Better Business Bureau warns of student loan scams

4 years 10 months 3 days ago Thursday, April 23 2015 Apr 23, 2015 Thursday, April 23, 2015 4:19:00 AM CDT April 23, 2015 in News
By: Hannah Shaw, KOMU 8 Reporter
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COLUMBIA - As many local students prepare for both high school and college graduation, the Better Business Bureau is warning them to beware of student loan scams. 

The average student in Missouri leaves college with more than $24,000 in student loans and scammers are trying to take advantage.

The BBB recommends students and their families consider all financial aid options before accepting a deal. 

When receiving financial aid advice, the BBB says to be cautious of claims that guarantee aid, say they have exclusive information, or ask for credit card or banking information. The organization said financial aid information is widely available from both government sources and university financial aid offices. 

Another method used in these scams involves pressuring students and their families to act quickly on a deal that scammers claim will expire. The BBB said any offers that do not give the student time to research their options is not a deal worth taking. 

The BBB said students should never give out their financial information to private organization who claim full student loan forgiveness without repayment because no such programs exist.

The group also warns graduating college seniors to look out for unnecessary fees from loan consolidation companies.

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