Can You Spot a Student Loan Scam?

Can You Spot a Student Loan Scam?

5 Warning Signs That Might Indicate a Student Loan Scam

Many individuals have student loans to repay, and unfortunately, some are having trouble making those monthly payments. This is often due to other debt they are carrying like a car loan payment(s), a mortgage payment, and even credit card debt. This issue is ripe for a student loan scam.

In practically all publications that accept advertising, you’ll run across ads that say your problems can be over if you sign up with them. The ad will go on to say that they can help you to repay your student loans faster and at a lower cost – or they will get them completely forgiven.

These types of claims should be a red flag waving in your face and making you extremely cautious. There are some companies that may be legit, but there are also many that are scammers.

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Colleges Cheating on Student Loans

Colleges Cheating on Student Loans

Warning: Colleges Caught Cheating on Student Loans? Decide for Yourself

Just when you thought the student loan problem couldn’t get any worse – it did. A recent report issued by the GAO (Government Accountability Office), cited serious infractions by some colleges and universities regarding default rates, effectively cheating on student loans.

Some background and explanation will illustrate it better. In order for a college or university to be eligible for federal financial student aid, they must maintain a “cohort default rate” that is below a certain level. What that default rate means is the college’s share of their students who have student loans that went into default within three years of beginning repayment.

You can be sure that when a lot of money is involved, educated minds are at their highest level of creativity. Some colleges hired outside consultants who were motivated in helping the college and not the student. The consultants improperly placed many unfortunate borrowers in forbearance, even when there were better options for the student to pursue.

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Beware Co-signing a Student Loan

Beware Co-signing a Student Loan

Co-signing a Student Loan Could Ruin Your Retirement 

This is one aspect of parenting that has many opinions and heated discussions. Let’s say that your child or grandchild just finished high school and has been accepted by their favorite college. Unfortunately, some part of their borrowing will require co-signing a student loan with a private lender.

Like many other students who apply for financial aid, the federal government will approve loans directly to the student. This is done without as much as a credit check. But, many times the federal government approval doesn’t cover all of the costs and the student must apply to the private student loan lenders.

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Borrowing for College Today – What You Need to Know

Borrowing for College Today – What You Need to Know

What You Must Know About Borrowing for College

The College fall semester is right around the corner and if plans haven’t been finalized on how you plan to pay for it, don’t delay. Especially if borrowing for college is necessary. College costs continue to increase and the average cost for just one semester at a public college is around $7,000.00 and around $13,000.00 at a private school. These amounts are after grants and scholarships.

To cover the cost remaining, many families use a combination of current income, savings, and loans. It’s highly recommended to borrow money only as a last resort. Some colleges allow you to pay some part of the balance in installments, so it’s a good idea to ask.

There are still many families that have no other choice but to borrow to cover some part of the cost. A survey done by Sallie Mae indicated that almost 42% borrowed some amount of money the past year.

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Paying Off Student Loans

Paying Off Student Loans Faster By Using These Simple Tips

Paying off student loans fastIt’s been a long four years, but you finally graduated from college. You really put forth a lot of effort and studied hard to earn your bachelor’s degree. Searching for a job has begun, and in addition, you are being faced with paying off student loans that are mountain high.

There may be a faint light at the end of the tunnel to assist you in repaying student loans fast. However, it’s essential that you fully understand the terms of your student loan debt in order that you handle them properly.

Many students blindly apply for loans and don’t even keep track of them. Various creditors send them statements that offer some explanation, and the student doesn’t even look at them.

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Refinancing Student Loans

How Refinancing Student Loans Can Save You a Lot of Money

Refinancing student loansThere’s a very good reason why student loan debt is discussed frequently today. At the present time, there is in excess of $1.35 trillion dollars of student loan debt owed by borrowers in the USA. Is it any wonder that refinancing student loans is so popular?

This tremendous amount of debt is taking its toll on so many individuals. On the Federal student loans alone, a little more than 13% are in default before they even reach two years of repayment. That is a very serious default rate.

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Consolidating Student Loans | Choose Carefully

The Only 4 Steps to Use in Consolidating Student Loans

Consolidating student loans can save you moneyBefore consolidating your student loans, review your individual loans carefully. Simply having your monthly payment lower could cost you substantially more in the long run. One of the primary reasons for consolidating student loans is to save money by paying less interest and also to lower your monthly payment.

Students that have to rely on student loans to finance their college education can have as many as sixteen (16) individual student loans. And if that student has to borrow to finance graduate school as well, they will have a few more student loans to contend with.

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Obama Student Loan Forgiveness | Fact Or Fiction

The Alarming Truth about the Obama Student Loan Forgiveness Program

Beware of the Obama student loan forgiveness programIt’s been about a year since this term first made the news. The Obama Student Loan Forgiveness program would save everyone struggling to repay their student loans. Well, from what we have read and seen, it’s time again to revisit this alleged beneficial program.

Is it any wonder that many students are selling themselves to a sugar daddy to get their student debt paid. Granted, some of them could have gone the community college route for the first two years, but turning to prostitution to get an education! This is a sick society that we live in today.

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Student Loans Forgiveness

 Student Loans Forgiveness – Other Options You May Not Be Aware Of

Student loans forgivenessThere are many programs for student loans forgiveness and Public Service Loan Forgiveness is but one of them. These programs were designed to help student loan borrowers who are having financial difficulty in repaying their loans.

A couple of the popular student loans forgiveness programs are in the fields of health care and teaching, and are offered by many states across the nation. Many, if not most, student loan borrowers are aware of the federal student loans forgiveness programs, such as the PSLF, and also the repayment programs that are income driven.

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How To Teach Kids About Money

How to Teach Kids About Money – Get Ideas That Really Work

How to teach kids about moneyThere comes a time when parents with children begin to read books and decide how to teach kids about money. This is not just one simple conversation that you have with your child, but is an ongoing process.

There is no one “book” to teach from and there is no universal method that will fit every child. You’re dealing with different personalities, comprehension levels, as well as the ability to learn.

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