Lately, major student loan scams were discovered. Here is a handful of tips to avoid the deceiving companies and let your finances be in a safer zone.
One of the scam "features" is that they represent themselves as a part of the government's policy. In this case, you should remember 4 things coming below about loan repayment.
1. Don't dare pay an upfront fee
It's the favourite job of scammers to charge those fees, but a well-informed person knows that it doesn't fit any rule. Therefore, you must not pay a penny before they perform, at least, some part of the service. This is a must for any circumstances, be it an appetizing promise from the company nor the forgiveness for student loans.
2. Don't get intimidated if the company says they are connected to the Department of Education
Again, it's a scam to introduce themselves as a branch, partner or the guarantee between you and the Department of Education. In the end, whatever they claim, you'll have only yourself to blame. Once more, loan consolidation is a direct offer, so no third parties should be included.
3. Just stay calm under any marketing tricks
Sometimes the companies come with a "limited time offer" or a "lifetime subscription benefits". There shouldn't be any pressure on you even if the refinancing stats experience some increase or decrease. Don't worry, you have the debt and loan consolidation guidance to simplify some important rules.
4. Don't run for a company that will be the "agent" of your negotiations
None of the legal companies can guarantee the removal of your student loans neither partially nor fully. As a rule, there is less of these offers, but you have to be attentive if you come across one. Yet in extreme situations, you might rely on short term loans if the going gets tough. But be aware that the purpose of these loans is not to solve student loan problems, though they can relieve some short time dues of less financial expense.