Student Loan Forgiveness Scams

Student Loan Forgiveness Scams


Hey guys, I’m Danielle from the Sacramento
Better Business Bureau and this is Torch Talk. In this episode, we’re talking about student
loan forgiveness scams. Whether you’re still in college, a recent college graduate or a
not-so-recent college graduate that is still paying off student loan debt, scammers see
you as an easy target. Scammers will contact you either over the phone or in an email and
tell you that they’ve helped dozens of people exactly like you resolve some or all of their
student loan debt. They ask you to pay lender fees up front and you never hear from them
again. Here are three warning signs that will help you detect a student loan scam. Paying
upfront to get help: it’s illegal for debt relief companies to charge a fee until after
they’ve performed services for you. They claim to have a special connection with federal
student loan programs. Don’t let words like federal or national fool you into believing
that they’re affiliated with the government. Promises of immediate relief or debt cancellation:
remember, if it sounds too good to be true, it probably is. Student loan forgiveness is
rarely granted, but learning your options is always free. Contact your loan servicer
directly and ask if you qualify for a forbearance or a deferment. You may be able to stop making
payments or reduce your monthly bill. But remember, you may still accrue interest during
this time. For more information on how to resolve student debt or to report a scam,
visit bbb.org. I’m Danielle, thanks for watching. Please subscribe for the latest Torch Talk.

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