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3 Steps on How to Select a Student Loan Consolidation Firm

There are many legitimate companies that assist students and parents to secure student loans. Called student loan consolidation services, these companies try their utmost to help their customers find the right options for getting and repaying student loans. More often than not, these companies help borrowers opt into a variety of programs where lenders had denied them previously, without legitimate reasons. There are also illegitimate and scam student loan consolidation companies, despite the efforts of various regulatory bodies and agencies.

Research various student loan forgiveness options

The best thing you can do when seeking help in consolidating and repaying your study loans is to carry out a little bit of research. Do some homework of your own so you know what you are getting into. Learn exactly what kinds of loans are available. Analyze the different government programs available for reducing or forgiving debt. There are several options, from income-based repayment programs to teacher loan forgiveness, to civil service loan forgiveness and loan balance-based repayment programs. The truth is that loan companies aren’t educating borrowers properly, otherwise loan consolidation and forgiveness companies wouldn’t be needed and scam services wouldn’t have it easy taking advantage of people looking for assistance.
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Do background checks of different companies
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Do some research on the service you’re dealing with, before handing over your credit card. According to the BBB, are they’re an accredited business? Have they got reviews from previous clients? Are they providing you with a service or is it something that you can do for free on your own. Check the service’s review on Google and BBB. How many stars does the service have on Google reviews? Also ensure that the company belongs to an organization that has student loan consolidation services with proven transparency and consistency.

Choose the most suitable company

You can select the right firm on your own. Spend hours researching various forgiveness opportunities and joining government programs. You also can make payments every month to different lenders. But this is not as effective and simple as dealing with a service that knows about the programs available and makes your particular situation their priority. A reputable and competent service will have a customized and responsive customer service. In case they charge you upfront, they need to be very clear on exactly what you’re paying 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 bear in mind that you must pay back your student loan debt, unless you’ve got a federally-qualifying reason. Be wary of companies that claim to completely do away with student loans.