Student loans are usually very large amounts of money! As a result, there are many student loan consolidations scams where people will claim to be a consolidation company and run off with your money, leaving you with ruined credit, the full student loan to repay and down however much money they managed to take before you found out they were a scam!
- Check out reviews to any student loan consolidation company you are considering! Don’t take any company’s word for how great they are. You should always look up the opinions of others in reviews to find out if they are good or not, or if they are a scam. Many people will blog about when they’ve been scammed, especially if the scam is for something like student loan consolidation. Look for reviews from reliable sources like news sources as well. If a news channel tells that a certain student loan consolidation company turned out to be a scam, you should avoid those.
- Don’t sign any paperwork until you’ve talked to a person and gotten all of your questions answered. You should also read everything in any contract put in front of you before you sign it, including the fine print!
- If all of your student loans came from the same source, like a single bank, don’t bother with a middleman! In cases like this, you don’t need to involve someone else to get a student loan consolidation. If the option isn’t made available in your repayment options, or if it isn’t automatically made into one easy payment, simply go to the bank that you took the student loan from with all of your student loan information and see what they can do about making the repayment into paying only one payment for the entire thing. If you feel the rates are too high, you can also see about negotiating lower interest rates.
- Keep in mind that you have a six month grace period before repayment of student loans would start, to if you aren’t sure that something is a scam, you should make sure to find out. Having a full six months gives you plenty of time not only to get a job, but also to consolidate your student loans and find the best student loan consolidation companies.