What is “Savoring” and How Can it Help You Build Wealth?
Student debt is at an all-time high, with borrowers owing a combined $1.5 trillion - surpassing both credit card and auto debt. Moreover, the average graduate walks out owing $30,000. With so much debt, it would be normal to assume that a portion of borrowers may be struggling with their payments. That’s where student loan scam calls come into play. These companies call borrowers and offer false promises of “eliminating” student debt or lowering their monthly payments, borrowers who aren’t aware get their hopes up and may fall victim to one of these scams. These companies do not offer any debt-relief and are oftentimes looking to take advantage of borrowers.
These companies will often call, email, or text borrowers promising to erase their student debt. These are some of the signs that should raise a red flag:
If you happened to fall victim to one of these scams - you are not alone, and there are measures you can take. According to the FTC, debt-relief scam companies have collected over $95 million in illegal fees. In order to ensure the safety of your account, you must complete the following:
This does not mean every student loan service is a scam. For a list of safe and vetted loan servicers approved by the Department of Education click here. There are private student loan services that may take a look at your loan portfolio and refinance them if necessary.
At Snowball Wealth we take a look at your full loan picture and provide personalized goals and recommendations on how and when to pay off debt. We compare against refinancing, optimizing payments and federal programs to ensure our users make the best decision for their situation. To be a part of our completely free Beta click here.