BEWARE: Student Loan Scams
Student loan debt currently sits at a record $1.3 TRILLION DOLLARS and it is not shrinking. This is more than a number because there are real people behind this number and they are being affected every day by the student loan debt they own. The pressure can become so overwhelming that they will look for any way to get rid of it and because of that desire there have been scams popping up everywhere.
These scams for the most part are advertising student loan forgiveness and promoting it in such a way that they make the person seeing or hearing the ad that their loans can be forgiven easily. They make no mention of how they are going to charge you to sign up for government repayment programs that you could sign up for yourself for free! Their marketing tactics are deceiving and cheat people out of a lot of money that could be used to pay down their student loan debt.
These scams are becoming aggressive. These scams used to only be found on the radio or their representatives would call the phones of borrowers, but now they have become social. They are buying Facebook and Twitter ads trying to entice millennials to fall into their trap. When one of their ads came through my timeline I decided to write this post because the ad was so specific that it said “NC A&T Aggies that want student loan forgiveness click here!” This university is in my area and that is the reason the ad came through. Imagine this specific ad going through timelines all around the country in areas where there are colleges. There is no wonder that so many people are falling prey to this scam!
If you are looking for breathing room from your student loans then go to studentloans.gov and inquire about the different income based repayment plans. If you are eligible for loan forgiveness because you work in a public service you can find that information on the website as well. There are other programs, but I assure you that you will have to do research to find them. These programs will not be on your local radio station or trending on your Facebook timeline.
It is extremely hard to student loans forgiven without you paying majority of them. Student loans can not be discharged in bankruptcy and your estate will be responsible for payment in the event of your death. The only borrowers that have a chance of complete loan forgiveness right now are people who borrowed money and attended Corinthian colleges. These for profit colleges went out of business once the federal money was taken away. If you did not attend one of the Corinthian colleges your best bet is to look into the repayment programs or put a plan in place and just pay your student loan debt off!
Financial Literacy Speaker
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