The High Cost of DIY Loan Forgiveness

Understanding the complexities of Public Service Loan Forgiveness (PSLF) is daunting. According to a report from the Department of Education (DOE), “Despite an estimated 42 million federal student loan borrowers, only 139 have fulfilled the eligibility criteria needed to have their loans forgiven at any time over the next two years“.

We hear it all the time, “Why would I pay you to do it for me when I can do this for free?” The answer falls in the “you don’t know what you don’t know” category, and the latest DOE numbers prove this. Unfortunately, we often see the fall-out from people who have tried to pursue loan forgiveness on their own for “free”.

Our client Josh Hatton tried it on his own first working with his loan servicer and has this to say:

“I applied for the Public Service Student Loan Forgiveness program twice on my own and was rejected both times. Fiducius helped me understand why I was being denied and apply again. Thanks to their help, I was accepted to the program. I currently pay $300 less each month and will have the entire amount of the loan forgiven after 10 years. They were always a step ahead and made this tedious process as easy as possible”.

Loan servicers will not:

• Call to make you aware of this opportunity
• Learn about your personal situation and provide you with a plan to maximize the program savings
• Proactively notify you when there is a change in the program that may impact you
• Stay in touch with you as your personal situation changes
• Make sure you are paying the lowest payment possible
• Ensure you remain in compliance with the program

Fiducius will:

• Look out for the client’s best financial interest
• Advise you and adjust your income driven repayment to save as much money as possible if you have life, job or household changes
• Stay current with program and legislative changes that could impact you
• Provide a team of people you can always contact directly to answer your questions and concerns
• Advocate on behalf of our clients when we know the loan servicer is wrong