Suffocating student loan debt is one of the most serious financial problems facing a generation of Americans, and the holiday spending doesn’t seem to help many. This financial position makes student loan borrowers a tempting target for unscrupulous companies.
According to consumer advocates, complaints and suits filed against companies offering dubious student-debt relief programs are on the rise, according to recent news reports. The companies lure in borrowers by presenting themselves as empowered by the government to help lessen their debt burden but are really after easy money.
Often they push borrowers to sign contracts with hidden fees, and make promises they have no intention of delivering on and couldn’t even if they did, such as offering loan forgiveness. Other times they suggest repayment options that sound too good to be true, but will in the end can ruin your credit score. These tactics are similar to the ones used by companies in the wake of the housing crisis that took advantage of homeowners suddenly facing an upside-down mortgage.
If you’re struggling with student loan debt, here are some better options:
Call your loan servicer
Many of the services offered by these student-debt relief programs you can do yourself for free. The less fraudulent of these companies are merely taking advantage of the fact that there is a lot of confusion around student loans.
Check out your student-loan forgiveness options
Depending on the field you work in, you may be eligible for a student loan forgiveness program without paying a third-party company to enroll you. For federal programs, you can check studentaid.ed.gov to find out if you qualify. And this site has a list of student loan forgiveness programs by state.
Check with a representative at Liberty Savings
Depending on the type of loan you have, we may be able to help you refinance your student-loan debt at a lower rate. The most important thing is trustworthiness. If we can’t refinance the type of loan you have we will point you to credible resources and help you get your other finances under control. Our goal is to help your financial situation, in this case to make your student debt less burdensome.
Call us at 201-659-3900 or 1-800-627-3131 for more information.