3D Consumer Alert: Federal Student Loan Debt Relief Scams
If you have student debt, watch out for debt relief companies that don’t offer relief at all but are just scammers after your money.
Student loan debt relief companies are private companies that claim to provide student loan management services for a fee—services you can manage yourself or obtain from your servicer for free.
Student loan scammers often require you to pay up-front or maintenance fees. Federal loan servicers will never charge fees to help borrowers with their student loans. If you’re asked to do so you’re not dealing with the Department of Education or one of their servicers.
Scammers may also promise immediate and total loan forgiveness or cancellation. Student loan debt relief companies do not have the ability to negotiate with your federal loan servicer for a “special deal.”
But servicers working on behalf of the Department of Education can help you with repayment plans and loan consolidation. You can find a list of them on the Federal Student Aid website.
For more, visit us on the web at ProtectTheGoodLife.Nebraska.gov.
Please find the 60-second audio (3D Alert) and the accompanying script at https://bit.ly/2HO8Ygh.