Scammers often target senior citizens with fake warnings from the IRS or the Social Security Administration. Now they have a new, vulnerable group in their sights as well, younger people struggling with student loan debt. Sometimes the offers seem too good to refuse!  On this MoneyWise, Kingdom Advisors’ president Rob West has what you need to know. 
<ul><li>When something seems too good to be true it probably is!
 </li><li>The Department of Education has been contacted by many people reporting that these targeted individuals receive phone calls, letters, emails and even text messages offering them relief from their federal student loans. </li><li>Scammers make money on this by requiring a relatively small payment up front. This adds confusion because the education department actually does contract with a select group of pre-screened, legitimate companies for servicing federal student loans. But you can discern the difference between the two as scammers will ask for an up-front fee.
 </li><li>The Department of Education will help you to determine if you’re eligible for loan forgiveness or other programs. They can also help you lower or cap your monthly, federal student loan payments, consolidate the loans, and help you get your loans out of default.
 </li><li>Interest rates are low these days so now’s a good time to refinance student loans. This could save you thousands of dollars.
 </li><li>Find the list of legitimate companies servicing federal student loans at <a href="http://studentaid.ed.gov/sa/repay-loans/understand">studentaid.ed.gov/sa/repay-loans/understand</a>
 </li><li>The Education Department’s Public Service Loan Forgiveness tool: <a href="http://studentloans.gov/">studentloans.gov</a> </li></ul>In this show, we also answer your questions:
 <ul><li>My credit score is fairly low but I want to qualify for the best rates for future purchases using credit. What can I do?</li><li>What do you think about annuities? Are they the best solution? Are they expensive?</li><li>My daughter has gotten in over her head in debt. Is there a Christian organization that could help my daughter with creditors that are threatening her? Visit <a href="https://www.christiancreditcounselors.org/">christiancreditcounselors.org</a></li><li>What do you think about auto loans? And should a vehicle be new or used and why?</li><li>What do you think about Roth IRAs?</li></ul>Ask your questions at (800) 525-7000 or email them at <a href="mailto:questions@moneywise.org">questions@moneywise.org</a>. Visit our website at <a href="http://moneywise.org/">moneywise.org</a> where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.  Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Scammers often target senior citizens with fake warnings from the IRS or Social Security Administration. Now they have a new, vulnerable group in their sights as well, younger people struggling with student loan debt. Rob West has what you need to know.

Student Loan Forgiveness Scams

FaithFi | Jan 10, 2020

Show Notes

Where Faith Meets Finance

You May Also Like