Social Media Ads Offer Student Loan Forgiveness

New advertisements appearing on Facebook and social media are promising loan forgiveness for college graduates. But that promise might come with a steep price.
By Joshua Cole Little

LUBBOCK, TX--- New advertisements appearing on Facebook and social media are promising loan forgiveness for college graduates. But that promise might come with a steep price. 

"Its going to sound appealing to you. And it might get your curiosity up enough that you just might click on it," said Greg Linder with South Plains Better Business Bureau.
 
"What they don't tell you is theres massive fees that sometimes go into this - anywhere from hundreds to upwards of thousands of dollars." 

For some people paying the cost might sound worth it.  While the deal to get rid of loans sounds great, most students are skeptical of giving their personal information. 

Linder says while many of these companies say they will be able to get all loans forgiven, the reality is most will only be consolidated. 

Before you decide to click on an advertisement, Linder says make sure youre using a company that is transparent about how they promise to help.  

"Definitely do your research," he said. "And know who you're dealing with." 

The BBB says not all of these websites are a scam. Check out the Better Business Bureau website or go to FinAid.org or www.loanconsolidation.ed.gov 

Or, you can visit the
Department of Education website and do it for free yourself. 

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