Have a student loan? Scammers are targeting you - Toledo News Now, News, Weather, Sports, Toledo, OH

Have a student loan? Scammers are targeting you

TOLEDO, OH (Toledo News Now) -

Millions of Americans are working to pay off student loan debt. In the last few years, student loan debt has surpassed credit card debt as the largest sum of debt held by Americans.

Sadly, a number of bogus companies claim they can help reduce or even eliminate this debt – for a fee. Consumers need to watch out for phony promises.

The Better Business Bureau says if the answer to any of the following questions is yes, the offer may be a scam.

-          Are they promising student loan forgiveness or extremely low payments?

-          Do they claim to have "secret" methods that nobody else has?

-          Do they tell you to change the contact information on your account to them?

-          Do they claim they can get you out of a loan default – for an excessive fee?

-          Are they using a name and logo that make them look like a big bank or federal government?

Before committing to anything, research the company and get a BBB report. If you have problems with your student loan, work directly with the loan provider.

Americans can also contact the U.S. Department of Education for a second opinion.

For more from the BBB visit Toledo.BBB.org.

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