'Student Loan Forgiveness' Scam

‘Student Loan Forgiveness’ Scam

In 2016, the U.S. Department of Education stated that greater than 300,000 Americans might be eligible for student loan forgiveness on account of incapacity. But that key bit of data is absent from a “breaking news” story featured on ISupportForgiveness.org, which as a substitute directs readers to name a cellphone quantity.

So we tried the quantity out twice. The first time, when requested to determine their firm, the one who answered recognized them as “EDU Loan Servicing.” There is not any obvious itemizing for a enterprise by that title. The second time, the particular person answering the cellphone instantly tried to collect private info, asking, “Do you have more than $10,000 in student debt?” Upon being knowledgeable that it was Snopes.com calling and never somebody looking for assist with their loans, the particular person stated, “I’m sorry I couldn’t help you,” and hung up.

Not solely is “EDU Loan Servicing” not a part of the record of federally-approved student loan servicers, however its potential existence can be undermined by the truth that its discover was posted on I Support Forgiveness, which promotes itself as a product evaluate website:

I Support Forgiveness was based to function a shopper watchdog, enabling common folks to make knowledgeable choices about essential purchases.

Our panel of impartial consultants consider each product based mostly on plenty of elements, together with effectiveness, worth, and security. I Support Forgiveness receives no financial or different consideration from these firms, and the opinions expressed right here replicate solely our experiences and people of our consultants.

To that finish, we settle for no exterior promoting, and each product we evaluate is bought anonymously. This ensures that every product is a consultant pattern, and prevents firms from affecting the result of our choice.

Our objective is straightforward: that can assist you make the perfect choice potential when buying on-line. To date, we have now helped hundreds of shoppers make good shopping for choices, and we look ahead to serving to tens of millions extra to do the identical.

We contacted I Support Forgiveness asking in the event that they have been affiliated with “EDU Loan Servicing.” They have but to reply.

READ:   Guide To FAFSA Verification | Bankrate

Student loan scams are widespread within the United States.  The most typical hoaxes embody loan consolidation, debt elimination, and getting debtors out of default — all for a value:

For-profit student debt reduction providers have additionally appeared excessive in search outcomes for phrases like “student loan default,” “student loan forgiveness” and “Obama student loan relief,” former CFPB student loan ombudsman Rohit Chopra wrote in a June letter warning Google that some firms could also be misrepresenting themselves in on-line advertisements.

“While we have warned consumers about these scams, we are concerned that unscrupulous companies may be using aggressive advertising through search products to lure distressed borrowers,” Chopra wrote.

What to do as a substitute: When you’re able to consolidate your student loans or swap compensation plans, ignore web sites that don’t embody “.gov” of their URLs, or that don’t belong to one of many authorities’s official loan servicers.

It’s essential to look into any firm that will promote or contact you out of the blue, significantly in the event that they cost for his or her providers.  The federal authorities gives loan compensation recommendation and help without cost. 

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