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College Talk Blog

Student loan debt relief-REALLY?

Watching a slick TV commercial about student loan debt relief the other night, I realized how great the offer sounded. Unfortunately in most cases, doing business with student loan debt relief lenders is like doing business with other "debt relief" for profit organizations. The only relief is the profit the predatory relief lender will earn from the high fees and interest rates involved in so-called relief offers.

Actual student loan debt relief is pretty much a myth-unless you attended a less than reputable online or for-profit college. Maybe disreputable colleges are the exception that allows higher education debt relief loan sharks to claim that they may be able to "reduce your debt". Students who have been victims of colleges that misled them and did not follow US Department of Education requirements can be relieved of their debt. This is a minority of borrowers and does not apply to most students. Most higher education institutions carefully follow US Department of Education rules in order to avoid this situation.

Student loan debt relief companies often fall into the same category as other debt relief companies. They are here to profit from the misery of people who are in debt by putting them more in debt. Students who need help with debt management for student loans will get the best help from the US Department of Education, lender/sevicer and the college they borrowed to attend. Failing that, they'd do better to consult an attorney before even considering a student loan debt relief company.

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