MoneyWise

Rob West

Student Loan Forgiveness Scams

November 27, 2020
00:00 0

Scammers often target senior citizens with fake warnings from the IRS or the Social Security Administration. Now they have a new, vulnerable group in their sights as well, younger people struggling with student loan debt. Sometimes the offers seem too good to refuse! Today on MoneyWise, Kingdom Advisors’ president Rob West has what you need to know.

 

•          When something seems too good to be true it probably is!

•          The Department of Education has been contacted by many people reporting that these targeted individuals receive phone calls, letters, emails and even text messages offering them relief from their federal student loans. 

•          Scammers make money on this by requiring a relatively small payment up front. This adds confusion because the education department actually does contract with a select group of pre-screened, legitimate companies for servicing federal student loans. But you can discern the difference between the two as scammers will ask for an up-front fee.

•          The Department of Education will help you to determine if you’re eligible for loan forgiveness or other programs. They can also help you lower or cap your monthly, federal student loan payments, consolidate the loans, and help you get your loans out of default.

•          Interest rates are low these days so now’s a good time to refinance student loans. This could save you thousands of dollars.

•          Find the list of legitimate companies servicing federal student loans at studentaid.ed.gov/sa/repay-loans/understand

•          The Education Department’s Public Service Loan Forgiveness tool: studentloans.gov

 

In today’s show we also answer your questions:

 

•           My credit score is fairly low but I want to qualify for the best rates for future purchases using credit. What can I do?

•           What do you think about annuities? Are they the best solution? Are they expensive?

•           My daughter has gotten in over her head in debt. Is there a Christian organization that could help my daughter with creditors that are threatening her? Visit christiancreditcounselors.org

•           What do you think about auto loans? And should a vehicle be new or used and why?

•           What do you think about Roth IRAs?

 

Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

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About MoneyWise

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio programs MoneyWise and The MoneyWise Minute heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


 

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