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There’s been a lot of recent buzz around the price of college education and no one seems to be able to escape the heat of tuition costs anymore. Adding fuel to the fire are scams that seek to exploit young borrowers. Which is why you should be aware of the prevalent scams that affect students applying for student loans and scholarships — as well as graduates who are in student loan repayment — and what you can do to make sure you don’t fall victim to them.
Are you just starting college? Applying for loans and scholarships for the first time can be an arduous and confusing process. Luckily, there are plenty of free resources available to help you.
Red Flags: Beware of anyone that charges a fee, guarantees a certain result or reward, asks for your financial information to “hold” a scholarship, pressures you to make a quick decision, claims to have an inside track on gaining a scholarship, won’t give you detailed information on what you’re applying for, claims you won a scholarship that you didn’t apply for, and anything that sounds too good to be true.
Are you a college graduate? If so, now’s the time to start thinking about student loan consolidation. But how can you know that the consolidation you’re seeking is legitimate? Only get your information through trusted resources:
Red Flags: Beware of any program that claims it will eliminate your six month grace period, claims they can discharge your debt quickly and easily, tells you that you can discharge your debt by sending a check to your lender with the memo line “For the Discharge of Debt”, or pressures you into a quick decision.
Once you find the right program and are all set to pay off your student loans, be sure to research how to get started on your payments and stay on track.
This story is an Op/Ed contribution to Credit.com and does not represent the views of the company or its affiliates.
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August 26, 2020
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