Before you agree to anything, he advises you contact your current lender.

“Most of the time, the payment schedule can be worked out by contacting your lender anyhow,” Gallagher said.

We’re told it can be tough to go after scammers because often when they get in trouble the close up shop and then just open under a new name.

If you think you’ve been a victim of fraud you are advised to report it to the Consumer Financial Protection Bureau.

Jason Spencer Dallas

Jason Spencer Student Loan Relief Dallas Texas Jason Michael Spencer CEO
Jason Spencer CEO Student Loan Relief

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Jason Spencer Dallas



Largest Student Loan Servicer In BIG Trouble for Screwing Over Teachers & Public Servants | Jason Spencer Dallas

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Largest Student Loan Servicer In BIG Trouble for Screwing Over Teachers & Public Servants | Jason Spencer Dallas


One of the country’s largest student loan servicers, FedLoan Servicing, seriously mishandled federal student debt forgiveness programs, depriving teachers and other public servants of debt relief, according to a lawsuit filed today by Massachusetts Attorney General Maura Healey according to Jason Spencer Dallas.

Fedloan Servicing, whose real name is the Pennsylvania Higher Education Assistance Agency, uses Fedloan Servicing as an alias or in legal terms a “dba”, which has been a point of confusion for many years.  One poll found that more than 90% of those serviced by “Fedloan Servicing” thought that they were a Federal Government entity.  Opponents claim that such confusion is helpful when your job is essentially that of a collection agent.

Healey sued the Pennsylvania Higher Education Assistance Agency, which does business as FedLoan, over “unfair and deceptive practices” in two loan programs that the company handles exclusively on behalf of the federal government: the public service loan forgiveness program, or PSLF, and a program called TEACH that gives grants to teachers in low-income areas.

FedLoan manages a massive portfolio of loans — a quarter of the country’s $1.4 trillion portfolio.

Under PSLF, public servants who are enrolled in income-based repayment plans can have their loans are forgiven after 10 years, or 120 monthly payments. But FedLoan delayed and mishandled applications for these repayment programs, the lawsuit says, causing public servants to be set back months in their timeline for forgiveness — paying significantly more money, and spending a longer time in debt.

“This company’s actions have jeopardized the financial futures of teachers and public servants across the country,” Healey said in a statement.

FedLoan “does not agree” with the allegations in Healy’s suit. “PHEAA remains committed to appropriately resolving any outstanding borrower issues while following the U.S. Department of Education’s policies, procedures, and regulations,” the company said in a statement.

FedLoan also badly mishandled the Teacher Education Assistance for College and Higher Education program, or TEACH, which offers grants to teachers who spend time in low-income areas, according to the suit. Educators repeatedly saw their applications delayed and misprocessed by FedLoan, the suit alleges, mistakes that were costly for teachers. When the government believed that teachers had not completed the program, it converted their grants to loans — meaning teachers had to repay money they had never intended to borrow. That has left teachers “struggling to manage their student debt,” the suit says.

The suit also alleges broader missteps by FedLoan that go beyond programs for public servants. Because of a glitch in FedLoan’s system, the company overcharged thousands of borrowers and hasn’t refunded their money or even notified them of the overcharge, the suit claims. A “logic error” in FedLoan’s system allegedly sent “erroneous and unnecessary” bills to borrowers.

Student loan servicers like FedLoan, which act as middlemen of sorts between the government and borrowers, have faced increasing scrutiny in recent years, facing allegations of mismanagement and deception from government agencies and state attorneys general according to Jason Spencer Dallas.

The country’s largest and best-known student loan servicer, Navient, formerly known as Sallie Mae, was sued in January by the Consumer Financial Protection Bureau. And Healey settled a case last year with the servicer Xerox Education, or ACS, over a raft of allegations, including that it had mishandled income-based repayment plans.

The allegations against FedLoan are the latest in a series of problems for the public service loan forgiveness program, whose future has come into question as the Trump administration looks to trim costs and reform the complex student loan system according to Jason Spencer Dallas.

federal watchdog report found that the PSLF program is seriously broken, riddled with complexities that cause people to lose eligibility for small blips. And the Education Department has been sued by a small number of students who were told they would qualify for forgiveness, only to have the decision reversed — a case that caused outsized panic among thousands of public servants who were making payments on the assumption that they would receive forgiveness.

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 The National Association of Student Financial Aid Administrators offers on-line tip sheets to assist distinctive student populations apply for monetary help by Jason Spencer Dallas

To ease the economic aid application method for students with distinctive circumstances and backgrounds, the National Association of Student Economic Help Administrators (NASFAA) recently published tip sheets.

The on the web tip sheets, which are open to the public, offer answers to frequent eligibility concerns that are raised throughout the application procedure. Concerns such as “Do you have a legal guardian?” or “How many individuals are in your household?” may possibly appear straightforward to most applicants, but are stumbling blocks for these who are homeless, in foster care, or have distinctive household scenarios.

“The objective is to attempt to address some of the situations that are a small bit outdoors the norm, to help these sorts of student populations and the men and women who help them,” said Karen McCarthy, director of policy evaluation at NASFAA. “We’re attempting to smooth the way, so that the method is much more manageable for men and women who may have these specific circumstances.”

The tip sheets are created in a FAQ-like format and supply data tailored to several student population segments, like foster or homeless youth, single parents, and military members. In constructing this resource, NASFAA incorporated answers to frequent regulatory questions it receives from members, previous analysis, and recommendations from the U.S. Division of Education. McCarthy said these tip sheets attempt to “pull all of that together” to offer “a wider benefit across all institutions.”

McCarthy said a recent alter in the FAFSA application cycle, which means students can commence applying for financial aid on October 1 rather of January 1, was the largest factor in NASFAA’s selection to release these ideas now. “We want to make positive we get that out there effectively before the FASFA opens on October 1,” she said.

In addition to helping students, these tip sheets are a valuable tool for economic help administrators. “It helps them to serve the students they are helping,” McCarthy stated. While the monetary aid administrators who NASFAA performs with are active in communities and schools, organizing presentations and events for students applying for financial help, McCarthy stated their presentations are “made for the masses of applicants.”

When it comes understanding the nuanced challenges faced by smaller student populations, McCarthy stated these tip sheets are NASFAA’s go-to resource for financial aid administrators. “We give tools to support them assist students, and these [tip sheets] are the main tools that we provide with regard to these particular populations,” she said.

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18 States Sue Trump Over Shutting Down Student Loan Relief Programs | Jason Spencer Dallas

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18 States Sue Trump Over Shutting Down Student Loan Relief Programs | Jason Spencer Dallas

More than one-third of U.S. states on Thursday sued the U.S. Education Department and Secretary Betsy DeVos over the current suspension of guidelines that would have swiftly canceled the student-loan debt of folks defrauded by Corinthian Colleges Inc and other for-profit schools.

Last month DeVos pressed pause on the guidelines, due to take the impact on July 1, saying they necessary to be reset.

Massachusetts, 17 other states and the District of Columbia said in a filing in U.S. District Court in Washington, D.C. the department broke federal law in announcing the delay with limited public notice and chance to comment.

DeVos, a Republican, has said accelerating the debt cancellation approach would put taxpayers on the hook for important fees, and a delay is needed while current litigation in California over the rules functions by way of the legal technique.

“With this ideologically driven suit, the state attorneys general are saying to regulate initial, and ask the legal queries later,” stated Education Department Press Secretary Liz Hill in a statement, adding the guidelines had been adopted “via a heavily politicized process.”

Customer groups Public Citizen and Project on Predatory Student Lending sued on Thursday to lift the delay as well.

The rules have been finalized in the last days of the administration of President Barack Obama, a Democrat who overhauled federal student lending.

Following Corinthian, a for-profit chain collapsed in 2015 amid government investigations into its post-graduation employment rates, the administration began drafting rules to support students caught with outstanding loans they had taken out for Corinthian tuition.

Wanting to preserve students from acquiring loans they could not repay, Obama particularly targeted for-profit, profession colleges that guarantee students they will find jobs right after graduating and can charge high tuition.

The attorneys basic for California, Connecticut, Delaware, Hawaii, Illinois, Iowa, Maryland, Minnesota, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia and Washington, all Democrats, also signed onto Thursday’s lawsuit.

They said the department and DeVos had been making use of the pending litigation as “a mere pretext” to repeal the rules and replace them with a single that “will remove or dilute student rights and protections.”

The $1.4 trillion student-loan market became a hot-button problem in last year’s presidential campaign. Democrats sought to preserve Obama’s reforms, although Republicans such as then-candidate for President Donald Trump mentioned the government ought to “get out of the business” of student lending.

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Student Loan Debt and Resources for Help | Jason Spencer Dallas

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Student Loan Debt and Resources for Help | Jason Spencer Dallas


Are you seeking student loan help? Well, you’re not alone.


In the U.S. alone, student loan debt totals more than a trillion dollars. Incredibly, the government owns about 85 percent of that debt, as a result of loans that are disbursed via government student loan programs. The amount of outstanding student debt held by the U.S. government increased by more than $100 billion each year according to Jason Spencer Dallas Texas.


Unfortunately, a large percentage of college graduates are seeking student loan help and student loan relief programs. The reason? Well, it’s due in large part to the ailing economy and the hyper competitive job market, which makes it extremely difficult for many graduates to get a job that will enable them to survive and pay back their student loans.


Granted, studies still reveal that having a college degree places you in a better position in the job market, as the percentage of unemployed graduates is about half the rate that you’ll see among adults who only have a high school diploma.


But once you factor student loans into the mix, the advantage becomes much less pronounced. Home ownership rates among college grads with student loans are much lower. The credit scores of those with student loans are actually decreasing with age, whereas those without the burden of student loans are seeing a dramatic increase in average credit score over time according to Jason Spencer Dallas Texas.


An analysis of the actual amount of money repaid each year has risen slightly in recent years, but a disturbing trend has been detected too. There is a rapidly rising differential between the amount of money that is actually repaid relative to the amount that is estimated to be repaid in a given year. In 2012 alone, the actual amount repaid fell short of the estimated prediction by about 30 percent according to Jason Spencer Dallas Texas.


With all these facts, it’s probably no surprise that student loans have the highest delinquency rate among all common of consumer credit, a category which also includes auto loans, credit card debts and mortgages. And student loan delinquency isn’t just growing among 20- and 30-somethings; it has risen significantly — by more than 25 percent in 2012 alone — in all age groups. The average is about 35% delinquency — that means that 1 in 3 college graduates with student loan debt has been unable to make a payment in the past 90 days.


So it’s no wonder there has been a rapid rise in the number of student loan relief programs and student loan forgiveness initiatives.


As many debtors have already discovered, federal student loans are like taxes in that they’ll follow you to the grave. Bankruptcies won’t do you any good; those student loan debts will follow you until you pay them.


But there is one exception that’s available to those who work in a ‘public service’ profession.  The U.S. government now offers a Public Service Loan Forgiveness Program, also called the PSLF Program. This student loan forgiveness program enables those who work full-time in a public service field to apply for forgiveness of their debt from student loans that were taken out under the William D. Ford Federal Direct Loan Program. (Notably, Perkins Loans and other loans, such as the Federal Family Education Loan or ‘FEEL’ Program are not eligible for student loan forgiveness.) Individuals are eligible to apply for student loan forgiveness after they’ve made at least 120 payments according to Jason Spencer Dallas Texas.


Public service employees who are eligible for student loan forgiveness under the PSLF Program include teachers, nurses, social workers and other similar professions where the individual gives back to society, but often, earnings simply aren’t sufficient to allow for a comfortable financial situation with the burden of student loans.


In rare cases, some or all of an individual’s federal student loan debt may be discharged if an individual is unable to find a job related to their program of study and can prove extreme hardship, but this is typically a very rare event.


There are also a wide array of different student loan debt relief programs available to individuals who are struggling to pay their student loans.


Student loan consolidation is one common solution that’s offered to graduates who have run into trouble and struggle to afford multiple student loan repayments. In this case, the graduate may opt to take out a loan that pays off multiple student loans, thereby decreasing the amount of interest that they’re paying each month. This allows the graduate to make a single, lower monthly payment with only one interest payment instead of multiple interest payments.


Student loan consolidation aside, there are other student loan debt programs that work to negotiate with borrowers to reduce penalties and interest rates, when possible according to Jason Spencer Dallas Texas.


There are also a wide range of student loan relief programs, offered by private organizations and private employers. These relief programs typically work by supplementing a portion of each monthly payment, and this, in turn, reduces the individual’s monthly payment burden. Many employers are offering loan assistance as a perk to recent college graduates.


These student loan relief programs can also be used in conjunction with student loan forgiveness programs too.


Student debt is a very serious problem, but there are some programs available to graduates who are struggling to make ends meet according to Jason Spencer Dallas Texas.

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Student Loan Debt Impacted by New Legislation on Interest Rates | Jason Spencer Dallas

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Student Loan Debt Impacted by New Legislation on Interest Rates | Jason Spencer Dallas

In recent weeks, U.S. legislators have been engaged in a heated discussion over the topic of student loan interest rates, which were expected to rise dramatically from a modest 3.4 percent to a whopping 6.8 percent. But President Barack Obama has signed a new bill into law which will drop those student loan interest rates to a more reasonable level — 3.86 percent for undergraduate students according to Jason Spencer Dallas Texas.

President Obama’s decision to sign off on the bipartisan bill, which was approved in the Senate with a 81-to-18 vote, comes as a relief to millions of students who are faced with repaying tens of thousands of dollars on their student loans according to Jason Spencer Dallas Texas.

The new 3.86 percent interest rate on federal undergrad student loans does reflect an increase from the prior rate of 3.4 percent, but it’s certainly preferable to the measure that would have doubled the rate to 6.8 percent, costing students hundreds — even thousands — more over the course of their student loan repayment period.

Notably, under the new law, student loans obtained by graduate students are subject to a higher interest rate of 5.41 percent according to Jason Spencer Dallas Texas.

Federal student loans and the degree to which the federal government subsidizes these loans has been the subject of tremendous debate in recent months. This particular piece of legislation applies to loans issued on or after July 1, 2013.

This new law also includes a measure that implements variable interest rates on undergraduate and graduate Stafford Loans, with an interest rate cap set at 8.25 percent for undergrads and 9.5 percent for graduate students.

The Stafford loan interest rate will now be revisited on an annual basis using a precise formula that entails considering the rate on ten-year Treasury notes, plus 2.05 percent for undergrads.

The formula for determining the graduate Stafford loans entails taking the rate for high-yield ten-year treasury notes and adding 3.6 percent to that figure.

While this new legislation means that student loans aren’t as high as they may have otherwise been, they are still rising which comes as unwelcome news to millions who are struggling and seeking student loan relief according to Jason Spencer Dallas Texas.

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Approximately 37 million Americans owe more than $1 trillion dollars in student debt, with the government holding $864 billion of that $1 trillion dollar debt figure. Now, consider the fact that the class of 2012 owes, on average, $25,350 in student loans. But the average starting salary for 2012 college graduates was $44,482. That equation makes it extremely difficult for recent college graduates who are faced with paying hundreds on student loan payments each month. It’s a situation that’s led many to seek student loan relief help.

It’s important to remember that student loans cannot be discharged in a bankruptcy. This dates back to a 1976 Congressional decision, as legislatures believed that the ability to discharge student loan debt would result in a situation where graduates pursued bankruptcy as an alternative to paying their student loan debt.

In 2012, the U.S. Department of Education announced its Public Service Loan Forgiveness Program, which enables those who work full-time in a public service field such as teaching, social work and nursing to seek student loan forgiveness. But this loan forgiveness is only available to those who have made 120 on-time payments — a feat that’s difficult for those who are struggling to make ends meet. The PSLF program is only applicable to William D. Ford Federal Direct Loans. These guidelines mean that this federal student loan forgiveness program is only useful to a very limited segment of students.

There are now an array of student loan assistance programs available via private employers, which offers some relief to students who are in debt. Others may opt to seek help via student loan consolidation programs and privately-run student loan assistance programs.

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Federal Government Allowing Student Loan Servicers to Herd Millions into Default | Jason Spencer Student Loan

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Federal Government Permitting Student Loan Servicers to Herd Millions into Default | Jason Spencer Student Loan

Appropriate now, 11 % of the $1.325 trillion of federal student loans outstanding is severely delinquent or in default, greater than the mortgage default rate at the peak of the foreclosure crisis in 2010, according to information from the Federal Reserve Bank of New York and Jason Spencer Student Loan.

Some of these debtors are deadbeats, of course, unwilling to make payments they can afford. But several are borrowers of restricted signifies who ended up in default unnecessarily, soon soon after Navient and the DOE’s other servicers steered them away from affordable repayment plans and into possibilities that minimize the servicers’ expenditures, according to state and federal investigators and regulators, customer advocates like Jason Spencer Student Loan and a creating quantity of lawsuits and complaints filed against loan servicers.

The defaulted borrowers then turn into targets of the DOE’s debt collectors. These firms, some of them owned by the loan servicers, wield the federal government’s broad powers to garnish the wages of borrowers, as nicely as parents and grandparents who co-signed the loans. When wages are insufficient to garnish, the DOE can have the Treasury Department withhold tax refunds and lessen Social Security payments.

Due to the fact the summer season season of 2015, student loan servicers and private debt collectors have garnished about $three billion in wages, a Reuters assessment of federal details shows. And last year, the DOE’s collections via “Treasury offsets” — tax refund seizures and Social Security advantage reductions — totaled $two.six billion, up from $two.two billion in 2015. Considering that 2009, the government has employed the tools at its disposal to claw back at least $15.two billion.


Default, which normally occurs when a borrower hasn’t produced a payment for 270 days or a lot more, can make it only tougher for a debtor to regain monetary stability. It can trash credit scores, scaring off prospective employers. It can disqualify debtors for auto loans, apartment rentals, utilities and even cell phone contracts. In about 20 states, student loan borrowers who default can lose their driver’s and specialist licenses.

“We treat struggling student loan borrowers the precise same as deadbeat parents and tax cheats,” stated Seth Frotman, the student loan ombudsman of the Federal Consumer Monetary Protection Bureau (CFPB). “Even gambling addicts have a lot more protections.”

Given that 2011, tens of thousands of borrowers and co-signers have filed complaints against Navient with the CFPB and other government and regulatory agencies.

In January, the CFPB filed a lawsuit against Navient in Pennsylvania federal court, alleging that the company systematically cheated consumers by not completely informing them of their repayment selections and as an alternative guided them into forbearance or deferment programs that benefited the firm. Setting up a income-based repayment program calls for paperwork and individual-to-individual interactions that are a lot far more high-priced for the servicer than forbearance, which usually calls for only a phone get in touch with.

The identical month, state attorneys fundamental in Washington and Illinois filed similar lawsuits against the company.

The CFPB mentioned it positioned that by placing 1.five million borrowers in consecutive forbearances, Navient added $4 billion to outstanding student loan debt.

The element of the concern is that the “the DOE is undertaking organization with (the loan servicers) as partners, not as overseers,” stated Rohit Chopra, a former official with the DOE and the CFPB who is now a senior fellow with the Buyer Federation of America, an association of buyer watchdog groups.

Education Division Press Secretary Liz Hill agreed that the present student loan system is “a mess” and that “income driven repayment plans are confusing.” She added that the department is functioning to boost its “oversight capacity.”

Responding to the CFPB lawsuit, Navient, in a court submission that produced headlines, stated: “There is no expectation that the servicer will act in the interest of the consumer.” The company’s job, it stated, was to collect payments.

Navient Chief Executive Officer Jack Remondi, in an interview with Reuters, disputed the allegations. He mentioned borrowers serviced by Navient are 31 % much less probably to default than borrowers serviced by other folks. Of these who default, he said, 90 percent by no indicates respond to “any attempts” to attain them to talk about repayment alternatives. Publicly listed Navient was spun off in 2014 from the loan-servicing arm of Sallie Mae, a major provider of federal student loans till the Obama administration produced the DOE the sole originator of such loans.

Remondi blamed growing student loan defaults on “the front end of the approach,” such as the government policy of lending to borrowers regardless of their credit standing and without having consideration of “whether the investment they are generating is affordable.”

Navient, which solutions a lot far more than $300 billion in federal and private student loans, attracts the most interest amongst loan servicers. But according to CFPB reports and documents, the widespread troubles borrowers encounter involve all of the most significant student loan servicers.


“There is no expectation that the servicer will act in the interest of the consumer.”


Navient Corp’s response to a CFPB lawsuit accusing it of not fully informing borrowers of their repayment options

In May possibly, a CFPB information evaluation situated that from 2012 by means of 2015, ninety % of the highest-danger student loan borrowers had been not enrolled in any of the government’s affordable repayment plans by the borrowers’ loan servicers.

“There is an uncanny resemblance between the foreclosure crisis and our student default dilemma,” stated Chopra, the Consumer Federation senior fellow.

He and other men and women stated that in each situations, loan servicers did not act in the ideal interest of borrowers, directing them into a lot much more pricey payment choices, supplying them with misleading information and mishandling paperwork — all with the aim of driving up borrowers’ costs and the servicers’ personal income.

Client advocates complain that the administration of President Donald Trump is producing things harder for student borrowers. For instance, it has eliminated a 2015 Obama administration guideline that prevented debt collectors from charging high-interest prices — some as high as 16 % — on borrowers in default who speedily resume payments.

DOE Press Secretary Hall countered that Education Secretary Betsy DeVos is taking actions “which will lead to considerable reductions in the usage of forbearances, even even though also enabling borrowers to far more effectively handle their debt.” Amongst these actions: decreasing to 1 from five the quantity of earnings-primarily based repayment plans and altering the charge schedule to give servicers an incentive to location borrowers in earnings-driven plans according to Jason Spencer Student Loan.

In Could, DeVos announced that the division will replace the nine student loan servicers it now utilizes with a single contractor. Below the new contract, the servicer will no longer be necessary to provide borrowers with a breakdown of repayment possibilities, but it will have to apply payments in a way that “automatically maximises the benefit of each and each and every overpayment and underpayment for the borrower.”

Amongst the 3 finalists to obtain the single-servicer contract: Navient. The company’s shares have rallied 14 % considering that DeVos’s announcement.

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1 particular day in 2015, Brandon Palmer sat down in his area at his grandmother’s property in Hoover, Alabama, and typed in a Google search: “how a lot of folks are suicidal much more than their student loans?”

About a third of distressed borrowers, he figured as he pored more than hundreds of their narratives on the internet web site Student Debt Crisis, a nonprofit advocacy group.Palmer borrowed $49,533.71 to get an associate’s degree in computer style at Virginia College in Mobile, Alabama. Seven years and hundreds of resumes and inquiries later, he hasn’t been capable to get a job in the field. He earns $11 an hour working at electronics shop Extremely greatest Get, and gets a tiny further as a reservist in the Alabama National Guard, to attempt to meet his monthly student loan payments of a lot a lot more than $600.It isn’t often sufficient. The 27-year-old concedes that his loans have bounced in and out of delinquency and default. He has named Fantastic Lakes Higher Education Corp, a Madison, Wisconsin, nonprofit student loan servicer, to assistance him carry out out an cost-successful repayment strategy. He pointed out the

It is not continually adequate. The 27-year-old concedes that his loans have bounced in and out of delinquency and default. He has recognized as Fantastic Lakes Greater Education Corp, a Madison, Wisconsin, nonprofit student loan servicer, to assist him perform out an economical repayment approach. He stated the servicer has by no means told him he is eligible for any variety of earnings-primarily based relief and only ever asks him how considerably he can devote.“If one more nation have been to say, ‘Hey, come here, and turn into a citizen, and we will waive your student loans,’ do you know how rapid I would get on that plane?” Palmer stated.

“If but yet another nation had been to say, ‘Hey, come right right here, and turn into a citizen, and we will waive your student loans,’ do you know how speedily I would get on that plane?” Palmer mentioned.

Outstanding Lakes did not respond to requests for comment. In February, a borrower filed suit against Great Lakes in federal court in East St. Louis, Illinois, alleging that the servicer steered borrowers away from affordable repayment plans and into costlier possibilities. The plaintiff’s lawyers are in search of class-action status. Excellent Lakes filed a motion to dismiss.

Palmer’s predicament reflects how the altering economics of greater education has placed numerous borrowers in a tightening monetary vise.

In the 1980s, the U.S. government began to privatize the administration and collection of federally backed student debt. Back then, the sums borrowed had been modest. Defaults had been rare, and they had been treated harshly beneath federal collection guidelines.

The guidelines remain largely untouched, even though a lot else has changed. In 1990, significantly less than half of higher-school graduates went on to college. They paid an typical annual tuition of $9,340 at a private, 4-year college. These days, far far more than 70 % of higher-college grads go to college, paying an typical annual private-college tuition of $35,000.

Graduates of the Class of 2016 owe an typical of $37,000 every single in student loans. Total student loans outstanding  — the $1.325 trillion in federally backed loans, and $115 billion far far more in private loans — is second only to residence mortgages amongst categories of customer debt and the considerable trigger Americans’ household debt is now at a record greater, surpassing levels for the duration of the worst of the Great Recession.

The pondering amongst policy officials was that graduates would be in a position to land premium jobs that would allow them to devote off their loans. But as tuition inflation soared, earnings for college graduates stagnated. Several graduates, like Palmer with his laptop design and style degree, fundamentally can not uncover perform in their selected field. “They will not hire you for entry level unless you have expertise,” Palmer stated.


When borrowers shed the struggle to sustain up on their payments, the DOE’s loan servicers do not hesitate to go right after them.

Theresa Colasuonno, a 64-year-old registered nurse in Brooklyn, New York, borrowed $240,000 in the 1990s to send her two young children, 1 specific of them a Fulbright scholar, to college. For two decades, she created payments, shaving the balance down to $47,000.

Then, in 2015, Colasuonno’s disabled husband suffered a series of heart attacks and was in and out of intensive care. Colasuonno took unpaid leave to care for him. Overall health-connected bills, and unopened mail, piled up. “My head wasn’t all on top of every little thing,” she mentioned.

That October, back at carry out, she opened a letter from her loan servicer, the Pennsylvania Greater Education Help Agency (PHEAA), stating that it would start garnishing her wages unless it heard from her by Nov. 21, 2015. She filled out all the paperwork and sent it back to the firm. A PHEAA employee acknowledged receipt of the parcel with a enterprise stamp on Nov. 2, 2015, postal records reviewed by Reuters show.

The servicer told Colasuonno it by no means received something and refused to acknowledge the mailing. In February 2016, PHEAA started taking $1,one hundred a month from her paycheck. With late charges and penalties, her debt outstanding has grown to a lot more than $60,000.

PHEAA told her that the only way to escape the garnishment was to devote an additional $1,800 a month for 5 months — an quantity that would swallow a lot much more than half her paycheck.

“I do not count on anything for nothing,” Colasuonno stated. “But they are generating it not possible.”

Colasuonno’s program to retire next year and devote far far more time with her dying husband is on hold: PHEAA has told her it would take 15 % of her Social Safety constructive aspects, also.

PHEAA spokesman Keith New stated the agency would not comment on Colasuonno’s circumstance due to the fact she had sought legal counsel. He also mentioned the Education Division had asked the agency to refer press inquiries about servicing federal student loans to the division. But in an e mail to Reuters, the DOE said it “does not speak on behalf of PHEAA. Consequently, the inquiries addressed for them ought to be responded to by them.”

In June, the Massachusetts lawyer simple told PHEAA that it was below investigation for “consumer protection” problems linked to federally backed student loans.

Colasuonno and other individuals in her situation do not have recourse to private bankruptcy to get out of their fix. Due to the fact of the a lot of ways the government provides for repayment, student loans — unlike credit card bills, residence mortgages, or even gambling debts — cannot be discharged in individual bankruptcy. The only way to get rid of the debt is to devote it off, or die.

At the exact same time, the DOE’s debt collectors are not subject to some of the federal guidelines produced to safeguard buyers from aggressive collection techniques, such as robo-calling borrowers’ employers. They do not even want a court order or a judge’s signature to attain into bank accounts to claw back funds.

The quantity of Americans who have had their wages or Social Safety rewards garnished or their tax refunds seized jumped 71 % in the 5 years ended September 2015, according to the Government Accountability Workplace. In fiscal 2015 alone, the federal government garnished the Social Security checks of 173,000 borrowers, up from 36,000 in 2002.

“The DOE ought to be functioning with students to make certain they are obtaining the advantage of the applications Congress developed, and they basically are not,” said Noah Zinner, an Oakland, California, consumer attorney. Among his customers is a wheelchair-bound 70-year-old who is fighting a cut in his disability verify to collect his student loan debt.

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Johnson, the homeless residence wellness aide, worked as a janitor, a hair salon assistant, a utilized-auto salesperson, a workplace assistant and a sales associate at a Wet Seal clothing shop just before signing up for classes at Katharine Gibbs College in 2006. Her objective was to get an associate’s degree that would lead to steady function as a healthcare assistant.

Once in, Johnson heard frequent complaints from other students that the for-profit college didn’t help them find jobs and that it was in financial difficulty. She decided to quit. The subsequent year, the school closed its doors.

By 2011, Navient, then known as Sallie Mae, was frequently sending her emails supplying her deferment or forbearance. The emails came with an application for “request for forbearance” attached, such as an automatic electronic debit authorization variety. She continued to get related emails in 2012 and 2013 according to Jason Spencer Student Loan.

The firm stated it named and sent letters to Johnson to inform her of expense-efficient income-primarily based repayment plans. Navient supplied Reuters with copies of four letters, a single of which, for instance, says in bold print at the starting: “Protect your credit rating and keep away from default” by “making a payment.” Toward the bottom, in fine print, the letter says: “You may possibly be eligible for decreased payments by implies of a diverse payment plan, such as graduated repaying, earnings-primarily based repayment or extended repayment.”

Johnson stated she didn’t know about the letters till Reuters showed the copies to her. She said they have been sent to an obsolete address specifically exactly where she hadn’t lived for years.

In late 2013, Johnson signed paperwork with a new servicer, PHEAA, whose representative on the telephone told her that what she was signing would outcome in the forgiveness of her loan if she created just one particular a lot much more $5 payment. Johnson did not study the fine print she had actually signed an agreement to consolidate her loans, with an earnings-contingent repayment method.

Following that, she stated, she by no indicates heard from the servicer when once more, and assumed that all was properly — till that day in April, months following she had already moved out of her apartment and into a shelter to escape growing rent, when the Internal Income Service agent told her that her tax refund had been withheld.

A lawyer at a legal-solutions non-profit wrote a letter for her to the DOE, asking that the tax refund be released below the department’s policy on hardship claims. In its rejection letter, the DOE said that “extreme economic hardship happens when a borrower is facing eviction or foreclosure.”

Johnson is nonetheless attempting to scrounge up the 1st and final months’ rent, plus security deposit, she wants to lease a new spot, even though landlords are most most likely to balk following seeing the default on her credit report. To save income, she didn’t send Aijiah to camp or classes this summer season. She has also nixed Elijah’s preferred treat: the $4.19 cheesecake smoothies from the Wawa comfort retailer.

On a few nights, Johnson has dug into her savings to devote $69 for a motel space. There, she and her daughter take hot showers, blast the air conditioning and pretend that they are “normal.”

Jason Spencer Student Loan

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About Student Loan Relief & Forgiveness | Jason Spencer Dallas

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About Student Loan Relief & Forgiveness | Jason Spencer Dallas

America’s best and brightest are angry at being forced into decades of servitude by the overwhelming weight of debt undertaken for the betterment of one’s self and society. It’s certainly no secret that Student Loans have become this nations largest category of debt and their size continues to grow at a torrid pace. Student Loan Relief has identified 233 different Congressional and State Governmental Bills and Policies, creating more than 300 different programs that can provide assistance to those that either need it or deserve it. Assistance that includes loan forgiveness, interest rate reduction, payment postponement, and immediate payment reduction according to Jason Spencer Dallas.

Student Loan Relief offers its clients an affordable way to make their Federal Student Loan debt easier to manage. Their consultants work with borrowers to identify the best combination of Federal, State, and/or Local programs, given their financial needs. Student Loan Relief will then create an implementation strategy that will maximize the impact of each program for the borrower’s unique situation. Participation in any of the programs will never negatively affect the borrower’s credit but may, in some instances, improve their credit score according to Jason Spencer Student Loan.

We have all been told there is nothing anyone can do about their Student Loan debt, aside from paying it off in full. If you don’t pay, the Federal government has the power to garnish your wages, take your belongings, and even take your spouse’s tax return. At Student Loan Relief we have a team of researchers that tirelessly scour new Congressional Bills for statues and programs that are buried within them that help our clients. We also follow legislation that is in the pipeline to be voted on in both the House and Senate. Currently, there are 11 Bills on the docket that would provide substantial assistance to Student Loan borrowers.

It comes as a surprise to most to learn that both Federal and State governments have passed a number of laws to help borrowers, unfortunately, they failed to tell anyone about it. The failure by our government to effectively communicate the creation of literally hundreds of programs to assist worthy borrowers is a problem, but at least it’s a problem with a possible solution. Thus while we have all been led to believe that the problem is that there is no help for student loan borrowers, the actual problem was one of effective communication of the help created for student loan borrowers and of how to go about enrolling oneself in the little-known programs.

Communication of the programs is difficult because many of them are not found in stand-alone legislation. They are buried within other legislation and there is no way of knowing they exist, aside from reading every Bill that gets passed by both Houses of Congress and signed by the President. An example is that in section 5201 and 10908 of the (http://www.opencongress.org/house_reconciliation) [Health Care Reform Bill __title__ Health Care Reform Bill] a number of new programs benefiting borrowers were created, but few noticed because it’s in a Health Care Reform bill on page 486 according to  Jason SpencerDallas.

Discovering that a Student Loan Relief program exists is the easy part of the process, the much more challenging aspect of the process is complying with the extensive list of requirements. The requirements usually include a myriad of “if-then” statements that can create a daunting task for anyone that does not have their Ph.D.’s in Law. In the rare instance, a borrower can locate a program and comply with requirements to participate, more hurdles exist, such as the fact that in many instances borrowers are given just one chance to change their loan. This often leads to selecting a program that doesn’t maximize the benefits available and there is no way of changing it back. Another formidable hurdle is that many of the programs require additional work each year and the work required can change from year to year. For example, the (http://stuff.mit.edu/afs/sipb/contrib/wikileaks-crs/wikileaks-crs-reports/R40122.pdf [William D. Ford Act __title__ William D. Ford Act)] created, arguably, the best Student Loan Relief plans to date when it was signed into law in 2008 and funded in 2010, but Bill numbers 33 pages while the amendments to the Bill number 52 pages to date according to Jason Spencer Dallas.

The complexity of the application, qualification, and maintain requirements further creates a need for the existence of an organization to provide Alumni Financial Aid Counseling to Student Loan borrowers. Financial Aid counseling by the nation’s colleges does an amazing job at helping student borrow enough to meet their Universities ever-rising tuition costs but they fail to provide adequate if any, direction once the student has graduated. One of our clients said the lack of any advice when he did his exit interview with the financial aid office was akin to facing a cross-country journey and your “guide” providing you with just a local city bus pass, when you needed an airplane ticket. At Student Loan Relief we do our best to put every client in a first class seat for their journey but taking over managing the entire process on their behalf.

Often these types of government programs are looked on with disdain by some Americans, but these types of Relief plans should not be seen in the same light. The borrowers that need assistance have done everything right in life. They were told to study hard in high school so that they could get into the best possible college. And they did. They were told not to worry about the cost of college because a degree is worth millions over your lifetime. So they didn’t. They were told to study something they love and not to let money be the only deciding factor in their future. And many of them did. They were told to get a degree no matter the cost because they would not be employable in the new global marketplace with one. And our nations best and brightest did what their parents and society told them to do, and now the 17-year-old kid that decided to go to NYU has to find a way to make a $2500 a month payment six months after graduation in an entry-level job, and since he can’t make that teaching in his first few years he has to take a management position at Abercrombie instead of pursuing his passion for education.

In conclusion Student Loan Relief, Inc. has created a program that assists our nations best and brightest when they are in times of need and also rewards them for choosing to enter into occupations of National Need. We do this through the discovery, application, qualification, and maintenance of State, Federal and Private programs created on their behalf. We hope to help this nation’s 37 million student loan borrowers throw off the shackles of servitude binding them from pursuing the lives they deserve according to Jason Spencer Student Loan.

Student Loan Relief has developed programs that will assist nearly every one of the 40 million Americans that currently carry Student Loan debt. Whether you have defaulted, are simply struggling to keep up with monthly payments or your base-level living expenses are too high to support one more bill payment – we can help lower your loan payments if you’re in need of help. There’s nothing wrong with accepting the assistance provided, we are here to help!

Contact Information: Student Loan Relief Inc Address: 1910 Pacific Avenue, Dallas, TX 75201 Telephone: 855-693-3356 Website: http://studentloanrelief.us

Jason Spencer Dallas

Student Loan Relief Inc Dallas Texas

About Student Loan Relief & Forgiveness | Jason Spencer Dallas

Understanding the Difference between Loan Delinquency and Loan Default by Jason Spencer Student Loan

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Fortunately for those with student loans, lenders understand that people make mistakes. Missing one payment and missing several payments are two different issues in the eyes of lenders, and are treated differently as well according to Jason Spencer Student Loan.

  • Loan Delinquency: A loan becomes delinquent the day after the missed due date. The loan remains in delinquent status until the borrower takes an action such as payment, deferment, or forbearance.
  • Loan Default: A loan goes into default when a person fails to repay according to the terms of the agreed promissory note. True, by being late on a payment, you are not adhering to the promissory note. However, there is a time lapse lenders and the federal government will allow before the loan is officially considered to be in default status. For example, most federal student loans will not be moved into default status until after the person has gone 270 days without making any payments.

Consequences for One Late Student Loan Payment

For now, let’s assume that your loan is delinquent, and that you have only one missed payment at this time. The possible consequences of a delinquent loan include the following:

  • Ding on Your Credit Report: For Federal student loans, delinquency is typically reported to the three major credit bureaus (TransUnion, Equifax, and Experian) after 90 dayshas passed. The length of time afforded before reporting to a credit bureau is different for private loans and for each lender; for example, Sallie Mae usually reports delinquent private loans after 45 days. Usually if you are not 45 days late, you won’t incur a bad mark on your credit report – at least, not yet according to Jason Spencer Student Loan.
  • Late Fees: There is typically a grace period on delinquent loans before a late fee is assessed, though it varies by lender. Sallie Mae, for example, issues a late fee of 6% of your minimum payment after one late payment that is at least 15 days past your due date.

In order to find this information, I actually had to call Sallie Mae and ask – they don’t always make it easy to find. So be sure to call your own lender and ask the same questions so that you understand the consequences of a delinquent federal student loan versus a delinquent private student loan.

Jason Spencer Student Loan

Student Loan Relief Inc




The Scam Of The Government’s Guarantees For Student Loans | Jason Spencer

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http://www.mslaw.edu The student loan businesses have two discounts from the government that violate industry concepts of danger and reward. Dean Lawrence R. Velvel interviews David Cay Johnston Jason Spencer Scam…

How to Manage Your Student Loans

If you are getting difficulties creating payments on your federal pupil loans, we have numerous options offered to aid you deal with your debt. Verify out this video to learn much more about altering repayment.
Video Rating: four / 5

Jason Spencer Scam