If someone offered to charge you for filling out a free form, you'd walk away – right?
Not everyone does. And that’s exactly what some student loan “help” companies are banking on.
One company making waves in consumer inboxes is MoneySolver, a business that claims to assist people with student loan relief and tax issues. But a real Georgia consumer recently asked us a smart question:
Can you trust them?
Once we dug into their fine print, the answer became clear – and cautionary.
Behind the Curtain: What Services Are You Really Paying For?
MoneySolver promotes itself as a financial services company specializing in student loan consolidation and repayment programs. But scroll down to the disclaimer on their website, and the marketing sheen starts to fade.
They admit they don’t offer loan forgiveness or relief themselves. Instead, you're paying them to prepare and process your application for federal programs that are already available for free through the Department of Education. No exclusive benefits. No insider access. Just paperwork.
It’s the same hustle we’ve seen across the debt relief landscape: repackaging free resources and selling them to people who are overwhelmed and desperate for help. In MoneySolver’s case, they didn’t respond to direct questions about their fees, but a government report shows companies like this often charge hundreds up front, and sometimes even monthly.
When “Help” Becomes a Hustle
The U.S. Department of Education has been clear: never pay for help with your federal student loans. Whether you're seeking income-driven repayment, forgiveness, or consolidation, everything you need is available for free. Your servicer is obligated to walk you through the options without charging a cent.
Yet third-party services rely on a few key tactics to lure people in:
- Complicated jargon that makes DIY applications seem intimidating
- Implying that paid services have better outcomes or faster approval
- Preying on fear with urgent language about missed opportunities or deadlines
It’s not technically illegal if they disclose the truth somewhere on their website. But it's definitely misleading, and it’s definitely exploitation.
How to Protect Yourself (and Your Wallet)
If you’re struggling to manage student loan debt, you're not alone. But don't let stress make you an easy target. Before you spend a dime on assistance, consider these steps:
- Go straight to the source: Visit studentaid.gov for everything related to federal student loans.
- Talk to your loan servicer: They’re contractually required to help you at no charge.
- Check for warning signs: Upfront fees, pressure to sign quickly, and “guaranteed” results are all red flags.
- Do a background check: Look up companies on the Better Business Bureau and check for consumer complaints.
Paying someone for access to free government programs is like hiring a middleman to hand you your own mail. It's unnecessary – and expensive.
Don’t Pay to Play: Get Real Help, the Right Way
Student loan debt is tough enough without shady services adding to the pressure. If a company is charging hundreds to process forms you can submit yourself, ask yourself: What exactly am I paying for?
Spoiler alert: Probably nothing you need.
Instead of falling for the hustle, arm yourself with information. Real solutions exist. And the best part? They’re free!
