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Student Loan Forgiveness Scams

02/22/17

by EagleTech Amanda Callahan A&S '20

Concerned with student debt after graduation? Like many of you so was Stephanie Bearer. She was stressed about paying off her loans from Pittsburgh Technical Institution and decided to use Square One Resolutions to help cope with her debt. The company promised to negotiate with Sallie Mae and her debt problems would be out of her hands and in theirs. It wasn’t until Stephanie paid $2,000 to the company that she realized she fell for a scam. Square One Resolutions was taking her money without using it to pay off her loans. Unfortunately before Stephanie took notice she signed with Student Loan Solutions as well, another scamming company. Robert Farrington of College Investor in San Diego says as student loans grow so are the number of scammers out there. There is $1.3 trillion of student debt in America and unfortunately many students fall for scams just like Stephanie.

So what can you do to avoid this. First, check out free services available to you. Second, if the service you are planning on using requires a fee be sure to check it out on the Better Business Bureau beforehand. Finally, be aware of smooth talkers. Stephanie warns, “They sound very reassuring, genuine on the phone.” Be cautious when looking for student loan help, or you too can end up like Stephanie.

Info from: Delano, Joe. "Scam Artists Preying On College Grads Buried In Student Loan Debt." CBS

Pittsburgh. KDKA TV, 6 Feb. 2017. Web. 10 Feb. 2017.