(TheRedWire.com) – Unfortunately, many unscrupulous companies look for ways to scam student loan borrowers out of their money. How can you prevent being scammed out of the little bit of money you have while you’re trying to pay off your student loan debt?
Have you received sales calls like this? “Get student loan forgiveness in 2 weeks!" BEWARE. They charge hefty fees & are probably scams. pic.twitter.com/HZrgKQpkfn
— Federal Student Aid (@FAFSA) June 8, 2017
- Be leery of debt relief companies. Often, they can’t do anything for you but state the obvious. Instead of giving your money away, call your student debt loan servicer, talk to them about your options or go to studentaid.gov.
- Avoid companies that promise you loan forgiveness. There are two legitimate programs offering loan forgiveness. One is if you work for a public entity or if you’ve been on an income-driven repayment plan for 20 or 25 years.
- Never provide sensitive personal information. Your social security number or credentials to log in to Federal Student Aid could be used to sign in to your account and make legally binding decisions on your behalf. Legitimate organizations do not ask for this information.
There you have it. Three surefire ways you can stop student loan scammers dead in their tracks.
Copyright 2020, TheRedWire.com