Call 4 Action
Study up on student loans
MILWAUKEE - If you are planning to apply or payoff a student loan, listen up.
There are a number of scams targeting borrowers these days and you really need to be careful before you apply, pay money, or release personal information.
What should people do before they apply?
Before you apply for or refinance a student loan, you really need to know what type of a loan you are getting, who is providing it, and what the true costs will be for borrowing the money.
You also need to be sure that you are dealing with well known, reputable agencies, and it is critical that you read and understand all of the terms and conditions, and that you ask questions.
How can you spot trouble and avoid getting taken?
Watch out for fake lenders who contact you via e-mails, phone calls, or letters with deals that seem too good to be true, especially if they ask for money. A legitimate student loan lender will not charge a fee to get a loan.
Be particularly careful of aggressive tactics that try to persuade or scare you into taking immediate action.
If the information seems vague, confusing, or odd, check things out with legitimate sources like the U.S. Department of Education, Better Business Bureau, or consumer protection agencies, or the financial aid office at your school.
Protect your personal information as best as you can by not releasing it to anyone until you have checked things out, and taking measures to protect this information from being easily accessed online.
Where can you turn if you think you have been scammed?
Contact a federal student aid ombudsman with the U.S. Department of Education, or file a complaint with the Federal Trade Commission, state consumer protection agencies, Better Business Bureau, or our Call 4 Action office.