5 Student Loan Forgiveness Scams To Watch Out For
Student loan debt is a serious problem facing many Americans today, and it cannot be resolved overnight.
Graduating from college is a laudable action, and many young people feel a great sense of accomplishment and motivation as they walk across the stage and enter the world of full-time work. However, not too long after these invigorating experiences, many of the same young adults receive notifications that they will need to start paying back their student loans. Back when they first procured the loans, repayment likely seemed years away. Now, the time has come, and plenty of recent college graduates are not making the money that they need to pay back these prodigious sums.
As a result, plenty of young adults are desperate for student-loan forgiveness. Therefore, they eagerly seek out opportunities to wipe out their total sum of student-loan debt. While some such opportunities do exist, plenty of scams are also out there in the world. Instead of jumping at offers right away, these young individuals should know what to look out for in terms of scams.
Read more: How To Deal With Student Loan Debt
There’s currently more than $1.5 TRILLION dollars in student loan debt owed in the United States today. That means that the average student loan debt is hovering around $31,172 per person. With debt this exorbitant, it’s really no surprise that student loan forgiveness scams are becoming widespread and are now seen everywhere.
Here are the top 5 scams to be on the lookout for this year:
- Debt Elimination For No Reason –
Total loan forgiveness is a possibility, but it is typically contingent upon some specific factors. For example, some teachers are entitled to student-loan forgiveness after they have worked a certain number of years in specific school districts. IF a company is offering a total elimination of debt for no reason, recent graduates should certainly exude a strong sense of suspicion. The odds of getting loans entirely eliminated for literally no reason at all are virtually zero. Retaining a hopeful attitude is important, but so is having an astute mind.
- No Return Address –
After receiving a letter about the total bill, some individuals may receive other letters in the mail, promising forgiveness for student loans or at least a partial debt reduction. However, individuals need to proceed with caution and conduct research on the company. Some of these alleged companies will not put a return address on the envelope. They will also fail to include the name of the company in the letter and instead merely include a telephone number. If researching the reputation of an alleged loan-forgiveness company is impossible, people really have no reason to trust the entity.
Read more: The Big Risks of Cosigning for Student Loans
- Scam Phone Calls –
Many people are aware of the numerous scam phone calls that exist these days, and some of the phone calls are about forgiveness for student loans. Individuals should keep in mind that offers for loan forgiveness typically come through some sort of official method of communication. Individuals might see an unknown number pop up on their phones. They then answer the call and start to hear all about loan forgiveness. Upon researching the phone number online, they may discover that people have fallen victim to scams at the hands of this number.
- Advertisements On Social Media –
Sometimes, people search online for loan-forgiveness opportunities. After conducting some research, they may start to see advertisements show up on their social media pages telling them about loan forgiveness. The ads might come from legitimate companies, but these ads may offer deceiving information. For example, the ads might suggest that the viewer can definitely receive loan forgiveness. However, upon actually going to the site, the web surfer may find that no such opportunity is available at all.
Read more: Paying Off Student Loans
- At-Home Solicitation –
If the doorbell rings and someone is standing on the stoop offering loan forgiveness, individuals should seriously question the reputability of these transactions. First of all, they need to ask themselves how the person on the door even knows that student-loan debt exists in the household. Recognizing that this individual on the stoop already knows too much can encourage would-be victims to close their doors before proceeding any further.
The forgiveness of student loans is a goal that many people have set for themselves, and they can continue to research opportunities. However, they need to know when to stop and protect themselves from scams. If you need help with unsecured debt because your student loans are just eating up too much of your income, give us a call at 1-866-699-2227 or visit us online at www.advantageccs.org to Live Chat or fill out a contact form and someone will reach out to you.