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  • Geebo 8:00 am on June 1, 2020 Permalink | Reply
    Tags: debt forgiveness, , , student loans   

    New scam promises student loan forgiveness 

    New scam promises student loan forgiveness

    With the cost of college tuition always rising and salaries largely remaining stagnant, we have a generation of college graduates who may work their whole lives just to pay back their student loans. People of that generation have also been found to be just as vulnerable to scams as their grandparents’ generation. Far be it for scammers to not try to take advantage of those two facts.

    According to Wikipedia, Navient is a U.S. corporation whose operations include servicing and collecting student loans. They recently settled a lawsuit over student debt forgiveness, however, the settlement doesn’t provide relief for those who owe money to Navient. But the scammers are hoping to cash in on the confusion over the lawsuit settlement.

    Scammers are posing as Navient employees and calling people telling them that due to the settlement the debtors are eligible to have their student debt partially or fully forgiven. There’s only one thing the debtors need to do. You just need to give your Social Security number and pay a fee to transfer the debt to the Department of Education.

    Not just any fee mind you, the scammers are asking for monthly payments from your debit or credit card to maintain the loan forgiveness. So, while the scammers are taking monthly payments from you, nothing is happening with your student debt. So not only are you paying these scammers monthly payments but you’ll probably be ignoring your student loan payments leading to a series of financial nightmares that no one should have to go through.

    However, there is hope. The settlement made it that if your loan payments are being collected by Navient, you can contact them to see if you are, in fact, eligible for loan forgiveness.

    Companies like Navient aren’t going to just call you out of the blue to possibly lose the profits they’ve already gained. Unsolicited phone calls that promise you a way out of debt are almost always too good to be true.

     
  • Geebo 8:00 am on June 27, 2019 Permalink | Reply
    Tags: , , student loans   

    Is student loan debt consolidation a scam? 

    Is student loan debt consolidation a scam?

    Student loan debt has been a hot topic in public conscience for a number of years now. It doesn’t only affect the recently graduated but those who have been out of school for years as well. Many college graduates go for most of their lives just trying to pay the interest off from these loans. It’s bad enough that these graduates face mountains of debt due to predatory practices performed by the lenders but now an army of scammers are looking to capitalize on their hardship.

    You may hear these commercials on the radio, see the fliers in the mail, or see the signs along roadways promising student debt relief or consolidation. A number of these so-called services promise to get you a better interest rate or lower your payments. All you have to do is pay a nominal fee to get the ball rolling. But instead of getting a better rate, these con artists just take your fee and disappear leaving you with more debt than when you started.

    The Better Business Bureau recommends that if you’re having trouble paying back your loans that you should contact your lender directly to try to negotiate a lower payment. Also, you should never pay up front for any debt service until they give you results first. Never give a debt consolidation service power of attorney as they can use this to take over your loan and make your payments even greater. While there is no quick and easy solution to alleviating the ever-mounting student loan debt problem, keeping these tips in mind will prevent you from it becoming an even bigger problem for you.

     
  • Geebo 11:29 am on August 2, 2016 Permalink | Reply
    Tags: , , , student loans   

    Is student loan debt relief the new 401k? 

    Is student loan debt relief the new 401k?

    In the past, most employers provided a helpful benefits package to their employees. Robust health and dental plans along with a helpful 401k plan used to be the norm. A number of employers even had a program where you could be reimbursed for your college education if you attended classes while working for the company. Unfortunately, since the financial crash of 2008 a lot of employers have started scaling back on the amount of benefits that they offer. The financial crash also resulted in higher amounts of debt for college students who took out student loans in order to pay for their education.

    Now, some companies are offering a student debt relief plan as part of their employee benefits to attract recent college graduates. Much like a 401k, the company matches an employee’s deduction amount, and the plans can give out up to $1200 a year for six years. While it doesn’t completely wipe out a student’s debt it can take years off the payback process.

    If this practice becomes more widely accepted by more companies do you think this will encourage more people to seek a college education? Please let us know in the comments.

     
    • Sharonda Fentress 1:22 pm on August 19, 2016 Permalink

      Yes that would help a great deal that is an awesome idea!

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