Student Loan Forgiveness Scams: Preventative measures
Addition by Subtraction
How to avoid being a victim?
Remember what we shared earlier about Red Flags? Once you know what to look for, you should focus on those Red Flags, and avoid them at all costs. This is what we call “Addition by Subtraction.” By removing the Red Flags of risk, you’re “Adding” positively to your outcome. You’re removing risk.
The silver lining is, that there are reputable companies out there who really want to help. Let’s talk more about them.
Green Flags 🟢
In rare cases, a company may be more legitimate if they are charging a very small fee to give you 1:1 consultations to answer your questions, help you fill out paperwork, or review forms to make sure they’ll be accepted. These are typically going to be registered 501(c)3 Non-Profit organizations or widely known Advocacy Groups.
These types of organizations help you submit forms electronically to your loan servicer, and provide confirmation. They’ll take as much time as you need to answer questions, no matter how trivial. They might be recommended as Student Loan Experts by someone you know. In these cases, their knowledge and guidance is valuable, but they still have no control over your loans. Said another way, no control = much less risk.
Another Green Flag is Transparency. If they are willing to go to bat for you on the phone with your loan servicer and ask questions you might not think to ask, and they clearly have your best interests in mind, then this might be worth a small Fee. In general, if they are asking for large amounts of money upfront, and you are not 100% sure what that payment is for, it’s better to play it safe and not pay.
What to do if I’ve already been scammed
Is it too late? Do you believe you were scammed? It is extremely important to take action.
learn about how to handle it quickly or download our iOS to talk to our experts ASAP.
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