Beware of companies that offer help with student loan debt
Because student loan debt has tripled from that of a decade ago to more than $1 trillion dollars (with an average debt load of more than $20,000 per graduate), predatory lenders are running amuck. Statistics show that more than half of the recent college graduates are unemployed or have jobs that cannot support student loan repayment plans. For the debt settlement industry, all this means is a new industry of enticing customers. Why? Because these debt settlement companies offer, for a big upfront fee, to help borrowers lower their monthly loan repayments obligations. Hopefully, the federal and state governments will get involved and bring suits against the predatory companies for their questionable practices.