{"id":1623,"date":"2021-06-05T18:41:11","date_gmt":"2021-06-05T13:11:11","guid":{"rendered":"https:\/\/www.extramilefinance.uk\/blog\/?p=1623"},"modified":"2021-06-05T18:41:20","modified_gmt":"2021-06-05T13:11:20","slug":"how-to-avoid-becoming-a-target-of-student-loan-scams","status":"publish","type":"post","link":"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/","title":{"rendered":"How to Avoid Becoming a Target of Student Loan Scams?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_52 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e2e01a847ad\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e2e01a847ad\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/#7_Ways_to_Avoid_a_Student_Loan_Scam\" title=\"7 Ways to Avoid a Student Loan Scam\">7 Ways to Avoid a Student Loan Scam<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/#%E2%97%8F_Don%E2%80%99t_Make_Upfront_Payments\" title=\"\u25cf&nbsp;&nbsp;&nbsp; Don&#8217;t\nMake Upfront Payments\">\u25cf&nbsp;&nbsp;&nbsp; Don&#8217;t\nMake Upfront Payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/#%E2%97%8F_Abstain_from_Immediate_Loan_Offers\" title=\"\u25cf&nbsp;&nbsp;&nbsp; Abstain\nfrom Immediate Loan Offers\">\u25cf&nbsp;&nbsp;&nbsp; Abstain\nfrom Immediate Loan Offers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/#%E2%97%8F_Refrain_from_Loan_Consolidation_Fee\" title=\"\u25cf&nbsp;&nbsp;&nbsp; Refrain\nfrom Loan Consolidation Fee\">\u25cf&nbsp;&nbsp;&nbsp; Refrain\nfrom Loan Consolidation Fee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/#%E2%97%8F_Shun_Offers_for_Clearing_Student_Loan_Debts\" title=\"\u25cf&nbsp;&nbsp;&nbsp; Shun\nOffers for Clearing Student Loan Debts\">\u25cf&nbsp;&nbsp;&nbsp; Shun\nOffers for Clearing Student Loan Debts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/#%E2%97%8F_Don%E2%80%99t_Declare_Personal_Information\" title=\"\u25cf&nbsp;&nbsp;&nbsp; Don&#8217;t\nDeclare Personal Information\">\u25cf&nbsp;&nbsp;&nbsp; Don&#8217;t\nDeclare Personal Information<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/#%E2%97%8F_Bypass_Stress_Deals\" title=\"\u25cf&nbsp;&nbsp;&nbsp; Bypass\nStress Deals\">\u25cf&nbsp;&nbsp;&nbsp; Bypass\nStress Deals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.extramilefinance.uk\/blog\/how-to-avoid-becoming-a-target-of-student-loan-scams\/#%E2%97%8F_Stay_Away_from_Companies_Claiming_Government_Affiliations\" title=\"\u25cf&nbsp;&nbsp;&nbsp; Stay\nAway from Companies Claiming Government Affiliations\">\u25cf&nbsp;&nbsp;&nbsp; Stay\nAway from Companies Claiming Government Affiliations<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p>Students often fail to meet their financial ends such as\nmanaging university fees, money for college accessories, rent, food, etc.\nTherefore, they end up finding solutions that seem too good to be true.<\/p>\n\n\n\n<p>Unfortunately, students studying in the UK often fall into a\nscam through these practices. It leads to an unmanageable debt cycle. Also,\nscammers often drain students of their entire savings. Therefore, students\nrequire finding new and safer ways to manage their loss.<\/p>\n\n\n\n<p>Universities and colleges in the UK inform students that student loan companies would never ask for bank detail update or confirmation. They would also not ask for account detail verification, offer a secondary secret question, or update personal details like email addresses.<\/p>\n\n\n\n<p>The student loan company would also not ask for personal details like passwords or dates of birth. Moreover, it will only ask the answer to the secret question set by the student. Besides these basic guidelines, students can avoid student loan scams in many different ways.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Ways_to_Avoid_a_Student_Loan_Scam\"><\/span>7 Ways to Avoid a Student Loan Scam<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%97%8F_Don%E2%80%99t_Make_Upfront_Payments\"><\/span>\u25cf&nbsp;&nbsp;&nbsp; Don&#8217;t\nMake Upfront Payments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>College or university students can avoid becoming a victim of an advance-fee scam by avoiding pay upfront. Instead, such scammers offer a large sum in exchange for processing or transaction fee. Unfortunately, students often get lured easily into this scheme because the scammer claims the fee is refundable.<\/p>\n\n\n\n<p>Most of the time, the scammer poses as a representative of a reputable company. Therefore, students become vulnerable towards making an initial payment after checking it on the web. Representatives of companies engaging in such practices are doing illegal work.<\/p>\n\n\n\n<p>A scammer may even offer a student debt relief in exchange for\nfees over a call. So, inform the company of all the details and don&#8217;t mention\nthat the person offered benefits for free services.<\/p>\n\n\n\n<p>If you have not heard the company&#8217;s name, it is best to stay\naway or do research before taking any further steps. Make sure that the\nguidelines mentioned by the caller are similar to the terms and conditions\nmentioned on the company website.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%97%8F_Abstain_from_Immediate_Loan_Offers\"><\/span>\u25cf&nbsp;&nbsp;&nbsp; Abstain\nfrom Immediate Loan Offers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Scam companies and individuals often tend to offer immediate or\nsame-day fund transfers with a guarantee. Meanwhile, genuine organizations take\ntime for processing loans as lenders check borrower\u2019s details and verify\ncredibility.<\/p>\n\n\n\n<p>Besides this, student loan companies receive numerous\napplications every day. Therefore, making a promise of immediate loan\ndeployment is not possible. Moreover, such companies remain under tremendous\nbacklog because of the rising number of applications.<\/p>\n\n\n\n<p>The scammers might even inquire about a bank account or other\ndetails to make the transfer. Therefore, students should stay away from such\nscams and seek help through government aids. Moreover, genuine companies can\nrespond to a request for <strong><a href=\"https:\/\/www.extramilefinance.uk\/loans\/unemployed.html\">instant loans for\nstudents unemployed<\/a><\/strong>.<\/p>\n\n\n\n<p>Such a loan can prove useful during graduation but would require financial documentation. However, these can help to manage everyday expenditures and make manageable repayments. Unemployed students can also seek other similar options.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%97%8F_Refrain_from_Loan_Consolidation_Fee\"><\/span>\u25cf&nbsp;&nbsp;&nbsp; Refrain\nfrom Loan Consolidation Fee<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Loan consolidation is an easy method used by students and\ngraduates to combine several debts into a single repayment. Although it\nincreases the total repayment amount, it helps to keep track of loans and\nmanage finances.<\/p>\n\n\n\n<p>Students often tend to use debt consolidation loans for the\nadvantages it offers. Unfortunately, scammers and fraudulent firms offer this\nloan in exchange for a consolidation fee. They often refer to it as\nadministrative and processing costs.<\/p>\n\n\n\n<p>As such, there is no charge for consolidating loans for federal\nloan students. Therefore, imposters often target students that have private\nloans. The best way to avoid becoming a victim of this scam is by inquiring\nabout the company.<\/p>\n\n\n\n<p>Optionally, you can even consolidate the loan at no cost\nthrough the federal government. Also, make sure to search for similar\ncompanies. Finally, ensure to send a detailed note about the conversation to\nthe student loan company owner and the government.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%97%8F_Shun_Offers_for_Clearing_Student_Loan_Debts\"><\/span>\u25cf&nbsp;&nbsp;&nbsp; Shun\nOffers for Clearing Student Loan Debts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Graduating students often receive emails or call for clearing entire debt from fraudulent companies. The UK government has a detailed description for writing off or canceling student loans based on the year of taking, years passed away, and bracket of loan.<\/p>\n\n\n\n<p>For example, the government cancels or writes off Plan 2 after\n30 years since the first due April repayment. The criteria for postgraduates\ndiffer from graduates based on states. The Student Loan Company (SLC) may even\ncancel the student loan in case of death.<\/p>\n\n\n\n<p>SLC might even offer loan cancellation due to disability or\nillness that is not allowing to work. In both cases, it would require evidence\nand a Customer Reference Number. Besides these options, fraudulent companies\noffering debt relief should get red-flagged.<\/p>\n\n\n\n<p>According to a source, private student loan forgiveness\ncompanies are extremely rare. Therefore, any private company offering immediate\nloan forgiveness is running a scam. Make sure to shun such organizations and\nkeep known people informed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%97%8F_Don%E2%80%99t_Declare_Personal_Information\"><\/span>\u25cf&nbsp;&nbsp;&nbsp; Don&#8217;t\nDeclare Personal Information<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Fraudulent companies may ask for personal details like date of birth, email address, or login information. Under any circumstance, don&#8217;t declare personal information to anyone. By acquiring personal details, scammers or fraudulent organizations get access to your account.<\/p>\n\n\n\n<p>At times, you might receive emails or call from a debt relief\ncompany to sign a power of attorney. It provides the business to communicate\nwith the loan service provider on behalf of you. You don&#8217;t have any obligation\nto sign such documents.<\/p>\n\n\n\n<p>Moreover, sign a power of attorney or similar document may lead\nto losing a student loan account. Therefore, look out for companies that don&#8217;t\nstandby promises without offering paperwork or make irreversible offers.<\/p>\n\n\n\n<p>Even when you apply for <strong><a href=\"https:\/\/www.extramilefinance.uk\/loans\/bad-credit-loans\/installment.html\">installment loans for bad credit<\/a> from direct lenders only in the UK<\/strong>, a genuine organization may ask for paperwork. They might check your credit history before offering a loan. They might check for defaults or complaints registered by previous lenders.<\/p>\n\n\n\n<p>So, make sure to clear your dues and resolve unwanted remarks\nfrom the credit history by contacting the lender or firm.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%97%8F_Bypass_Stress_Deals\"><\/span>\u25cf&nbsp;&nbsp;&nbsp; Bypass\nStress Deals<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Sales representatives often make calls to students on behalf of debt relief companies. They receive a tremendous commission based on signups. So, they often engage in a sense of urgency.<\/p>\n\n\n\n<p>Meanwhile, a student unaware of this fact may become tempted\nwith quotes like &#8220;loan offer ending soon, apply now.&#8221; At this point,\nstudents should understand that most loans offer to extend for a long duration.<\/p>\n\n\n\n<p>Moreover, students should avoid becoming tempted with\nlast-minute offers and research the organization before sharing details. By\ndoing so, they can learn about the legitimacy of the offer and the company.<\/p>\n\n\n\n<p>Besides this, they would have a similar offer on the official\nwebsite of the organization. If there is such an offer, it will also mention an\nend date. If there isn&#8217;t, the company might remove it based on the standard\nminimum and maximum tenures.<\/p>\n\n\n\n<p>A genuine organization would not stress you into a deal. The representative would also mention their affiliation with the Department of Education of the government. Additionally, the salesperson would even inform you that you can apply for the loan online or offline without paying fees.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%97%8F_Stay_Away_from_Companies_Claiming_Government_Affiliations\"><\/span>\u25cf&nbsp;&nbsp;&nbsp; Stay\nAway from Companies Claiming Government Affiliations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Students should understand that fraudulent companies also offer\nprivate student loan services. In addition, they misrepresent their\nrelationship with the Department of Education. However, they deceive you by\nacting as student loan relief companies.<\/p>\n\n\n\n<p>Besides this, the government&#8217;s department doesn&#8217;t partner with\nany outside organization for managing federal student loans. So a quick method\nof identifying fraudsters is by check the &#8220;.gov&#8221; URL if it\ngovernment-affiliated.<\/p>\n\n\n\n<p>Besides this, also check for grammar mistakes on the website\nand emails. Hackers use it for phishing details from students. The website\nshould also mention contacts. Check the UK government website to identify\nwhether the organization is listed and the number matches.<\/p>\n\n\n\n<p>Also, use the details mentioned on the government website to\ninform the company of fraudulent activities if the number doesn&#8217;t match. By\nchecking lender legitimacy on the government website, you would remain\nstress-free.<\/p>\n\n\n\n<p>Furthermore, check out <strong><a href=\"https:\/\/www.extramilefinance.uk\/\">easy loans<\/a><\/strong>\nto meet your debt requirement and make arrangements with the lender for easy\nrepayments. Compare different lenders on legitimate websites mentioned by the\ngovernment to avoid becoming a scam victim.<\/p>\n\n\n\n<p>If you become a victim, change your login info, contact the\nlender, check your bank statement regularly, and file a complaint.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Students often fail to meet their financial ends such as managing university fees, money for college accessories, rent, food, etc. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[82,216,174,217],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1623"}],"collection":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/comments?post=1623"}],"version-history":[{"count":1,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1623\/revisions"}],"predecessor-version":[{"id":1625,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1623\/revisions\/1625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media\/1624"}],"wp:attachment":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media?parent=1623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/categories?post=1623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/tags?post=1623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}