DECATUR, Ga. - About 70 percent of students who graduate college leave with debt. That's a big burden for a young person just starting out. And to make matters worse, scammers are at work trying to take your money, too.
You're young. You have debt. That's not a great way to get your life started then there are scam debt consolidators who are out to steal your hard-earned money. Federal prosecutors have said they've taken millions from folks wanting to reduce that debt. But first, let's look at the math when it comes to post-college debt.
By most estimates you'll leave a four-year program with at least $30,000 in loan debt, higher depending on other factors like where you went to school. So, if you pay that off over 10 years, you're looking at maybe $300 a month.
Of course you'd love to lower that monthly payment. And that's where the scammer walks in. The Better Business Bureau warns to be careful of any company that claims expertise in reducing student loan debt,
Here are words of wisdom from our friends at metro Atlanta's BBB. Federal law requires that at least one debt be renegotiated, settled or reduced before a fee can be collected for debt relief services.
So here's are red flags to recognize. Be proactive if you want to consolidate your debt. Reach out the Consolidation Information Call Center. If you hadn't thought about consolidating your loans until you got a call from someone, do your home work. Check out the company with the BBB and with your loan provider. A big red flag is if the company asks you to stop making payments on your loan and send them to them instead. All promises must be in writing.