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Education loan servicer shuts down, grads left in standard

Karen Morris will pay all her bills on time. Unfortuitously, that could not need aided when you look at the situation of her student loan.

The previous university student recently received a page through the FTC informing her that it is freezing the assets of her student loan servicing business, Mission Hills Federal of north park.

“The Federal Trade Commission had been closing them down it was a student loan scam,” she said because they say.

The FTC claims Mission Hills took much more than $23 million from university grads like Morris, then again allegedly kept the cash and did not repay their student education loans.

But that is maybe perhaps not the part that is worst. Now the united states Department of Education informs her it shall just simply take her taxation return or garnish her wages to acquire the cash she owes.

“Now figuratively speaking wants to take my taxation return,” she stated, “because I owe $2,000. And they’re likely to just just take my taxation return this 12 months.”

Warning indications of that loan servicing scam

This isn’t an separated case.

Loan servicing scams and loan forgiveness scams target a huge number of pupils each year. But you will find how to protect your self from a shady loan company.

Just what exactly would be the warning signs that the financial institution might not be from the up or over?

The caution indications – customer check n go reviews of that loan payment scam are:

  • Upfront costs to program your education loan
  • Claims of loan forgiveness (it’s very difficult to own that loan completely forgiven)
  • The organization advertises on social networking
  • The organization features a number that is high of if you Google their name

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