Student Loan Consolidation/Repayment

Questions or concerns about your account?  Ask us!  We can help.

We encourage you to contact Equitable Acceptance Corporation (EAC) with questions or concerns regarding your account with EAC, or information regarding the student loan consolidation and repayment service you hired to assist you with your application and enrollment into a federal student loan payment assistance program.

Within the information below, we will give you accurate information and hopefully answer questions you may have.  If we fail to answer a specific question you have with the information below, please contact our Customer Service Department at (866) 646-8659. We care about you as a customer, and will always strive to get the information YOU need.

The value of using a student loan assistance expert.

There are a number of debt reduction programs offered through the U.S. Department of Education (DOE), which, if applicable to you, may result in a number of benefits for you.  Those benefits include, but are not necessarily limited to:

  1. your loans being consolidated;
  2. your monthly payment being reduced; and
  3. a reduction in the “term” or total number of payments you will be required to make.

For example, if your income is at or below a certain level established by the DOE, your monthly payment could be reduced to as low as $0 per month, AND a 30 year pay back term could be reduced to 20 years.  Or, if you qualify for the DOE’s Public Service Loan Forgiveness Program, your payback schedule or term could be reduced to just 10 years.

A number of legitimate, private companies offer to assist student loan debtors apply for and enroll in these beneficial DOE programs.  In exchange for their services, these companies charge a fee – similar to hiring a CPA or tax accountant to prepare and submit your income tax returns for you.  You may try to apply for and enroll in a DOE program on your own, but if you choose not to or prefer to work with an experienced professional, you are responsible for paying that professional for the services they provided to you – just as you may pay a CPA or tax accountant for preparing and submitting your tax returns.

These private companies allow you to pay their fee in one interest free sum, or you may finance their fee and pay it over time. If you finance the fee and later choose to pay off the remaining balance early, you may do so at any time without penalty.

Who is EAC and why are they invoicing and collecting payments from me?

It is important to understand that EAC does not provide any student loan consolidation or payment assistance services. We are not the professional you hired to help you apply for and enroll in a Department of Education program.

Similar to a car loan, or a home mortgage, once your purchase or loan is complete, a separate entity may opt to purchase your payment obligation. After that, you receive monthly statements from and make your payments to the new company. Your account with EAC is like that. You agreed to pay for your student loan assistance over time, and EAC acquired your payment obligation. So, the monthly statements you receive, and the payments you make, are now to EAC.

The balance due to EAC will appear on your credit report until it is paid off.

We strive to ensure you understand the process!

Before EAC agrees to purchase your promise to pay, we receive an audio recording from your student loan assistance professional in which you verify and acknowledge that you understand EAC’s role in this matter. If, however, you have any questions regarding your account, call our Customer Service line at (866) 646-8659. Our wonderful customer service agents will take the time to answer your questions!

We follow up with the company you hired to ensure you are receiving the benefits you were promised.

Prior to setting up your billing and payment services, EAC is advised by the original company you hired that it has fulfilled its obligations to you.  If you believe you have not received the services you were sold, then please let us know.  We have the ability to find out what services were provided to you, and specifically how those services benefitted you.  While it is possible that you did not receive the services you were promised, in our experience such instances are rare.  Please contact us if you believe you did not receive help applying for, and enrolling in, a DOE program.

Why does my EAC account show as a credit card on my credit report?

EAC does not report your account to the credit bureaus as a credit card.  In fact, EAC does not view your account as a credit card.  However, we have no control over how the credit bureaus report your account.

Your EAC account is a revolving credit plan.  It gives you the flexibility, if you so choose at a later date, to use your EAC account to hire your loan assistance professional again to assist you with the DOE required annual renewals of your enrollment.  You, of course, do not need to use your EAC account in the future, but are able to do so if you like.

If we can answer any questions for you though, please feel free to call our Customer Service department at (866) 646-8659.

ALERT!

Beware of those who claim that you have been scammed!

If someone contacts you, and tells you that you have been “scammed” or defrauded by choosing to hire an expert to help you take advantage of student loan assistance programs, and/or they encourage you not to make your payments, you have been misled!  Please gather whatever details you can about the person who contacted you with this misinformation, and call us ASAP.

We understand that receiving calls such as these can be distressing.  We care about our customers, and are here to address any concerns you have, including unlawful calls you may receive.

You MUST renew your DOE enrollment each year to keep the benefits already obtained for you.

If you are enrolled in a DOE program, you must re-enroll, or re-certify your enrollment annually.  This is a DOE requirement.  If you fail to renew or re-certify each year, you could be removed from the beneficial DOE program, at which point you would lose the benefits you have already obtained as a result of the expert service you received and agreed to pay for.

If you fail to do this, your monthly loan payment could go back up, and the total number of payments you must make may return to 30 years!  You may also incur additional interest that has accrued on your federal student loan debt that you could be obligated to pay.  The company you hired may help you with some or all of your re-certifications.

This process only takes a few minutes.  When the company or agent you hired reaches out to you, please do not ignore them.  If you do, you could lose the benefit of the services you received.

Customer Service matters at EAC!

The Customer Service Representatives at EAC are here to assist you during business hours – which can be found on our Contact Us page.  We will do all we can to answer your questions and address your concerns, in a friendly, professional manner.  We love talking with our customers, and we are here for you!

Also – a big thank you to the many customers who have positively reviewed our company.  We have been lax in caring about such things on social media – but we’re doing better.  With your help, we will get better at representing ourselves!