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20271 SouthWest Acacia Street Suite 200
Newport Beach, CA 92660

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Is My Financial Solutions a legitimate company or scam?

Date: 4/2/2019 3:21 PM (PST)

My name is Donna Millan. I have significant student loans and have been paying on them for a number of years. My servicer is FedLoans. Last week I was contacted by Macy May at My financial Solutions LLC, based in Newport Beach/Long Beach, California and was informed that I qualify for student loan forgiveness program. She states her company works with FedLoans often. I have spoken with her 3 times. I just need to make sure her organization is legitimate and not a scam. Macy May is listed as Account Manager. 20271 SW Acadia St, Newport Beach, CA, 92660. My Financial Solutions LLC is rated A on the Better Business site. I you can provide me with any helpful information about this company, I would greatly appreciate it.

Thank you for your time,
Donna Millan

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Date: 4/3/2019 8:48 AM (PST)

Good Morning Donna. Thank you for contacting Business Consumer Alliance (BCA). You are wise to be concerned because student loan scams is one of the most common scams today. The most common student loan scams involve students paying fees to consolidate or seek forgiveness to get rid of their loan debt. What many consumers like yourself may not be aware of, is that there’s nothing a student loan debt relief company can do for you that you can’t do for yourself for free. The U.S. Department of Education (E) and their federal loan servicers can help you:

• Lower or cap your monthly federal student loan payment
• Consolidate your federal loans
• Determine if you are eligible for loan forgiveness or other programs
• Get your loans out of default

Some warning signs that you may be dealing with a student loan scam company are:

• They require you to pay up-front or monthly fees for help.
• They promise immediate and total loan forgiveness or cancellation
• They ask for your FSA ID. Ed or its partners will never ask you for your FSA ID password. Your FSA ID is used to sign legally binding documents electronically. It has the same legal status as a written signature.
• They claim their offer is limited and press you to act immediately.

There are legitimate private companies that Ed works with. I am including a link to loan servicers that Ed works with here: https://studentaid.ed.gov/sa/repay-loans/understand/servicers#my-servicer
For even more great tips, please visit www.studentaid.ed.gov which is a great resource guide for everything student loans and is put out by Federal Student Aid, an office of the U.S. Department of Education.

Donna, I hope this information has at the very least, made you aware that you have options. Please feel free to contact me at vantillon@checkbca.org if I can be of further assistance.

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