Flickr user theilr
If you already have, or are considering taking out, loans to help pay for your college, one thing you will want to stay aware of is student loan scammers.
Understanding your loans and how to pay them back can be tough, so we’ve gathered some helpful hints for staying away from any scammers.
Upfront Fee
One thing to be wary of is if a student loan company charges an upfront fee, that is a small percentage of your total loan amount. If you are getting help from a legitimate company that helps with paying back loans, but charges an upfront fee, they will put that payment into an account where they will not access it until after they have helped you figure out a payment program.
Law Firm Re-negotiations
The other scam to watch out for is one where a law firm will say that they can renegotiate your student loan payments to a smaller amount. In doing so, they may require that you pay them as much of the entire loan payment as you can. In the end, the law firm will have not made any of your payments during the “negotiations” with your lending company, so you will be behind and out hundreds of thousands of dollars, and have poor credit on top of that.
Double Check if They Are Student Loan Scammers
What you can do to watch out for yourself, is to check out the free services offered through the government if you have taken out a federal loan. If you have private loans, talk to your private student loan lender about your options. They may allow you to change your repayment plan to something more fitting for your current financial situation. Also, be sure you are reading everything you can, including the fine print.
Be sure to check out our college match tool. This will allow you to see how you match up with colleges across the country based on your unique academic and financial circumstances, allowing you to make the most informed college decisions possible.
Use College Raptor to discover personalized college matches, cost estimates, acceptance odds, and potential financial aid for schools around the US—for FREE!
| Lender | Rates (APR) | Eligibility | |
|---|---|---|---|
 |
5.50%-16.12%* Variable
3.99%-15.61%* Fixed
|
Undergraduate and Graduate
|
VISIT CITIZENS |
 |
5.54% - 15.70% Variable
3.99% - 15.49% Fixed
|
Undergraduate and Graduate
|
VISIT SALLIE MAE |
|
|
5.00% - 17.99% Variable
3.49% - 17.99% Fixed
|
Undergraduate and Graduate
|
VISIT CREDIBLE |
 |
6.00% - 13.75% Variable
3.99% - 13.75% Fixed
|
Undergraduate and Graduate
|
VISIT LENDKEY |
 |
5.66% - 14.72% Variable
3.69% - 14.56% Fixed
|
Undergraduate and Graduate
|
VISIT ASCENT |
 |
3.70% - 8.75% Fixed
|
Undergraduate and Graduate
|
VISIT ISL |
 |
5.62% - 16.85% Variable
3.69% - 16.49% Fixed
|
Undergraduate and Graduate
|
VISIT EARNEST |
 |
5.00% - 14.22% Variable
3.69% - 14.22% Fixed
|
Undergraduate and Graduate
|
VISIT ELFI |
