Think twice before paying someone to help you (or your employees) apply for loan forgiveness

Loan forgiveness through government programs has, and always will remain a hot topic in the media. Specifically, Public Service Loan Forgiveness (PSLF). This program is handled by the the department of education and borrowers may only apply at studentaid.gov. Once there, individuals can navigate the ‘Loan Forgiveness’ tab and select PSLF or other government relief programs they may be eligible for. Federal Student Aid has made it simple and effective for individuals to take action on their student debt through these prompts.

On the graduated loan Repayment side of things, borrowers also only have one option to apply. That’s directly with their loan servicers. To opt into these plans users can visit their servicers overview and application pages. Here’s a few of the most notable; Nelnet, Aidvantage, EdFinancial, Mohela, OSLA.

Fraudsters have claimed for decades that they can help borrowers reduce their debt (linked articles below on topic). At worst these companies will charge hundreds or thousands in fees and never affect the student loan borrower’s debt. At best, these firms fill in the borrower’s name, address, and other basic information, and submit the application form to the DOE or loan servicer. All of which can easily be done by the borrower themselves.

Instead of making grand promises, Peanut Butter users receive an Action List and Learning Library that helps them understand where and how to apply for these programs, and when it might be advantageous to do so. Our clients trust us to stay on-top of this and provide their employees with curated options to better manage their debt, and we’ve outpaced competitors in ease of use, and quality of support.

Student Loan Fraudsters in the Media: