We all know that student loan debt in America is a huge problem. It's so big, in fact, that the average undergraduate owes $37,172 by graduation day.
What most people don't know is how to escape the vicious cycle of debt and crippling interest rates. The good news? There are options. But before you get too excited, be sure to do your research first, or else you might end up as a victim of one of many federal student loan forgiveness scams.
We will give you some tips on how to keep yourself out of this predicament.
What are some warning signs of a student loan debt relief scam?
The company has “federal,” “national” or other official-sounding words in its name or claims it has a relationship with the government.
Many companies try to sound more official or appear to be associated with the government by having these words in their title when, in fact, the companies are separate entities. Scam companies may also falsely suggest that they are affiliated with the federal government based on their logos and even their website addresses. If a company claims that it has a special relationship with the government or the Department of Education, it is likely a scam.
You are asked to provide your Federal Student Aid (FSA) PIN.
Never share your four-digit PIN with others. If you provide this information to a student debt relief company, the company may make changes to your account that you do not want.
You are promised immediate relief or forgiveness of your loans.
Don’t be lured by unrealistic-sounding services like complete loan forgiveness or immediate loan reduction. Beware of phrases like “Get Your Student Loans Forgiven Now!” or “Guaranteed Results!”. No student loan debt company will "forgive" your student loans - no matter how much you pay them.
What a legitimate third-party assistance company can offer
A reputable assistance company operates in collaboration with loan holders, prioritizing their best interests, much like H&R Block does during the tax season. While individuals can certainly choose to file their taxes directly with the IRS, H&R Block offers a valuable service by allowing you to provide your tax return or income information to their team of tax code experts. They then provide guidance on the most optimal method for submitting your paperwork to the IRS. Titanprep can assist you in taking into account factors such as your income, family size, and employment circumstances. This approach ensures that your paperwork is accurately and strategically presented to your servicer and the Department of Education (DOE), maximizing the likelihood of achieving the most favorable outcome possible.
Similarly, Tianprep experts stay up to date with the constantly changing federal regulations, guidelines, and programs; then offer similar assistance for this specific industry.
For instance, when completing your IDR application electronically you are only given the option to submit both your and your spouse’s tax return as proof of income, thus including your spouse’s income in determining your monthly payment for your student loans. When in fact, you may not have reasonable access to their income and it shouldn't be included when calculating your payment. We can help with these complicated processes.
Using TitanPrep offers several benefits
Data Security: TitanPrep ensures the safety and security of your important documents. Your data is stored in a protected environment with advanced encryption measures, reducing the risk of unauthorized access or data breaches.
Efficient Organization: TitanPrep provides a streamlined and efficient system for managing your documents. You can easily store, categorize, and search for specific files, making it convenient to access and retrieve information whenever needed.
Timely Submissions: With TitanPrep, you can set reminders and notifications for upcoming deadlines, ensuring that you submit your recertification or other important documents on time. This feature helps you stay organized and avoid missing any critical deadlines.
Accuracy and Compliance: TitanPrep helps maintain accurate information by offering features like version control and document tracking. You can track any changes made to documents, ensuring that you have the most up-to-date and accurate information at all times. This helps in meeting compliance requirements and avoiding any discrepancies.
In this example, note that the assistance company is not offering any programs separate from the DOE or its servicer banks, just informing you of potential factors that can help you legally maximize your enrollment in those existing programs and give you the best chance to successfully achieve your financial goals.
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