How to Avoid Student Loan Scams
Looking to get the best student loan is a time-consuming and
difficult process. Parents are trying to scrape some money to
help pay for their child's tuition, and their child is worried
about high grades, post secondary admission and the intimidating
aspects of campus life. Moreover, students should be
concentrating, and worried about their studies, and not
obtaining legitimate financial aid, such as a student loan. This
is not reality, for most students entering into post secondary
institutions.
Most people are unable to afford the heavy tuition costs, due to
minimal income, so students and parents have no choice in
getting a student loan. For some families, the lack of knowledge
and desperation can lead to misjudgments when getting a student
loan. Don't panic. You will be able to find a legitimate student
loan to pay for you, or your child's education. Feel pressure to
access financial help to pay for the costly books, and the high
tuition fees for the courses? Calm down, and examine your
options with a clear mind. This way, your chances of being
scammed, will decrease.
If you receive telemarketing calls, which most of us get, we
know the wisest choice is to politely say we are not interested,
and hang up. It is not that we are trying to be rude to the
person calling us during supper hour; it is a method that should
be used to protect us against scams from the companies they work
for. Unfortunately, some of the offers they call to give us are
so tempting that we listen, and before we know it, they have our
credit card number, or the number to access our bank account.
This is the case for people who are lured into getting a student
loan from one of these telemarketing calls.
Note that not all of the student loan scams are done by using a
telemarketer. Discard any mail that has flashy headline that
reads one-time offer student loans, or you can't get this loan
anywhere else. Watch out for the loan companies that tell you in
writing, or over the phone, that you must purchase this student
loan several years before your child is able to apply for post
secondary education. This is not true. Walk, or drive to your
local bank, or credit union, and tell them what this loan
company told you. Most likely, they will explain their
legitimate student loans, and that you should only think of
obtaining one when you or your child has been accepted to a
higher academic institution.
Companies that claim to give low-interest student loans with a
one-time fee are also using the open market of the Internet.
Delete e-mails that say, "student loans for a one-time up-front
fee". Companies that sell student loans online are usually
trying to obtain your identity, or put a virus on your computer
that will record your banking information, if you do online
banking. Make sure the company that calls, e-mails, or mails you
with information about their student loan services, is
affiliated with a legitimate bank, or credit union. There is a
slight possibility that this student loan company is legitimate.
It is better, however, to get a loan with a bank, or credit
union, so you can get assistance if you have difficulties, or
questions.
Student loan scams are the most heinous crime of financial, and
identity theft. The companies that commit this crime know the
desperation, and naive nature of parents, and students. In
addition to this malicious incite, they are familiar with the
high tuition costs to enter into Colleges, or Universities; thus
using this advantage to lure unsuspecting parents, and students
into impulse purchasing of student loans. If you are looking for
financial relief through a student loan, it is important that
you research student loan options at your local library, or
financial bank, or credit union. If you arm yourself, and child
with information about avoiding these scams, you will be given a
student loan from a reputable bank, or financial group that will
provide adequate tuition for you, or your child's education.