Education is the most powerful weapon which you can use to change the world, as stated by the great Nelson Mandela is totally apt in today’s time. But the problem is that a lot of people don’t have the requisite money to do so. This is the exact reason why many of them often end up taking loans to pursue the dreams of their higher education. There are a lot of fraudsters who take advantage of the situation and end up providing the students with fraudulent loan offers. First Option Recovery brings you a detailed analysis about the type of Student Loan Scams that exist.
First Option Recovery is the numero uno choice when it comes to fund recoveries across the world. We have been dealing with such scams and also other scams like cryptocurrency scams and binary options scams for over a decade now. We are the best in the field of fund recovery and without a doubt, you can consider us to be the best fund recovery group in the world. With a team of over 128+ attorneys, lawyers and legal advisors, we are always there to guide you into taking the right decision when it comes to recovering your funds from any type of scams that you have been a part of. We have recovered over $19 million over our years of being in the business and our 92% success rate is reminiscent of the fact that how dedicated we are at our craft.
Signs of Student Loan Scams
Must Pay Schemes
Consumers must pay a cost for education loan. If you have to pay money for to get money, it’s probably a hoax. Most scams are run for income, so charging a fee is a sign of a fraud.
Advance fee schemes
It truly is illegal for debt negotiation and credit repair services to charge a payment before providing help. If they demand up-front payment, these are violating federal law, including the Credit Repair Organizations Act of 1996 (CROA), as well as many state laws. Also, federal and student loans do not require borrowers to pay a cost before getting a loan. As an alternative, the default guarantee fees and other loan fees are deducted from the disbursements.
Fraudulent Monthly Fees
Paying back student loans usually involves a one-time event, so there is absolutely no legitimate justification for charging a continuous monthly fee. Often, student loan scams fail to adequately disclose that the fees are charged every calendar month. If the service asks you to send your month-to-month student loan payment to them, the money might not ever be paid to the lending company or might be paid late, destroying your credit. Be wary in case a loan assistance company asks for your financial institution account information or your credit card number.
Asks for your FSA IDENTITY.
The FSA IDENTITY is an e-signature, used to obtain financial aid and sign loan notes. Never give anyone your FSA ID, no more than you would provide them with a bare check. Also, never sign a power of legal professional for your student loans. One more red flag is if a company asks for your Social Security Number and date of birth, since they can use this information to apply for an FSA ID. Identity information like Name, Social Security Number and time of birth are the things they ask them.
What to do if you have been a victim of Student Loan Scams?
If you have ended up being a victim of Student Loan Scams then all you need to do is contact us at First Option Recovery. Owing to our awesome team of typically the best recovery professionals in the business, we could say that will we are the very best fund recovery firm in the world right now. You might have already read about how precisely good we are at our crafts and everything you require to know is available on our website. A decade of experience plus millions recovered is usually something that addresses about how precisely good we all are at our work. Whatever we could say is that, as an alternative to contacting anyone such as the police or perhaps registering a problem at the FBI wherever they may take age old time to see your issue, you could just contact us at First Option Recovery and we will recover your money within 120 days.