A simple call can quickly make them believe that there are quick and easy ways out of the repayment woes.
New York, NY (PRWEB) August 24, 2014
National Debt Relief recently shared in an article published last August 21, 2014 how student loan borrowers can steer clear of debt relief scams. The article titled “How To Avoid The New Student Debt Relief Scams” points out some of the tactics of scam companies often used to victimize unsuspecting consumers.
The article explains that there are a lot of borrowers leaving school with a degree in one hand and a mountain of student loan debt in the other. The debt average ranges anywhere from $20,000 to $30,000 and for a fresh graduate, this is too big to handle. Especially for graduates starting out in a new job where they will earn just enough for basic expenses.
The student loan borrowers become desperate with their payments that a simple call can quickly make them believe that there are quick and easy ways out of the repayment woes. The article shares that scam companies will require an upfront payment on their services to restructure the student loans. These companies will also insist on getting a hold of a borrower’s personal information.
The article also shares that one of the tell tale signs of a scam company is when they demand for a power of attorney. This will allow them to proceed with consolidating a borrower’s student loans which the debtor can do on their own for free.
Another sign of a predatory company is masking the existing benefits of student loan repayment and using words that would appeal more to the situation. One perfect example is that some of these companies would mention that enrolling in their program could allow a borrower non payment on student loans for a long period of time. Where in fact, this can be deferment or forbearance that is part of the benefits of a federal student loan in repayment.
The article also points out that scam companies are pushy and uses sales tactics to push borrowers into signing up with their programs. To read the rest of the article, click on this link: http://www.nationaldebtrelief.com/avoid-new-student-debt-relief-scams/