U.S. Secretary of Education Arne Duncan has issued a warning about recent debt relief scams. If you have seen ads offering help with your federal student loans that seem too good to be true, they probably are. Many debt relief companies charge exorbitant fees for these services and often solicit unsuspecting borrowers online and through mobile ads, social media, phone calls — and even mail sent to your home.
If you took out federal student loans to pay for college, you never have to pay to get help managing your student loan debt. The U.S. Department of Education provides free assistance to help you.
- lower or cap your monthly loan payment;
- see if you qualify for loan forgiveness;
- consolidate your federal loans; and
- get advice on getting out of default.
To learn more:
- Watch the Secretary of Education discuss student loan management scams.
- Visit StudentAid.gov/repay to get more information about managing your loan debt and options for repaying your student loans. For more information, visit https://studentaid.ed.gov/sa/about/announcements/debt-relief-message.