Scam companies are student loan assistance companies who charge you for a service and then never do it, or don’t do it 100%.For example, the firm might advertise ‘student loan forgiveness’ or ‘lower student loan payments.’ They charge you hundreds of dollars and say ‘they’ can do it but in reality don’t actually do anything at all.
One of the most frustrating questions I get everyday (seriously, everyday), from readers is: Is this company that's saying they want to help me with my student loan debt a scam?
They do charge a fee for service, but this company cares so much about their borrowers that the fee goes into a special third-party account and they don’t even get paid until services have been rendered.
This company is the best I’ve seen in the industry.
Once they’ve received all your payments, you’ll be set, right?
In the meantime, all they will do is set your loan on forbearance so you won’t have to make a student loan payment. The problem is, these scams usually involve the company taking your money, your student loans remain in forbearance for months or years, and the borrower finds out that the forbearance has expired and that nothing was done.