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College Talk Blog

Student Loan Sharks

Today I heard a radio ad that was frightening. The advertisement was from a group that represented itself as "loan counselors" for student loans. The ad sounded like the "loan Counselors" were non-profit or even part of the government. Later in the ad, the "loan counselors" sounded more like loan salespersons. 

My take-a-way from this ad was that this was a for-profit group planning to profit from the concerns of student loan borrowers. Students who are having difficulty making payments on student loans should first work with the government to look at ways to lower payments. There are several student loan program options that allow borrowers to adjust loan payments in relation to income.

Borrowers should be very careful when considering loan consolidation programs. Some programs will significantly increase the amount the student will repay. Borrowers can also speak with the financial aid office at the college they attended to discuss options. A credit union or bank that borrowers already have a relationship with should be the next option if all other options fail.

Borrowers who have fallen into default can rehabilitate their student loan without resorting to private student loan sharks for help.

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