Is Student Loan Consolidation A Scam?

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Postby loganberry » Thu Aug 23, 2007 12:25 pm

1. Students/parents may actually benefit from all of the lenders competing against each other because the benefits keep getting better - so that is a good thing!


True!

This is a slightly old post but I just wanted to weight in. The new reform bill that has been proposed would give lower rates to new students, but force a lot of loan companies to eradicate their benefits and shut down. It's a shame that a middle ground can't be reached, because although organizations like Sallie Mae take advantage of students there are reputable companies out there. My parents consolidated with the Educational Loan Company and got the best reduction rate I've seen along with excellent customer service (I'm pretty good at math and actually considered being an accountant so I helped my parents a lot when they took out loans for my sister's undergrad!). Friends of ours have also consolidated with other banks that haven't given them any issue. Consolidation isn't a scam, it's just scam-PRONE.
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A Useful Site IF and When You Consolidate

Postby mulan » Wed Sep 19, 2007 5:08 pm

highereducationscam.blogspot.com/ Has useful links to criteria to ask for in writing and the math to consider when and if you shop out a consolidation loan.

* edited to remove link building *
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Re: Is Student Loan Consolidation A Scam?

Postby jasikazensis » Mon Oct 18, 2010 8:38 am

Check out reviews to any student loan consolidation company you are considering! Don't take any company's word for how great they are. You should always look up the opinions of others in reviews to find out if they are good or not, or if they are a scam. Many people will blog about when they've been scammed, especially if the scam is for something like student loan consolidation. Look for reviews from reliable sources like news sources as well. If a news channel tells that a certain student loan consolidation company turned out to be a scam, you should avoid those,Don't sign any paperwork until you've talked to a person and gotten all of your questions answered. You should also read everything in any contract put in front of you before you sign it, including the fine print,Keep in mind that you have a six month grace period before repayment of student loans would start, to if you aren't sure that something is a scam, you should make sure to find out. Having a full six months gives you plenty of time not only to get a job, but also to consolidate your student loans and find the best student loan consolidation companies.
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Re: Is Student Loan Consolidation A Scam?

Postby hugandkiss » Sat Feb 12, 2011 5:40 am

Ask some lawyers about this and make an investigation. If this is a scam, you better report them immediately. They are probably taking advantage in you.
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Re: Is Student Loan Consolidation A Scam?

Postby campus » Thu May 05, 2011 1:37 am

I had not seen the news tales on this topic and had not known about the history. I was two times as surprised as everyone else to see it.
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