Wife has student loans (30k) or so. We've started to pay it off like normal and it's totally on pace as for as being caught up. We'll now her friend is telling her about this direct student aid company which is basically a group of lawyers that know how to file for the Obama Federal Student Loan forgiveness act and basically if you make a low enough amount of money they can forgive the student loan. We file seperately so even though we make too much money together supposedly she would qualify for the forgivesnees with her filing seperately and her salary.

My question and basic point is this: I think its a big scam. I've always subscribed to the notion that if its sounds too good to be true it probably is. These lawyers wanna charge $1000 for their services and I think it's a fraud. The only reason I think it may have a 1% chance of not being a fraud is because I could just see Obama setting up a bailout program for student loans, I mean what else has he not bailed out yet right? Lol

Anyways, a question I knew I had to turn to the money talk experts. Has anybody had any legiimate business dealings with this Direct Student Aid company? Is there any truth to the loan forgiveness plan if a person only makes a certain amount of money Obama money is in play? Lastly, should I feel like a total hypocrite for even thinking about this as a possibility?

Thanks in advance.

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Posted by beebefootballfan

Member since Mar 2011

19005 posts

Posted on 7/9/13 at 7:13 pm to bigbowe80

quote:
H.R. 4170 would forgive student loan debt for those who have paid 10 percent of their discretionary income toward their loans for 10 years and would cap interest on federal student loans at the current rate of 3.4 percent. Individuals who go into teaching, public service or practice medicine in underserved areas would have their debt forgiven after only five years.

LINK

This post was edited on 7/9/13 at 7:15 pm

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Posted by Teddy Ruxpin

Member since Oct 2006

39553 posts

Posted on 7/9/13 at 7:14 pm to bigbowe80

This is bunk, because not only am I a lawyer, I would have already taken advantage of this instead of sitting on the twenty some odd year repayment and forgiveness plan I am on.

ETA: I just read what they allege they can discharge. The examples given I cannot imagine would apply to ninety or more percent of loan borrowers.

This post was edited on 7/9/13 at 7:36 pm

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Posted by Teddy Ruxpin

Member since Oct 2006

39553 posts

Posted on 7/9/13 at 7:16 pm to beebefootballfan

quote:
Have to pay on your loan for 10 years never missing a payment to qualify IIRC.

What he is talking about is clearly not the ten years of public interest employment forgiveness plan and furthermore the only cost in enrolling in such a plan may be using a stamp or faxing something, not thousand dollar lawyers.

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Posted by schlow mo

New Orleans

Member since Feb 2010

5245 posts

Posted on 7/10/13 at 2:07 pm to bigbowe80

That is def scam.

I have looked into and read everything possible about student loans and there is no way to discharge student loans without extreme hardship through a bankruptcy. Those are basically impossible to get.

Keep your 1000 dollars and tell you wifes friend she is a moron.

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