• debt relief scams


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Here’s What You Need to Know about 3rd Party Debt Relief Companies

Published: April 20, 2016 | Updated: January 14, 2019

If you’re like 40 million other Americans,1 you’ve taken out student loans to help finance your education. You’re trying to build a better life and you know that education is a great investment in your future. But did you know that those good intentions might also make you the target of predatory scam artists?

Disreputable companies, sometimes claiming affiliations to your school or even the Federal Government, may contact you with claims that they can “help” you pay off your loans super quickly, at enormous discounts. Don’t fall for it! Beware of these so-called “debt-relief” companies. They make promises they can’t keep and charge you for services that are actually free.

If someone contacts you about your student loans, here are the 7 Warning Signs you need to look for:

1)      They cannot prove an affiliation with your school, current loan server or the Government

2)      Their company name includes words like “Federal,” “Government” or “National” that are designed to mislead you

3)      They promise that your loans can be immediately forgiven and at a discount

4)      They charge a fee for their services

5)      They demand private information like your passwords, Social Security Number or Federal Student Aid ID

6)      They require you to sign a “third-party authorization” form

7)      You were contacted by them right after clicking on an online advertisement about debt consolidation

If you’re having trouble making your loan payments, there may be help for you. But it will not come from those third-party debt relief companies. Only the Department of Education can consolidate, forgive or lower your federal student loan payments. And they will not charge a fee for the guidance and services they provide. Contact your loan provider or go to the Federal Student Aid website for more information. Our Education Loan Specialists at Charter College can also answer any questions you may have, at no cost to you. Third-party debt relief companies often charge a hefty fee and promise you results they can’t deliver; we won’t. Remember, if it sounds too good to be true, it probably is.

At Charter College, we know how important the investment you’ve made in your education is to you. It’s important to us too. For more information on your current loans or for information on how to find out if you qualify for financial aid for any of our programs, contact us today at 888.200.9942.


1 http://www.nytimes.com/2015/09/11/upshot/new-data-gives-clearer-picture-of-student-debt.html?_r=0