Suspect firms promise student loan relief

According to the Wall Street Journal, the class of 2015, on average, graduated from college owing slightly more than $35,000 in student loans. But they’re not alone. Student loan debt is weighing many people down and scammers are promising quick and easy relief. Unfortunately, these promises are hollow, and too many hopeful borrowers don’t discover that until after they’ve paid still more money out of pocket. Better Business Bureau of Minnesota and North Dakota ® (BBB) reminds people it’s easy to make grand claims – but tough to deliver.

“Scammers often prey on those that are desperate, and they know there are many people out there who are dealing with a lot of student loan debt,” said Dana Badgerow, president and CEO of BBB of Minnesota and North Dakota.

“Unfortunately, these so-called offers of assistance leave people in even worse shape financially.”

BBB of Minnesota and North Dakota has received two reports recently through BBB Scam Tracker wherein Minnesota residents with student loan debt signed up with a California firm that promised to help them qualify for a student loan forgiveness program. Both individuals paid the company nearly $600 upfront for the service and then the company failed to deliver.

BBB advises people to watch out for scams and suspect offers that entice student loan holders by promising to wipe out their debt.The content you are trying to access is only available to members. Sorry.

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