There are many legitimate companies that assist students and parents to secure student loans. Called student loan consolidation services, these companies try their utmost to help their customers find the right options for getting and repaying student loans. Usually, these companies assist borrowers to get into a range of programs that lenders had previously denied them without valid reasons. There are also illegitimate and scam student loan consolidation companies, despite the efforts of various regulatory bodies and agencies.
Research different student loan forgiveness options
Doing a bit of homework is the best thing to do when seeking assistance for consolidating and paying back your student loan. Do your own homework so you don’t get into this blind. Learn exactly what kinds of loans are available. Look into the various programs offered by the government to help forgive or reduce debt. There are lots of options, from civil service loan forgiveness and teacher loan forgiveness, to balance based-repayment plans and income-based repayment plans. The truth is that loan companies aren’t educating borrowers properly, otherwise loan consolidation and forgiveness companies wouldn’t be needed and scam services wouldn’t have it easy taking advantage of people looking for assistance.
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Check the backgrounds of different companies
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Before handing over your credit card, do some research on the firm you’re working with. According to the BBB, is the business accredited? Have they got reviews from previous clients? Are they providing you with a service or is it something that you can do for free on your own. Check out the company’s reviews on Google or BBB. How many stars does the company have on Google reviews? Also make sure that the firm is a member of an organization that comprises student loan consolidation services that have shown transparency and honesty.
Pick the most suitable service
You can pick the right service on your own. Spend hours studying several forgiveness options and signing up with government programs. In addition, you can make payments every month to different lenders. But this isn’t as simple and effective as using a company that knows what programs are available and makes your particular case their priority. A qualified and reliable company will have a customer service that’s responsive and personalized. If they ask for upfront payment, they have to clearly explain exactly what you’re being charged for.
They should guide you through the entire procedure step by step. They need to process all your loans and formalities and enroll you in an appropriate program, depending on your line of work, income, and family size. Remember that your student loan will need to be paid back, unless there’s a federal-based reason not to do that. Beware of companies that promise to completely wipe out student loans.