How to Avoid Being Fooled By College Loan Scams

If people are willing to scam the elderly, it should be no surprise that there are shady individuals trying to take money from college students with loans. Here are a few tips to help you identify a student loan debt relief scam.

  • They want your FSA ID – No one should ever ask you for this unless you are logging into the federal student aid website yourself. Never give away this password because it is just as legal your own signature. You should be the only person who knows these credentials.
  • They want you to put down money upfront or start making monthly payments – This doesn’t provide any relief at all. The problem is that you are struggling with monthly loan payments. Don’t let a debt relief service make you start paying even more while you wait for them to “work things out” with your other creditors.
  • Immediate loan forgiveness is dangled in front of you – No company can do this for you, so don’t believe it or provide them with any personal information. The government has debt forgiveness programs if you have federal loans and get in over your head.

Better College Funding and Aid Planning Resources

Of course, the best way to deal with student debt is to avoid getting in over your head in the first place. That’s why College Planning Source offers our funding solutions and resources. To learn more, call us today at 858.676.0700, or you can submit the online contact form.

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