Is consolidating school loans a good idea

10-Mar-2019 16:35 by 8 Comments

Is consolidating school loans a good idea

There are very few companies that exist today that are successful at this process due to the dynamic complexities currently impacting the student loan industry – there are countless loan types, programs, and qualifications that make the entire process difficult.

When it comes to student loans, the scam typically unfolds something like this.

Is this a student loan consolidation scam or legit company to work with? If you're even asking me, it means you went online, searched the company's name, or found my article on Student Loan Scams, and it raised a big red flag. There are many scams out there, and the CFPB, along with multiple government agencies, have issued warnings to be on the lookout.

However, there are some good players out there as well.

Since paperwork processing and submitting takes time, it could be a 3-6 month process, or longer.

As such, while you might pay something up front, it should be clear to you that this money is going into an third party account and you would get it back if the work is not completed.

If you did use a company, you would need to make sure that they know (but this is what you would pay them to already know! It is possible to make your situation worse by consolidating!

Just like doing your taxes, it could make sense to do it yourself, or it could make sense to pay a CPA. If you do decide that you don’t want to deal with it and paying someone makes more sense for you, you can see some of our recommendation at the bottom of this article.

The company is offering student loan forgiveness, a lower payment, or consolidation.

In exchange for doing it for you, you just have to make 3-6 payments of 9.

It’s important to do your homework and know what to look for so that you can make a smart choice.

One company that I’ve personally vetted and have direct contact with the CEO is Ameritech Financial.

But if Ameritech Financial isn’t who you’re currently evaluating, here’s my guide on helping you decide if your student loan help, aid, repayment, assistance, whatever company is going to take advantage of you.

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