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3 Tips for Picking the Right Student Loan Consolidation Firm Many companies that help parents and students get student loans are legitimate. Referred to as student loan consolidation firms, these companies do their best to ensure their clients choose the right options for getting and paying off student loans. Normally, these companies assist borrowers to opt into various programs previously denied to them by lenders, without valid 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 Doing a bit of homework is the best thing to do when seeking assistance for consolidating and paying back your student loan. Do some homework so you’re aware of what you’re getting into. Learn exactly what kinds of loans are available. Study the different government plans to help cut or forgive debt. There are lots of options, from civil service loan forgiveness and teacher loan forgiveness, to balance based-repayment plans and income-based repayment plans. 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, is the business accredited? Have previous clients reviewed them? Are you getting a service or is it something you can do on your own for free? Check the service’s review on Google and BBB. On Google reviews, how many stars does the service have? Also make sure that the firm is a member of an organization that comprises student loan consolidation services that have shown transparency and honesty. Choose the most suitable company You can pick the right service on your own. Spend hours looking at various loan forgiveness plans and enrolling in programs offered by the government. In addition, you can make payments every month to different lenders. But this isn’t as efficient and easy as working with a firm that knows the available programs and makes your specific situation their priority. A reputable and competent service will have a customized and responsive customer service. If they ask for payment upfront, they should be very open on exactly what the payment is for. They should give you a step by step guide through the whole process. 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. But keep in mind that you’ll need to pay off your student loan, unless there’s a federally-qualifying reason not to do so. Think twice about a company that promises to wipe out your student loans completely.