Here’s a warning that HPF repeatedly issues to troubled homeowners that also applies to individuals suffering from crushing student debt: if someone demands payment upfront to reduce your loan or provide debt relief, you are best to ignore the offer.
published a recent article
reporting the growing profitability of student loan “debt relief” companies, many of whom are targeting distressed borrowers and charging them fees for debt reduction help that already exists for free.
There are various programs that eligible borrowers have access to and can enroll in for free, such as the income-based repayment plan
: an initiative designed to lower the monthly payment of student borrowers whose outstanding loan balance exceeds their income. Additionally, the Consumer Financial Protection Bureau (CFPB) offers an online tool
that directs student loan borrowers to the best repayment option based on their individual situation.
It is difficult to know where to turn to for help in navigating any one of your financial obligations, particularly when you feel in over your head; but, remember: paying for a service and incurring additional costs is rarely, if ever, a solution.
For free help and to find out more on the debt relief options that may be available to you, call our HOPE Hotline at 888-995-HOPE (4673) today; our counselors can assess your financial situation, explain your options, and help set you on the path to financial stability – all at not cost to you.