SLAC, Inc. complaints

Company states; The consumer states in her complaint that she has paid us for the period of 6 years and since nothing has changed on her student loans she is asking for a refund. This consumer has been with our company since March 24, 2015. During the past 7.9 years our company has adhered to the attached 10-page contract in which the consumer signed 5 times. This contract explains in detail the services we provide as a company. The contract also explains what our fees are for. There is also a cancellation policy which allows the consumer to cancel our services at any time. Consumer has $22,000.00 in student loan debt and a monthly payment she could not afford of just over $200 a month. Based on the information the consumer provided us, we explained that there were government programs, that based on her household size and household income she would potentially qualify for. We explained that there is an application process that we could file on her behalf, and then once approved the program requires that you continue to file certain applications annually to stay eligible for the program. Consumer agreed to pay for our services and for the past several years we have honored our commitment. As part of that the consumers monthly payment to the Department of Education was reduced from $202.23 to $0 per month. Of course, if you are not making a principal and interest payment your loan balance is not going to go down. However, in this consumers case, she was looking to take advantage of another program being offered by the Department of Education called Public Service Loan Forgiveness. In this program the consumer would make 120 qualifying payments, and once this was accomplished, as the program stands, the balance of her loans would be forgiven by the Department of Education. Attached you will find the contract the consumer entered into with our company. You will also find 6 separate approval notices from the applications we have been filing each year. You will also find her Public Service Loan Forgiveness data that has been updated. Since she was placed in this program and we have filed her annual recertification applications each year, she has gotten credit for those qualifying payments. The form will show how many payments were qualifying to date. We do not control the program, the programs terms or conditions. We take direction from the Department of Education and pass that information on to our customers. Then they choose to have our company manage the filing and submitting the documents, or they can choose to do this on their own and avoid paying our company's small monthly fee. Each time an application is filed there is a process of calling the consumers loan servicer and making sure that the applications have been received, reviewed, and approved. A recent audit done by the Government Accountability Office showed that nearly 6 out of every 10 borrowers were being placed in the wrong programs resulting in a higher monthly payment to the borrower. This is why our services have been important to our customers for the past 9 years. On May 23, 2020, at 3:32pm PST this consumer emailed our offices wishing to have our company continue to provide services on her behalf. We are not clear as to why after all these years she has chosen to now file a complaint. I have personally reached out to the client, and she stated she would manage her loans on her own moving forward. Again, the consumer and every one of our consumers have the option to opt out of our services at any time. They are not in a term contract. We are here to assist the consumers that find value in our services as long as is necessary. If our company has ever made any mistakes along the way, and we have, we always offered our clients full refunds for our errors. However, in this case, there was no mistakes made. We stand behind our service. The client has been advised that we have cancelled her account in our office and we have advised her to begin paying very close attention to her student loans moving forward.

Read More

Read More