3 Tips for Picking the Right Student Loan Consolidation Firm There are many legitimate companies that assist students and parents to secure student loans. Known as student loan consolidation companies, they do all they can to find the right options for their customers in securing and paying off federal student loans. More often than not, these companies help borrowers opt into a variety of programs where lenders had denied them previously, without legitimate reasons. For all the efforts of various agencies and regulatory commissions, there are also scam and disreputable companies in the field of student loan consolidation. Research the various student loan forgiveness plans The best thing to do when seeking help for consolidating and paying off your study loan is to carry out some research. Do some homework of your own so you know what you are getting into. Learn exactly what kinds of loans are available. Look into the various programs offered by the government to help forgive or reduce debt. There are many options, from loan balance-based repayment plans to civil service loan forgiveness, to income-based repayment programs and teacher loan forgiveness. As a matter of fact, loan companies are not properly educating borrowers, otherwise scammers wouldn’t have it easy capitalizing on people seeking help and loan forgiveness & consolidation companies would not be needed.
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Study the backgrounds of various companies
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Before you give out your credit card, do a bit of research on the company you’re dealing with. According to the BBB, are they’re an accredited business? Are there reviews from past clients? Is it something you can do for free yourself or are you getting a service? Check out the company’s reviews on Google or BBB. How many stars does the company have on Google reviews? Also ensure that the service is signed up with an organization that consists of student loan consolidation firms that have proven honesty and transparency. Choose the most suitable company You can pick the right service on your own. Spend hours studying several forgiveness options and signing up with government programs. Also, you can make payments to various lenders monthly. But this is not as effective and simple as dealing with a service that knows about the programs available and makes your particular situation their priority. A qualified and reputable company will have personalized and responsive customer service. If they ask for upfront payment, they have to clearly explain exactly what you’re being charged for. They should take you through the whole process one step at a time. They should process all of your paperwork and loans and enroll you in a suitable program, based on your family size, line of work, and income. Remember that your student loan will need to be paid back, unless there’s a federal-based reason not to do that. Beware of companies that promise to completely wipe out student loans.