Emile Harmon: Student Loans Warning Signs

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Post on 21-May-2015



Economy & Finance

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This presentation outlines Emile Harmon's latest blog post on the student loan debt crisis affecting the current United States economy and young Americans across the country.


<ul><li> 1. Student Loan Warning Signs </li></ul> <p> 2. When choosing student loan companies, you need to watch out for certain warning signs in order to ensure these companies arent taking advantage of you. Loans are complicated and can be tough to understand if you dont do significant research ahead of time. Finally, the education debt is appearing at the forefront of the political stage. Young Americans are constantly worried about paying off longstanding college debts. The student loan debt problem has led to many new companies forming which offer services to alleviate some of the stress of paying back this debt. There are helpful services, but along with the useful resources, there are also services that appear to scams. A few of these are highlighted below from a recent article by US News: 3. A company which promises loan forgiveness and extremely low payments: Although there are lower payment and forgiveness options available, particularly when dealing with federal student loans, these are very much regulated. Anyone making these promises are most likely scamming debtors. 4. A company which claims it can help you get out of default for a fee: Besides paying off the loan completely, you can get your federal loans out of default by rehabilitation or consolidation. To be qualify for either youll need to make some payments to be eligible for either. Theres not a fee for taking advantage of these options. If you do use a company that charges a fee to help you, make sure the fee is reasonable. 5. A company which uses a logo extremely similar to those belonging to popular student loan companies or even the federal government: You most likely should steer clear of companies that have familiar logos. If a company needs to promote itself by mimicking a well-known student loan company than its a safe bet to avoid working with it. 6. To learn more about specific companies, check out the Better Business Bureau in order to read reviews and find out what others have to say about particular companies. You can also speak with your loan provider directly in order to work out your best option with them. Another place to seek advice and assistance is the U.S. Department of Education which is a great informational resource to learn about student loan options. A third option is checking out nonprofit organizations which provide free expertise and easy-to-use tools. </p>