Got Student Loans? Watch Out For Scammers!

What kind of people (or companies) prey on college students? Despicable people.

With student loans for college tuition as high as $250,000 for a bachelor’s degree, most students struggle with paying back their debt after college graduation.  So, many desperate students have become victims of scammers who promise to consolidate, reduce, or eliminate college debt.

What most people don’t know is that their loan service companies offer the same services to consolidate their loans and work with you to find a payment system that fits your budget, especially if you’re not working after graduation.  And your loan companies don’t charge a fee! The scammers use high-pressure sales techniques and charge $600 to $1,200 to guarantee results.  Then, the borrowers pay the scammers directly (bad idea!), and you guessed it, the scammers leave town with the money, leaving the borrower in even worse financial shape.

Be careful.  These scammers create websites that look like your loan company’s. They even use the Department of Education’s logos for endorsement.  Don’t be fooled! The federal government has programs that help you consolidate your debt, organize repayment plans, and even forgive loans depending on your situation.  It’s all based on your income and your career path.  If you aren’t working after graduation or you’re working in medicine, education, or other fields that need more people, you might be able to find loan forgiveness programs to reduce or eliminate your debt.

Contact certified student loan counselors at StudentLoanHelp.org or check out your options at http://www.consumerfinance.gov/paying-for-college/repay-student-debt/