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Alum financial

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Alum financial Reports & Reviews (4)

FRAUD NEVERRRR do business they will convince you in all these good long term benefits that arent true.. I received emails and phone calls from multiple people in this office stating that they are company through the Department of education and I may qualify for a Loan forgiveness program well long story short I received multiple emails from fed loan servicing stating that I have suspicious activity on my account that It looks like you are going through a 3rd party company that will over charge you fees when you can go on our website and do it free. I called Fed loan servicing where my student loans were through at the time i told them exactly what happened they told me that this company is not affiliated with the US department of Education the rep i spoke to told me to dispute all charges with this company that my bill with them is not due until 10/2022 and that i should not be paying a 3rd party company I disputed all charges with my bank.. So when i called called Alum Letty told me that fed loan is lying!! Letty is trying to convince me that is I pay them $150 a month for 5 months my interest rate with my student loan I wouldn't have to pay back at the end that i only have to pay the actual loan. I asked rep where is my money going are they going towards my shes states the money goes to the services what were rendered to you that it does not go towards my student loans. I told them I want to cancel my policy because the information your telling isn not making any sense to me after our phone call I received several emails stating if I cancel that i would have to pay $1200 upfront and if I dont pay that they will damage my credit and garnish my wages. SO I called fed loan servicing back telling this information they are investigating this i have case numbers and people who I spoke to. My concern is that these people have my personal information which I did not get any of that over the phone they had all my information before they emailed me. I have all proof also when you look up this company on google it states that this site may be HACKED!! Everything about them is MISLEADING and trying to steal your money.. I dont want nothing to with them and I dont want them ruining my credit....

- Three Forks, MT, USA

They say pay $250 a month for 4 months then (8 mo) of $30 and your student loan will be forgiven. And it took about 3-4 months to get them to cancel them taking my funds and then I was told if I cancel there will be a final payment amount to cancel even though I lost my job during Covid 19 and pressured me to pay or threatened they will be taking money I did not have.

- Talent, OR, USA

This organization Alum Financial claims to be a loan consolidation company and document preparation company; However, when they contacted me back in December and asked me to sign a contract with them, they claimed I was eligible for enrollment in a student loan forgiveness program and could have 80% of my loan wiped clean if I could commit to 14 months of monthly payments.

They hardly went into details of consolidation at all.

What was really emphasized was student loan forgiveness. They also mislead me into thinking that the $150 monthly payments were going towards my overall loan amount. This is not the case. The monthly amounts are Alum's own upfront fees - at which the agent Alyssa Stover whom I spoke with was in NO way transparent about.

At this time, I did not know that students in debt should only be in contact with their ACTUAL loan service provider, and only want to consolidate loans with agencies referred to you by the U.S. Department of Education or your actual provider.

I CANNOT STRESS THIS ENOUGH: Before you make any decisions regarding your loans, find out WHO your actual loan service provider IS. And really try to avoid third party agencies.

How it started:

A number had been leaving me voicemails saying that I may be eligible in student loan forgiveness or recent stimulus forgiveness. At the time, I assumed this WAS my loan service provider, letting me know it was time I start confronting my loans.

I called this number back, and was in contact with Alyssa Stover, who claimed to be a loan agent. At the time, I did not question this in the same manner I would now, because this was my very first call regarding my loans.

She asked for my information, and then was able to tell me my loan amount and things about my situation that "qualify me for loan forgiveness and relief" - this was total BAIT, because to qualify for loan forgiveness you usually have to be a teacher, government worker, etc.

You almost can never just "apply" for loan forgiveness.

Students fall victim to this, because we want to believe there is an easy way out of our debt.

The entire phone call was spent highlighting how I qualify for loan forgiveness and Alum Financial temporarily changed my FSA I.D. password which is illegal. At the time, I did not know this was illegal, so I did grant permission for them to do so, but again I genuinely believed I was talking to a certified federal loan agent. I also did not at the time know that, anyone who isn't you--EVEN a federal agent--CANNOT CHANGE YOUR FSA I.D. password! This is illegal!

To this day, they have NOT consolidated my loans, according to my actual loan service provider, Fed Loan Servicing, (at the time of my signing with Alum Financial in December, I didn't even know who my loan service provider was). After extensive conversations with both the U.S. Department of Education and Fed Loan Servicing, I am aware of the following information:

1. My loans have NOT been consolidated. This is a direct breach of my contract with Alum Financial.

2. The 'consolidation' and 'document preparation' Alum Financial does, can be done by YOU the student, FOR FREE. Don't believe me? Call your loan service provider and ask.

3. federal agencies have never heard of Alum Financial, and do not work with and have never partnered with their agency before.

4. NO legitimate agency should be taking money for student loan debt currently, due to the pause on federal student loan payments (all of my loans are federal loans, not private ones).

5. According to the U.S. Dep. of Education, no agency or persons are allowed to change my FSA I.D. password. This is illegal. And when I was on the phone with Alum Financial, Alyssa Stover did so. She temporarily changed my password for me.

Which is how the U.S. Department of Education knew to contact me the next day about their feeling I was working with a third party agency, and they had noticed suspicious activity on my account.

I tried reaching out to Alyssa Stover three times and never heard back. I also sent an email to Alum's support address on the contract to complain and request and contract be terminated, and I never heard back.

Another agent from Alum Financial contacted me February 11, 2021 threatening that I was in breach of the contract and owe over $1000 + penalties.

They said they will take me to collections and file a complaint to my bank to get the money back.

Alum Financial is not a company anyone should do business with.

There are so many student loan scams out there - students need access to better education and information around their loans so they avoid mistakes like this.

+2
- Dubuque, IA, USA

I keep receiving calls from the debt collection group for alum financial stating my loans are due with them and fallen behind. My loans are with the fed student loan.org I’ve confirmed with them as well. Alum financial keeps calling threatening that I owe them money which I do not.

I need them to just stop!

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