Two Common Mistakes Regarding Student Loan Scammers

Beware student loan scammers

Flickr user theilr

If you already have, or are considering taking out, loans to help pay for your college, one thing you will want to stay aware of is student loan scammers.

Understanding your loans and how to pay them back can be tough, so we’ve gathered some helpful hints for staying away from any scammers.

Upfront Fee

One thing to be wary of is if a student loan company charges an upfront fee, that is a small percentage of your total loan amount. If you are getting help from a legitimate company that helps with paying back loans, but charges an upfront fee, they will put that payment into an account where they will not access it until after they have helped you figure out a payment program.

Law Firm Re-negotiations

The other scam to watch out for is one where a law firm will say that they can renegotiate your student loan payments to a smaller amount. In doing so, they may require that you pay them as much of the entire loan payment as you can. In the end, the law firm will have not made any of your payments during the “negotiations” with your lending company, so you will be behind and out hundreds of thousands of dollars, and have poor credit on top of that.

One student loan with Multi-Year Approval.*

Fixed rates from 4.43%-12.57% APR* with flexible terms


Double Check if They Are Student Loan Scammers

What you can do to watch out for yourself, is to check out the free services offered through the government if you have taken out a federal loan. If you have private loans, talk to your private student loan lender about your options. They may allow you to change your repayment plan to something more fitting for your current financial situation. Also, be sure you are reading everything you can, including the fine print.

Be sure to check out our college match tool. This will allow you to see how you match up with colleges across the country based on your unique academic and financial circumstances, allowing you to make the most informed college decisions possible.

Use College Raptor to discover personalized college matches, cost estimates, acceptance odds, and potential financial aid for schools around the US—for FREE!


Lender Rates (APR) Eligibility
Citizens logo.
5.80%-13.95%* Variable
4.43%-12.57%* Fixed
Undergraduate and Graduate
Sallie Mae logo.
6.37% - 16.70% Variable
4.50% - 15.49% Fixed
Undergraduate and Graduate
Credibe company logo.
5.36% - 16.99% Variable
4.41% - 16.99% Fixed
Undergraduate and Graduate
Lendkey company logo.
5.84% - 11.11% Variable
4.39% - 11.11% Fixed
Undergraduate and Graduate
Ascent company logo.
6.03% - 15.94% Variable
4.48% - 15.66% Fixed
Undergraduate and Graduate
6.10% - 10.64% Variable
3.95% - 8.01% Fixed
Undergraduate and Graduate
Earnest company logo.
5.39% - 16.20% Variable
4.42% - 15.90% Fixed
Undergraduate and Graduate
4.98% - 12.79% Variable
4.48% - 12.29% Fixed
Undergraduate and Graduate
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.