Ways to Spot a Student Loan Scam

I checked my mail the other day and now I have to basically open everything to weed out the bills from the junk – although some days it all feels like junk mail. I got a very interesting, official looking letter that had some type of “Federal” name on it so I opened it with a little fear, and a little hesitation. Dealing with the government is never fun. They always seem to want more money for something. Enclosed was a letter stating that if I paid a low fee of $999.99, I could have all of my student loan debt (Up to $250K) completely erased with a one time fee – or I could make 3 “easy payments” and POOF! Student loan debt erased like it never happened. Well my Dad always says if it sound too good to be true, it probably is. And pretty shady too!

Scams, Scams Everywhere
Watch out for Telemarketers and Mail scams offering Refinance or Consolidations. Yes, your information including your student loan debt is for sale to telemarketers who may be saying they offer Forgiveness but they really are tricking you into a consolidation which may not be in your best interest.

Consolidations can lower your monthly payment by 20% but they will stretch your term from 10 years to sometimes 30 years so you end up paying 150% more than what you borrowed.  A Forgiveness programs
can reduce principal and interest so you can have an overall savings of 70% of your entire debt.

If you are talking to someone that claims to be able to help you reduce your debt then ask them long the term of the payments and the estimated amount of Forgiveness of the original debt is.  If they can’t answer your questions upfront and provide this information free of charge then be careful this is not a Forgiveness.

We work for/with Department of Education. The DOE does not directly work with any private or non-profit entities to provide for Student Loan Forgiveness services.  No one should be calling or mailing you claiming to represent the Department of Education and have the DOE logo or American Eagle. RUN. FAST.

If you are looking to escape high student loan payments – call My Education Solutions to see if you qualify for our services. We know it’s hard to find a reputable company to help you navigate the difficult waters of student loan debt, payments and options. Call us at 800-618-1170 or try our Free Student Loan Forgiveness calculator online at www.MyEducationSolutions.com and let us help you find the options that are best for you. Have questions? Ask away on our Live Chat.