Financial schemes and scams were most frequently reported to have stemmed from a phone call. If you get an email, letter or call about student loan debt forgiveness, pause before you send along any of your personal information. It could be a scam.
Keeping this in consideration, do student loan forgiveness programs call you?
Many experts assure that legitimate loan services will never call or text a borrower out of the blue, so that’s one easy way to recognize a scam when you see one.
Similarly, how does the student loan scam work?
The basic structure of student loan scams has remained the same for years, Yu says: Companies promise some kind of forgiveness in a short period of time, charge and pocket a large upfront fee, then get access to a borrower’s account to consolidate their debt and enroll them in an income-driven repayment plan.
Is Alum Financial a scam?
This company is a SCAM. … This company said that I qualified and all I had to pay was $200 for 6 months and then ***** for 20 years. They lead me to believe that THAT price was consolidating my loans but it was NOT. They have nothing to do with the loans and scam people into their fake help.
Is Doan Solutions legit? You never need to pay for student loan help you can get for free. Doan Solutions offers assistance with getting student loan forgiveness and consolidation. … Edfinancial Services is a private company contracted by the federal government to service federal student loans.
How Do I Know This Is Legitimate? Yes it is very legitimate! We won’t argue that there are indeed several companies offering services that are in fact ” too good to be true” and fail to live up to their promises, Student Advisors isn’t one of them.
If you believe you are a victim of a student loan aid scam, you can also contact the Federal Trade Commission (FTC) and file a complaint with the FTC. File A Complaint With Your State Attorney General: Most state attorney generals have taken an aggressive approach towards student loan repayment assistance scams.
If you receive a spam robocall, the best thing to do is not answer. If you answer the call, your number is considered ‘good’ by the scammers, even if you don’t necessarily fall for the scam. They will try again because they know someone on the other side is a potential victim of fraud.
Many borrowers receive a call from an unknown number with a promise to help them repay their student loans. You only need to provide some personal information and pay an upfront fee. … Many debt relief companies charge a fee when providing services that you can do yourself for free by contacting your loan servicer.