My name is Jake and I got stung by scammers when I tried to get a student loan.
There are many ways for them to get you so look out, I’ve detailed some common types and not some common scams to look out for.
Know that scams are very big business. The Student Loan industry is worth over $50 Billion dollars, it’s a huge piece of pie and scammers are lurking on the fringes ready to catch unsuspecting victims.
Free Seminar or Interviews
These type of offers will lure you into a free seminar with the promise of a really low interest rate, they may also offer other free services and product. Some will get you to take out insurance for a really low rate and then get you onto a cheap student loan rate. In truth they will not be low rates, they will use pressure tactics to make you sign up on the spot.
Investment Required for Federal Loans
In these types of scams they will get you to first send in money for administration costs. Know that real legitimate loans will not require you to spend money to get money, admin fees are normally included in the actual loan so you will pay that later. They may also get you to buy one product to get another for free, or heavily discounted.
The Guaranteed Scholarship Search Service
They will promise that you will get a matched to a great scholarship, you will feel so good that you are going to get a scholarship, so this aspiration type of selling will get you in the door, They will ask for a fee to match you up. You may then ask “what happens if I don’t get a match scholarship?” they will then offer to return your money if you don’t get a match, this is not true, they will disappear when you try and get your money back.
The Scholarship Prize.
Know that Nobody can guarantee a student any financial aid money but these guarantees typically come with some hidden conditions. This will make it impossible to get your money back when their guarantee turns out to be false.
There are two other tactics that are not as popular by scammers as the ones above but you still need to look out for them, they include
The Advance-Fee Loan.
Scholarships that Never Materialize
Make Sure You Report A Scam Reporting this crime is essential. It’s easy to see that you might be embarrassed to admit that you have been scammed, you might think you are stupid for believing in this obvious scam, but lots of people get caught, I did and I know what it’s like. But it’s very important you report such schemes so other people don’t get stung too.
If you don’t make these crimes known then they will just move onto the next victim and the crime will continue, until someone reports it. The first thing you need to do is by filing a complaint with the Federal Trade Commission which can be done online in just ten minutes.
I sincerely hope this info will get you thinking and checking for scams. I also do hope it provides you with a few key tips and some good Student Loan Deferment advice to think about when getting your Student Loan.
If you want get more advice and information on Student Loan Deferment, or general student loan information, click on www.american-studentloan.com