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  • 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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