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With billions of dollars being loaned to students each year, there is no doubt that there are scammers trying to get your money that are offering services that they do not follow through on, or have no real idea about.In fact, the Consumer Finance Protection Bureau (CFPB) has even issued multiple warnings about what to look out for when it comes to getting help with your student loans.(For example, this one and this one).Here are some common scams that are happening right now that you should be aware of when looking for student loan help.
If you are working with a third-party company to help you with your student loan debt, they might take a fee up front.For an explanation of our Advertising Policy, visit this page.Right now there is over $1.3 trillion in student loan debt.Going through any lender that Credible selects for you is NOT a scam.Plus, College Investor readers can get a $200 bonus when they refinance with Credible!Just like some people do their taxes themselves, while others hire a CPA, the same applies to student loan debt help. Or you could pay someone to help you (if you want to see who we recommend, scroll to the bottom). Here are the warning signs to help you avoid student loan debt relief scams.
This scam involves a student loan company that tells you they can get you the "best" interest rate and loan terms, but you have to pay a "small" fee up front for this service.
The fee is sometimes called processing fees, administrative fees, or consolidation fees.
If you have a federal student loan, there are no fees whatsoever for student loan debt consolidation. If you have a private student loan, there are a number of lenders who will refinance your private loans, federal loans, or both.
Experience - Next Student has been refinancing student loans since 2001 and has funded $6.8 Billion in student loan refinancing, new money, and consolidations.
Next Student offers competitive rates for those with both Good and Excellent credit.
This article is pretty long - we cover a lot of ground here.