How to spot a legitimate loan company

1. Check for contact information. A lender’s phone number, email address and physical address should be readily available on the website, even if it’s an online-only lender.
2. Investigate online reviews.
3. Look at the Better Business Bureau.
4. Make sure it’s registered.

Is the loan forgiveness program legit?

There are legitimate government programs, such as Public Service Loan Forgiveness, that can reduce or eliminate federal student loans after a certain amount of time. Borrowers on income-driven repayment plans can get their remaining loans forgiven after they make payments for 20 or 25 years, depending on the plan.

Why am I getting calls about student loans when I don’t have any?

Don’t assume that a call is legitimate, simply because you’re behind on your loans. Many borrowers receive a call from an unknown number with a promise to help them repay their student loans. You only need to provide some personal information and pay an upfront fee.

How do loan forgiveness programs work?

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Is there a cap on public service loan forgiveness?

The Public Service Loan Forgiveness (PSLF) program offers relief to student loan borrowers who work in public service. There’s no Public Service Loan Forgiveness cap; the program forgives your entire balance after 10 years of repayment.

Does loan forgiveness hurt your credit?

Unlike debt settlement or bankruptcy, where some or all of certain types of debt can be discharged, student loan forgiveness doesn’t hurt your credit and can be an excellent way to get help paying back what you owe.