How to Avoid Being a Victim of Scam Calls for Student Loans

Scam Calls for Student Loans

Student loans are one of the biggest burdens faced by college attendees. Even students who graduate from college and land their dream job find it difficult to afford their monthly student loan payments. Those with less than ideal circumstances find it impossible to afford the education they borrowed to pay for.

Student loan debt is one of the primary reasons people consider bankruptcy. Overcoming this massive debt is no small feat – something scammers are all too aware of. It should come as no secret that many take advantage of the burden of student loan debt and student loan scams are common.

Have you been the recipient of scam calls for student loans or are you concerned that an offer to forgive your student loans is too good to be true?

You aren’t alone. Scammers prey on student loan debtors. Here’s what you need to know:

Struggling Debtors are Most Often the Victims of Scam Calls for Student Loans

If you’ve kept up with student loan payments, your risk of being scammed is less. It can happen, so be cautious of any offer you receive. But in most cases, scammers prey on those most desperate for relief.

Scammers know how vulnerable young debtors are. Many are facing debt and financial problems for the first time in their lives. They know recent grads haven’t researched their options and are likely overwhelmed with their current station in life.

It’s at this point the scammers swoop in and promise student loan debtors an easy way out. They claim they can forgive student loan debt for a fee and people are relieved to be offered such a simple solution.

Unfortunately, these scams not only offer zero relief from student loan debt, but they also create more problems and leave you further behind on your debt.

Understand Your Loan and Your Loan Management Options

The best thing you can do if you have student loan debt, even if it’s currently manageable, is to understand your situation. Many college students sign up for loans because they are encouraged to do so by their colleges or their families. Many do not understand what they are getting into. If this describes your situation, now is the time to learn about your loans and understand how to manage them.

The first thing you can do is determine if your loans are private or federal or a combination of both. Next, you’ll want to identify your loan servicer(s) and know how to contact the people handling your loan.

Next, understand that anything a scammer offers is probably something you can arrange through the loan servicer. For example, some scammers offer to give you a few months of reprieve from paying your loan payments. This is something you can arrange directly through a loan deferment or forbearance program. To learn more about deferment and forgiveness, check out this recent article from Forbes.

If a scammer offers to negotiate forgiveness of your loan entirely if you pay them a few hundred dollars, they are lying to you. There are a few programs that allow for student loan debt forgiveness, but they don’t require payment from you. Legitimate organizations negotiate on your behalf with loan servicers and it won’t cost you a thing.

Also, keep in mind, you can consolidate your loans on your own or find an income-based repayment plan. Again, these things are done for free and you can handle them yourself. Sometimes all it takes is a call to the loan servicer to discuss your options.

An Attorney Helps You Manage Your Student Loans

The bottom line when it comes to student loan debt is that if you receive scam calls for student loans that sound too good to be true then it is. You’re better off working directly with your lender and finding an option that makes meeting your debt obligations possible.

If you’re concerned about student loan debt or you worry you might become a victim of a scam, we can help. To schedule a free consultation, contact the Law Office of Robert M. Geller at 813-254-5696.