Many young borrowers across the U.S. are facing feelings of desperation and confusion about their thousands, sometimes hundreds of thousands, of dollars in outstanding federal and private student loan debt.
In response to their vulnerability, a new student loan “debt relief” industry has sprung up, with dubious offers and credentials.
These agencies are promising help and relief for borrowers from their student debts; but with investigations running rampant for misleading advertising, improper fees and questionable contracts, these agencies are offering anything but relief.
Consumer advocates are duly concerned, with both the Student Loan Protection Unit and Consumer Financial Protection Unit taking action to investigate and stop these agencies from causing more financial harm to young borrowers.
Though this topic has been covered throughout media channels, what many have failed to mention is that, with proper caution and awareness, borrowers and their families can successfully avoid falling prey to these unethical agencies.
Click below to learn nine tell-tale ways to spot and avoid a shady debt relief agency. The article was originally published in the Moneywise section of Deseret News.
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