Student Loan Consolidation – Legitimate or Scam?

by DeLadurantey Law Office, LLC on September 12, 2014

Shell game scamWith student loan debt totaling more than $1 trillion, companies offering to assist borrowers are popping up all over the country. While there are some legitimate companies that work to assist students and parents through the settlement and/or consolidation process, there are far more disreputable companies waiting to take your money in exchange for nothing.

How do you spot a con artist preying on student loan borrowers? Below are a few pointers:

  • If the company promises to get your student loans discharged or eliminated through a bankruptcy filing. While it is possible to discharge a student loan in bankruptcy, it is extremely difficult and no company can “guarantee” this result. In fact, you should only trust a seasoned attorney with attempting to discharge a student loan in a bankruptcy filing.
  • Be wary of a company that claims it can obtain a lower repayment amount than anyone else can get for you. The federal government provides set repayment plans and everyone is subject to the same guidelines associated with those repayment plans. Thus, your repayment amount will not be determined by who is assisting you. A company making these types of claims is lying.
  • If the debt settlement company assures you that you will qualify for immediate Student Loan Forgiveness, you should avoid doing business with them. Loan forgiveness is never “immediate,” nor can your qualification for loan forgiveness be guaranteed.
  • Beware of a company that requires you to pay monthly fees. Most reputable companies or law firms will only charge one fee for their services and they will not get you to commit to paying fees into the foreseeable future.

If you are struggling to pay your student loan debt, contact a legal team that you know you can trust. We have helped numerous student loan borrowers just like you!

If you are considering filing for bankruptcy protection or you need assistance with your student loans, call DeLadurantey Law Office, LLC, at (414) 377-0518. We believe that each client should receive the individual attention necessary to reach their financial goals. Recognizing the needs of working clients, we maintain a flexible schedule and offer evening appointments. Initial consultations are always free, and phone inquiries are always welcomed. Find us on the Internet and on Facebook.

 

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