The Damage Report
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Student Loan Companies Diabolic Scam Gets EXPOSED
Posted
August 13, 2023
Views
9,355
Likes
768
Comments
54
Engagement
8.79%
August 13, 2023
9,355
768
54
8.79%
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4:18Now PlayingStudent loan companies gets exposed for trying to trap students after Supreme Court fallout against President Biden's student loan debt forgiveness plan. John Iadarola and A.B. Burns-Tucker break it down on The Damage Report.
Read more here:
Some studentloan companies are offering borrowers cheaper payments before the October restart. Making the switch could strip away a range of debt relief programs.
"It's a precarious time for millions of student-loan borrowers.
After three years without being required to make payments on their federal student loans, they will soon start receiving their first monthly bills before they come due in October. Interest will start to accrue on their balances again in September, and on top of it all, they won't be easing into this restart with any relief — the Supreme Court struck down President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers at the end of June.
It's a time of confusion as both borrowers and the Education Department prepare to restart the massive student-loan system — and advertisements from some student-loan companies might be adding to that confusion. Companies that manage private loans have started reaching out to federal borrowers, encouraging them to refinance their federal debt to get a better deal on payments. But refinancing could come with a cost: Many of the federal programs to help borrowers out aren't available if a borrower's loans are held by a private lender, as would happen if they took up one of these offers."
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