Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:03/04/2025

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was contacted by Grads Financial in July/August indicating if I made a payment of $166.00 a month for six months my loans would be forgiven for the life of the loan as long as I replied to the emails at recertification time. I thought they were with Aidvantage/**************************. I made payments up until December. I noticed I didn't receive a form of what was paid so I could put on my income tax and started searching on BBB site and realized it was a scam. I was mislead and would have never gave consent for this had I know monies weren't applied to my loan. Its a scam and the company should be sued for lying and taking advantage of people . I have a copy of letter from ***** ****** and documentation from my account attached.

  Business Response

  Date: 03/05/2025

  Dear ***** M ******,

  
  Thank you for bringing your concerns to our attention. We take all feedback seriously and are happy to address your concerns directly. After thoroughly reviewing your file, including the recorded conversations and the services provided, we have confirmed that the information and services delivered to you were fully compliant and accurately explained. 

   During the call, it was clearly communicated that Grads Financial is not affiliated with the *********************** or any loan servicer. The agent explained that the payments you made were for document preparation services to assist with your enrollment in an Income-Driven Repayment plan, which you have stated you understood.

  Our records show that you acknowledged understanding that the student loan forgiveness would only occur after completing the required payment term of 20 years as long as you recertify your plan on a yearly basis. It was never stated that forgiveness would happen after six payments, and your loans would remain in good standing during the repayment process, as was correctly explained. 

  We have successfully processed your IDR plan into the Saving on A ****************** Plan, with full approval from the Department of Education. This program is in effect through 07/16/2025, and your payments remain at $0 due to your enrollment in the plan. Please refer to the approval document that has been sent to you via email on 08/09/2024 by Raven.

  Given that all services were fully completed in accordance with your agreement, and no misinformation was provided at any point, you are not eligible for a refund. We have also reviewed your request with our compliance team and verified that the services you received were accurate and transparent. We sincerely regret any misunderstanding or confusion on your part. If you have any further questions or need clarification on any aspect of your program, we encourage you to reach out directly. 

   Sincerely,

  Grads Financial LLC

• Initial Complaint

  Date:02/06/2025

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This business contacted and informed me they would be able to forgive my student loans if I made a monthly payment of $199. After the 5 months payment of $199 My student loans will be forgiven and I won't have to make any other payment. The business also claimed to work with Federal Student Aid and I'm just now finding out it was all a lie. They did not forgive my studnet loans, only transfered it to Aidadventage and none of my payments went towards forgiving my loans. I now owe more due to accruing interest.

  Business Response

  Date: 02/07/2025

  Dear ***** *******,
  
  Thank you for bringing your concerns to our attention. After thoroughly reviewing your file, including the recorded conversations and the services provided, we have confirmed that the information and services delivered to you were fully compliant and accurately explained. To clarify a few points from your complaint:

  Service Explanation: During the call, it was clearly communicated that Grads Financial is not affiliated with the *********************** or any loan servicer. The agent explained that the payments you made were for document preparation services to assist with your enrollment in an Income-Driven Repayment (IDR) plan.

  Loan Forgiveness: Our records show that you acknowledged understanding that the student loan forgiveness would only occur after completing the required payment term (240 months or 300 months due to Parent Plus Loans). It was never stated that forgiveness would happen after five payments, and your loans would remain in good standing during the repayment process, as was correctly explained.

  Program Completion: We successfully processed your Direct Loan Consolidation and IDR plan into the ***** Plan,with full approval from the Department of Education. This program is in effect through 12/25/2025, and your payments remain at $0 due to your enrollment in the plan. Please refer to the email that was sent to you on 01/24/2025 regarding your approval into the plan.

  Given that all services were fully completed in accordance with your agreement, and no misinformation was provided at any point, you are not eligible for a refund. We have also reviewed your request with our compliance team and verified that the services you received were accurate and transparent. 

  We sincerely regret any misunderstanding or confusion on your part, and we hope this clears up the situation. If you have any further questions or need clarification on any aspect of your program, we encourage you to reach out directly.

  Sincerely,
  Grads Financial LLC

• Initial Complaint

  Date:10/03/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was contacted by Grads Financial, which represented itself as a loan servicer working with the *********************** regarding loan forgiveness.I made five payments of $199, totaling approximately $1000. I recently received a letter from my legitimate loan servicer, Aidvantage, informing me that I might be involved in fraudulent activity. They advised me to report this company via the ****** website through the *** and to report this activity through the BBB. I am seeking resolution through a monetary settlement and as a warning to other potential victims that this company is scamming with promises to clear student loan debt.

  Business Response

  Date: 10/03/2024

  Dear ****** *********,
  
  Thank you for bringing your concerns to our attention. We take all feedback seriously and appreciate the opportunity to address your concerns directly.
  
  After thoroughly reviewing your file, including the recorded conversations and the services provided, we have confirmed that the information and services delivered to you were fully compliant and accurately explained. To clarify a few points from your complaint:
  
  Service Explanation: During the call, it was clearly communicated that Grads Financial is not affiliated with the *********************** or any loan servicer. The agent explained that the payments you made were for document preparation services to assist with your enrollment in an Income-Driven Repayment (IDR) plan.
  
  Loan Forgiveness: Our records show that you acknowledged understanding that the student loan forgiveness would only occur after completing the required payment term (240 months or 120 months if ************** Loan Forgiveness applies). It was never stated that forgiveness would happen after five payments, and your loans would remain in good standing during the repayment process, as was correctly explained.
  
  Program Completion: We successfully processed your IDR plan change from *** to the SAVE Plan, with full approval from the ***********************. This program is in effect through 12/16/2024, and your payments remain at $0 due to your enrollment in the plan.
  
  We have also reviewed your request with our compliance team and verified that the services you received were accurate and transparent. Given that all services were fully completed in accordance with your agreement, and no misinformation was provided at any point, you are not eligible for a full refund. As a gesture of goodwill, we honored your request to cancel your contract and provided a partial refund. 
  
  We sincerely regret any misunderstanding or confusion on your part, and we hope this clears up the situation.
  
  Sincerely,
  Grads Financial LLC 

• Initial Complaint

  Date:09/18/2024

  Type:Billing Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was contacted by Grad Financial LLC in regard to student loan forgiveness. I was told there was a paper processing fee to be paid prior to them contacting ****** and completing the agreed upon arrangement to forgive my loans. The total fee was stated at $997, to be paid over 6 months, in the amount of $166.17. Prior to agreeing to their terms I researched the company and found they were not reputable and ****** did not authorize them to work with students to forgive loans. Two months after the initial conversation with Grad Financial, the accessed my checking account and debited $166.17. I do not know how this was done, I never authorized a payment, nor did I give them my checking account information.I am currently disputing the charges with my bank.

• Initial Complaint

  Date:08/28/2024

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This company scammed me out of around $1,000 for a service that was FREE!! I applied for a student loan forgiveness program. I was then confronted by Grads Finical that I was approved and was responsible for $1,000 for my student loans. I made payments for 10 months of $99.90 to their business. When I reached out after finishing payments I was told that I wasnt paying towards my loan that they were helping me apply for forgiveness and other services. I called my student aid and they told me this was not true that the program was FREE!! I was being charged for a program that is free, they offered no other services to which means I paid them around $1,000 for no reason. I was advised by my student loan aid to file a complaint because now this company has my personal info, they also advised I dispute the charges with my bank because the only service I received from them was free. They charged me $1,000 for a service that is FREE. I reviewed my contract with them that they would provide services also such as seeing if I was eligible and counseling for a free service. This is a SCAM to say the least. They claim to offer services but they did nothing to contribute to helping me with my student loan. Everything that has happen with my loan was free. They claimed to postpone payments for me? Which is free and I did myself by signing paper work with my student aid. They are taking credit for services that you do by yourself for yourself and collecting money for services they dont have control over. At the very least I would like refund for my $1000. I have lost personal information that they now have.

  Business Response

  Date: 09/06/2024

  Dear ***********************,
  
  Thank you for bringing your concerns to our attention. We regret any inconvenience you may have experienced.
  
  Grads Financial LLC is committed to helping borrowers with student loans find the best approach to consolidate their loans and achieve ONE affordable, centralized, payment plan.   
  After reviewing your account and the recorded call on 08/24/2023, we confirmed that the services offered and explained were accurate and compliant with our procedures. You acknowledged your understanding of these services during the call. The specifics of our services are outlined in your contract. Additionally, we submitted all necessary documentation to the Department of Education and have successfully enrolled you into your approved student loan forgiveness plan.  
  
  At Grads Financial LLC, we stand firmly behind our services. Your satisfaction is our top priority. Although there was a misunderstanding on your part, we will honor your request to cancel your contract and issue a full refund of $999.00.  
  
  We believe this misunderstanding should not negatively impact our BBB rating, as we have fulfilled our contractual obligations.
  
  If you have any further questions, please contact us directly.
  
  Sincerely,
  Grads Financial LLC

  Customer Answer

  Date: 09/09/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

  The business has refunded and corrected this misunderstanding. I hope in the future they make a better effort to make clients understand that the money isnt going to their loans and in no way goes to help their student loans. 
  
  Regards,
  
  ***************************
  
   

  
  

• Initial Complaint

  Date:07/24/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 6/18/2024 I received a call from Grad Financial claiming that they were in contact with me because I qualified for Loan Forgiveness Program from my lender MOHELA. I would be have my loan amount forgiven if I made two payments of $248 per month for the course of two months. The guy sounded legit at the time of call which is why I filled out the paperwork and send my paystubs. I reviewed my portal for my student loans and dont see any change or deduction as the representative *********************** said there would be after agreeing to this agreement. He was very patient with getting me my card; relating to me as in the financial amount being wiped away. Its going on the second installment to be deducted and I am expecting my balance to clear. I did reach out today for an update as well as given the information I am here and took a message instead of solving the problem. I am extremely upset that any company can call random people to persuade them to opt in to a service to pay but not receive the service presented at the time of conversation. Very disgusting. Im awaiting for a response from Grad Financial.

  Business Response

  Date: 07/29/2024

  Dear *********************************,
  
  Thank you for bringing your concerns to our attention. We regret any inconvenience you may have experienced.
  
  After reviewing your account and the recorded call on 06/18/2024, we confirmed that the services offered and explained were accurate and compliant with our procedures. You acknowledged your understanding of these services during the call. We submitted all necessary documentation to the ********** of ********** which typically takes ***** days for approval.
  
  We noted your missed call after business hours, and a manager returned your call on 07/25/2024 to address your questions. Despite our adherence to the agreement, we understand there was a misunderstanding on your part. As a gesture of goodwill, we honored your request to cancel your contract and issued a full refund of $248.50 on 07/25/2024.
  
  Our contract includes a dispute resolution clause requiring clients to attempt to resolve disputes directly with Grads Financial before involving third parties. We did not receive prior notification of your dissatisfaction before the BBB complaint, which would have allowed us to address your concerns internally.
  
  We believe this misunderstanding should not negatively impact our BBB rating, as we have fulfilled our contractual obligations and promptly addressed your concerns upon notification.
  
  If you have any further questions, please contact us directly.
  
  Sincerely,
  
  Grads Financial LLC

• Initial Complaint

  Date:07/09/2024

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  July 1st ***************************************************************************************************************************** They also went into my NelNet acct. I unable to reach this company by phone. They demand payment up front I have received no assistance from this company.

  Business Response

  Date: 07/09/2024

  We are writing in response to the complaint submitted by **************** regarding our services.
  First, we apologize for any confusion or inconvenience **************** may have experienced. At Grads Financial, LLC, we strive to provide clear and professional.
  We would like to clarify the following points:
  1.     Initial Contact and Representation: Our initial contact with **************** was through email marketing, clearly stating that Grads Financial, LLC is a private third-party company. We never claimed to be part of the ********** of ********** Our sales agent explicitly mentioned this during our phone conversation, and **************** acknowledged it.
  2.     Forbearance Submission: To provide immediate relief, we submitted a forbearance on behalf of ****************, delaying her need to make a payment and allowing us time to correctly fill out and submit the paperwork for her enrollment in the SAVE program.
  3.     Efforts with NelNet: We noticed that ******************** loan servicer, NelNet, had not enrolled her into the SAVE program, highlighting the necessity of our professional guidance to ensure she received the benefits she was entitled to.
  4.     Loan Payment and Forgiveness Terms: Our goal was to ensure **************** was enrolled in the appropriate program, maintained eligibility, and obtained the most favorable payment and forgiveness terms available.
  5.     Refund Issued: We regret any frustration caused by difficulties in reaching us by phone. To address ******************** concerns, we have issued a full refund.
  We deeply regret any miscommunication or misunderstanding and are committed to continually improving our services. We appreciate ******************** feedback as it helps us to serve our clients better in the future.
  If you require any further information or assistance, please do not hesitate to contact us.
  Sincerely,
  Grads Financial, LLC

• Initial Complaint

  Date:06/24/2024

  Type:Order Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  While inquiring about debt consolidation for my student loan with ******, I got into contact with a rep from Grads Financial, promising me full loan forgiveness after 5 payments of $199. I signed a contract and made the first payment right then over the phone. The rep told me I had to send 2 paystubs to this email, and sent it to me from his personal email. I asked the rep about the validity of this plan, and he reassured me. Later, I called MOHELA again to verify the legitimacy of this agreement, and they said theyve never heard of Grads Financial, which scared me. I wasnt even aware that this was a third party company, I was under the impression that I was speaking directly to my student loan company (MOHELA).

  Business Response

  Date: 06/25/2024

  Upon review and QC of client's complaint and submission we have determined that no misrepresentation was made on part of Grads Financial or its representative. In the process of our investigation, the client was made aware several times that she was speaking to "Grads Financia LLC". Further, in the conversion, upon the client stating verbatim, that she thought she was speaking to ******, her loan servicer, to which our representative stated no, ******, had obviously up to that point not offered her any enrollment into an income-based program although they could have, for a great length of time prior, to which she which she said, "that's true". The conversation then carried on to completion as normal and representation completed our internal compliance procedures as they should. Our goal at Grads Financial is 100% client satisfaction and assisting clients in achieving financial stability with their student debt repayment obligations. We deeply apologize that ******************** services were not to her satisfaction and are in the process of issuing a full refund of the $199.40 that has been drafted from her account. Her account will be closed, and no further services or contact will be rendered. We wish her the best in her student debt financial endeavors. 

  Customer Answer

  Date: 06/25/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  ***********************
  
   
  

• Initial Complaint

  Date:04/18/2024

  Type:Order Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Grads Financial LLC made contact with me about Student Loan Forgiveness, they are very slick with the verbiage used to help me start a repayment plan. I gave them information pertaining to debt forgivenessiemy debt card number and I signed a contract allowing them access to act as a representative for me. I have started the steps to report and resolve this issue. I have called the number of my representative ********************************* to no avail.

• Initial Complaint

  Date:03/29/2024

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  So for context I applied for student Loan forgiveness and I didnt do prior research and asssume the agent on the phone was a legit rep of the govt. I paid one time and couldnt pay more. I texted that I was unemployed. I checked student loan statements on the official student loan portal and no history of prior payments. Currently penting and I believed I was scammed because LITERALLY EVERYDAY GRAD FINANCIAL would text me, call me and email me CONSTANTLY and it was NERVEWRECKING that I would get almost telemarketer like harrassment. So yeah NOT happy! Reporting this company for unauthrized payments and harrassments.

  Business Response

  Date: 04/04/2024

  ****,
  
  Your file was paused due to a missed payment as per your compliant. Our system automatically texts and emails you every other day to attempt to get a hold of you. In both email and texts you can opt-out to not receive notifications. Per our records, it does show you have been fully enrolled into the loan forgiveness program rendering our services complete. For now, we will go ahead and cancel you out of out system. Keep in mind, once a year please do not forget to recertify yourself to maintain your forgiveness program. We wish you the best. 

  Customer Answer

  Date: 04/04/2024

  I would like my monies to be refunded back to me please.

  Business Response

  Date: 04/15/2024

  ****,
  
  Both of your transactions have been refunded and a copy of the receipt was sent to your email. We wish you the best.