As a student loan borrower, you need to be cautious about what type of student loan services you sign up for and what terms you agree to. Unfortunately, there is a scam happening where loan borrowers are allegedly getting charged for loan assistance services the federal government offers for free. Beware of this and other scams by following guidelines that help student loan borrowers safely agree to loan repayment specifications.
Paying Up Front
Do not pay up front. If you are being asked for money up front, it is a good sign that scammers are attempting to lock you into an agreement that will take your money. You immediately risk the loss of funds by paying up front. Scammers may also try to trick you into thinking they can forgive your student loans. There is no company with the ability to forgive your student loans, so do not pay any fees that go along with the promise of this happening. There are specific programs available for federal student loan forgiveness. Verify the company trying to pay off your loans. Check out your legitimate options which include income-driven repayment plans, Teacher Loan Forgiveness, and Public Service Loan Forgiveness.
U.S. Department of Education Affiliations
If any company claims to be a associated with the U.S. Department of Education and says they can save you money, do not trust them. There are no companies with the authority or connections to be able to forgive student loans or consolidate your loans. Student loan consolidation is offered through the federal government and is completely free. There are no instances which would require you to pay a fee, so do not agree to do so with the promise of loan forgiveness or consolidation.
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Pressure to Sign Up
There are no limited time offers associated with student loans. You have time to determine what is best for you and your situation. Do not agree to anything that you are pressured into. Especially, do not provide payment or any other information to a company like this.
Negotiating Your Student Loans
Under no circumstances should you hire a company to negotiate your student loans. There are no companies that can negotiate your student loans for you. Your student loan balance may be a lot to repay, but it cannot be lowered or totally removed from your debt by paying a company to negotiate your repayment. Even the federal government will not negotiate your loan balance.
Your student loan repayment options should be free. Do not be swindled into losing money by falling for student loan scams. Stay vigilant in checking out any companies that would promise you the opportunity to have your student loan repayment erased. Do your research before you agree to anything. Never pay for any kind of student loan services up front. Scammers will try to take advantage of student loan borrowers by pressuring you into an agreement without giving you the chance to look at your options. They also do not want you to do any type of research to find out they are fraudulent companies. It is up to you to protect yourself when it comes to your student loan repayment plan. Remember, you can refinance and consolidate your loans with the federal government. Income-driven repayment plans and student loan forgiveness are also options available through the federal government.