5 Ways to Save Big Bucks on Your Thanksgiving Feast

Written by adminNovember 5, 2018
Saving

Here at Financial Helpers, we understand how tough it is to keep to a budget. This is especially true if you’re dealing with student loan debt. Most of our content has pointed out the fact that many families are still struggling to get by. The holidays are an extreme source of anxiety for many with a tight budget and Thanksgiving close to the top of the list. We all want to be able to celebrate in peace.

Thanksgiving is meant to be a time when family and friends gather together. Amazing food, great wine, and football on TV. Turkey legs, cranberry sauce, and enough stuffing to get you through until Christmas. The holidays are an amazing time for all…but only if you can afford to enjoy it. Many families have no choice but to figure out a way to cut back their expenses.

The Cost of Thanksgiving

According to data from LendEDU, the average person will spend around $100 for Thanksgiving. This number does not include travel expenses. Of course, this is estimated but on the low end of the spectrum. It can cost hundreds of dollars when you include travel, decorations, or even deciding to buy name brand products. Add alcohol, desserts, and side dishes to the mix.

“You have to be a creative cook,” says Phil Lempert, grocery expert, and food industry analyst. “A lot of your menu depends on who you’re inviting over: people with allergies, gluten-free, people who don’t like turkey. Plan out as much as possible.”

Just like with everything else, if you have a tight budget, then you need to plan ahead. Create a plan of action now rather than waiting until a few days before Thanksgiving. Here are five ways you can save big bucks on your Thanksgiving feast.

1) Make It a Potluck Party

An easy solution to your problem of hosting a big dinner is changing how it’s done. Most people, especially family members, will understand that you have a tight budget this year. Tell them you’re excited to host. You can buy a few decorations at the dollar store, cut your own napkins, and buy a bird.

You can save money is by asking those who are coming to bring a dish. And Judy is known for her cakes, to have her bring dessert. Grandpa Joe does the bird every year. And you know cousin Marla can’t live without that cranberry sauce. Is not just cheap for you but cheap for everyone else as well to bring a dish to pass. Besides, that’s how the first Thanksgiving was done.

2) Budget What You Can Afford

Again, do not wait until a few days before Thanksgiving. It’s early November right now. Take out a piece of paper and go over your budget. Decide what you can afford and plan the menu from there. Look at the weekly ads, cut coupons, and figure out which stores are having the best deals. If you’re on the shorter end of the budget, just buy one pie instead of three.

“Planning out the menu by the person is expensive,” Lempert says. “If you try to do everything for everyone, you’re going to waste a lot of money. You’re not saving any money if you’re throwing away a lot of food.” Make out a list of everyone who is coming, right down dietary restrictions for each person. From there, you can figure out how to plan the right amount of food.

Another reason why you should shop early is that stores will have an abundance of product at that time. It’s when sales will be at their best. The closer we get to Thanksgiving, the less product they’ll have and the more on-demand they’ll be. Prices will go up. Be prepared and shop as early as possible.

3) Free Food is Available

If you’re really bad off this year, there are options in most communities for receiving a free turkey. A lot of churches hand out turkeys to the poor. If you’re not comfortable with the idea of a handout, you might find stores with the free turkey promotion. A lot of the major grocery chains will offer a free turkey if you spend a certain amount of money on other dinner items.

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Keep your eye on the coupon circulars. You can follow The KrazyCouponLady.com to see which stores offer this deal. “If you’re a person that doesn’t usually look into the ads, this might be a reason to do so,” says Joanie Demer, co-founder of TheKrazyCouponLady.com. “That could be $15 you’re saving on a turkey.”

4) Wine

If it’s customary to have wine at your table during the holidays, you don’t have to go all out. Finding good wine at a cheap cost is easy to do. Rather than hitting the expensive stores, you can find cheap wine at places like Walgreens. Most stores have an alcohol aisle with varying degrees of prices.

5) Decorating for Dinner

This was briefly touched on earlier, but you don’t have to roll out the red carpet and go big for Thanksgiving. It’s autumn, which means most of the country has organic materials outside their home. Go grab a few pinecones and leaves from your yard. And going to the dollar store for a few other things won’t hurt either.

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How New Tax Policies Affect Student Loan Forgiveness

Written by adminNovember 2, 2018
Student Loan Consolidation

Student loans are among the most burdensome types of debt a person can have. It’s easy to make a few wrong steps and end up paying down this debt for the rest of your adult life. For many, it might not seem worth their degree. Thankfully, student loan forgiveness programs do exist and new tax policies might make it easier to find.

While the Trump administration is trying to change the current student loan forgiveness laws, students are fighting back. States are suing the administration and judges are ruling to uphold these laws. The quickest forms of forgiveness involve doing public service work or being able to prove your college defrauded you in some manner.

So far, over 160,000 students have claimed to be defrauded by for-profit schools. They’ve applied for student loan forgiveness, which until recently, most have been denied. While the federal government isn’t enthusiastic about wiping away debt, important tax measures have been passed.

To learn more about student loan forgiveness, and to see if you qualify, give Financial Helpers a call today! You can reach us at:

Call Now 844-332-2079

Change in Student Loan Forgiveness Discharge Tax Rules

One of the changes the Trump administration did make was to the way taxes handle student loan forgiveness. If you obtained full forgiveness, it was previously considered income you had to pay taxes on. Imagine having $50,000 forgiven instantly and having to cover the tax bill for that! It hindered many students for years to come.

If not fighting against their loans, they were fighting the IRS. It appears to be a never-ending battle for students who don’t want to be burdened the rest of their lives. There are also other changes that took place as well. If a loved one with student loans dies, those loans will be forgiven automatically and are no longer taxable.

The same goes with becoming permanently disabled. In these ways, the government is helping students who qualify for student loan forgiveness. Their forgiveness due to unforeseen events will no longer be seen as taxable income. Despite that, the law is not retroactive. That means you can only obtain student loan forgiveness after January 1st of 2018.

If you became disabled before that date, student loan forgiveness will still be seen as a taxable income. The bill does expire on December 31st of 2025. That means people are protected for the next seven years. That is unless Congress decides to expand these protections and continue to protect students.

Why These Changes Are Important

There’s a great battle playing out right now about student loan forgiveness. As much as students may not appreciate President Trump’s position, it’s a fair one. Depending on who you ask. Is it really fair for the federal government to use taxpayer money to pay off student loans? A lot of people don’t think it is.

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As much of a crisis as student loans are in this country, it’s still a decision someone made. If you decide to take out a loan to go to college, you should still be expected to pay that back. Student loan forgiveness should rightfully be granted only in a handful of severe cases. Of course, the argument on the other side is that $1.53 trillion worth of debt is a severe case of need.

But we’re not talking about the millions of students who weren’t defrauded, died, and aren’t disabled. We’re talking about those students who cannot pay back their loans under any circumstances. The fact that getting their loans discharged for legitimate reasons came with a heavy tax burden was devastating.

The tax burden for student loan forgiveness was so high, it kept people from rightfully discharging their loans. Thankfully, that time is over. Those who are vulnerable and need help the most can receive it. Hopefully, the government will continue to implement fixes that will help more students in the long run.

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Popular Lender SoFi Caught Lying about Student Loan Refinancing Program

Written by adminNovember 1, 2018
Student Loan Consolidation

When it comes to student loan debt, millions of people are desperate for help. This type of debt is continuing to climb. It’s past the $1.53 trillion mark and rising. This number is at a crisis level. One of the biggest reasons why student loan debt keeps rising is because of fraudulent companies making false claims.

Here at Financial Helpers, we’ve covered Navient’s case currently being waged in court. They purposely misled borrowers to prevent them from obtaining student loan forgiveness. Now they’re being sued by several states. On the heels of that case now comes SoFi and their misdeeds.

SoFi is a financial services company. If you ever decide to refinance your student loans, they are one of the larger companies out there. But rather than being honest, SoFi has misrepresented themselves and made untrue claims. It’s all about taking advantage of the student loan debt crisis and students begging for help.

To learn more about student loan forgiveness and your options, call Financial Helpers today. We’d love to hear from you and discuss how you can overcome your debt. You can reach us at:

Call Now 844-332-2079

SoFi and Student Loan Debt Refinancing

SoFi’s case doesn’t seem to be criminal yet. They recently were cut by the Federal Trade Commission and agreed to stop being dishonest with consumers. According to the FTC, SoFi “made prominent false statements about loan refinancing savings in television, print, and Internet advertisements.”

A lot of students refinance their debt by rolling it into another loan. This allows them to pay a lower interest rate, especially after obtaining a better credit score. It’s one of the many options people with student loan debt have to overcome this major burden. So, SoFi decided to create false advertisements to lure in desperate students.

As reported by the FTC, SoFi made claims about exactly how much money they could save students if they refinance their loans with them. Not only were the advertisements false, but the numbers were also extremely exaggerated for effect. This wasn’t a simple math mistake either. It was a willful and deliberate attempt at suckering consumers.

False Advertising

SoFi’s claim was that people who used their services were, on average, saving $20,000. In reality, that wasn’t the case. They didn’t advertise student loan borrowers who ended up having to pay more money monthly, making their loans more expensive. As a form of settlement, SoFi has agreed to stop being deceptive in their ads.

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If they violate these terms again, there could be fines and penalties levied against them. “Student loan debt is a huge problem facing students and graduates across the country,” said FTC Chairman Joe Simons. “Lenders who offer refinancing options must be upfront with students about savings. They cannot make deceptive claims and bury the truth in fine print.”

SoFi tells a different story. They say that they’ve never misled borrowers, despite the fact that they agreed to stop doing it.

“We have always been committed to giving our current and prospective members clear and complete information with which to make smart financial choices, and are pleased to have this matter resolved,” said SoFi’s spokesperson in an email.

The one thing students need to know about their debt is they need to remain vigilant. When there’s a major crisis like this, there are always companies looking to take advantage. Don’t act out of desperation. Instead, educate yourself and fight back. Learn all your options. That’s the only way you’ll be able to overcome this crisis.

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1-in-8 Couples Blame their Divorce on Student Loan Debt

Written by adminOctober 31, 2018
Student Loan Consolidation

In the United States, the current divorce rate hovers near 50%. That’s right, nearly half of all marriages in this country end in divorce. While most people add ‘for richer or poorer’ to their vows, it shows money plays a huge role in successful relationships. Even the most recent studies point this out. A lot of it has to do with student loan debt.

If you were to be asked what the leading cause of divorce is, you might think adultery. In reality, it’s money problems. According to SunTrust Bank, poor finances adds a lot of stress to any relationship and puts a strain even on the strongest marriages. Student loan debt is a major part of that equation.

Studies are finding that a lot of millennials are currently putting off major life decisions. They’re waiting to have children, start a family, and even get married until they deal with their debt. That’s why it’s no surprise that 13% of divorcees say that student loan debt is the main reason why they divorced.

Call Financial Helpers today to learn more about student loan forgiveness options and to see if you qualify. You can reach us at:

Call Now 844-332-2079

Student Loan Debt is a Relationship Killer

Over 44 million Americans hold $1.53 trillion worth of student loan debt. The average amount of debt each student holds hovers around $37,000. That’s a lot of debt to carry into a marriage! It can take anywhere between 10 and 25 years to pay off. Imagine making high debt payments that long. Of course, it’s going to cause problems in any relationship.

The problem is only getting worse. This amount of student loan debt is up 62% from the last decade alone and continues to climb. The number of borrows who hold more than $50,000 in debt has tripled over that same decade. Make no mistake, the cost of college tuition is climbing and it’s destroying lives.

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According to Jacqueline Newman, the managing partner of Berkman Bottger Newman & Rodd, the dynamic is unfair. She wonders why anyone would commit to someone with that much student loan debt hanging over them.

“Student loans can really hold you back,” she said. “For couples just starting out, that burden is having an impact on their lifestyle and ability to buy a home or have children,” she added. When you marry, you take that debt with you into the relationship. That means it’s also your spouse’s responsibility.

Newman also believes people with student loan debt should sign a prenup to prevent it from becoming a spouse’s problem. She says it’s important for couples to stay together. If one spouse helps the other pay down their debt, then the relationship ends, it’s only fair they can get that money back.

Student Loan Crisis

It’s a difficult time for millennials, the group who holds the most student loan debt. They must make a lot of decisions that other generations didn’t have to make. Going to college is no longer a guaranteed career. It can put you in a huge bind. People with that amount of debt can’t buy a house or get a loan if one was needed.

The student loan debt problem is one that millions of students hope the government will help with. It can severely damage the economy for decades to come if they don’t fix it now. It’s important for each student to do their research and make the best decision for their future.

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The Public Student Loan Forgiveness Fix Isn’t Going Well

Written by adminOctober 30, 2018
Student Loan Consolidation

Just when you thought the government was ready to help! But, of course, it seems anything the government tries to fix only ends up getting worse. Earlier this year, Congress signed a 350 million stimulus fund to help give a boost to the student loan forgiveness program. Many students buried under mounds of loan that thought they were going to get help.

However, that isn’t the case. This program is called the temporary expanded public service loan forgiveness program. So far, it is denied 90% of all the applicants looking for additional help. This is according to Sen. Tim Kaine of Virginia. He wrote a letter to CNBC after being asked how this program is working for students.

Michael Sonn is just one of the students who got excited about the student loan forgiveness fix. Sonn is just one of many who made a decade’s amount of payments, only to get denied. Apparently, he was enrolled in the wrong repayment program, which was enough to deny him student loan forgiveness.

When Congress passed this new bill, Sonn grew excited. He thought he was finally going to receive student loan forgiveness. To be debt-free is a great thing, especially after having this type of debt hanging over your head for that long. The problem is, he got denied help from a program designed to fix the original program

If you’re interested in learning more about student loan forgiveness, and to see if you qualify, go Financial Helpers today. We love to talk about your situation and see how we can help. You can call us at:

Call Now 844-332-2079

The Government Doesn’t Care about Student Loan Forgiveness

At this point, it’s obvious that the federal government does not care about helping students. Betsy DeVos, President Trump’s Education Secretary, was just taken to court over this matter. Instead of allowing students to obtain student loan forgiveness, she’s done her best to delay the program.

Under the current law, if you work in a public service and make on-time payments for 10 years, you can have your debt forgiven. Except, many people like Sonn are rejected. They’re being misguided to prevent them from obtaining student loan forgiveness. After a decade of payments, there told the missed one requirement.

http://financialhelpers.com/student-loan-debt-creates-pessimistic-attitudes-towards-college/

Congress passed this new law to help those students. Yet, they are not being helped. You have a government that doesn’t want to tackle the problem and service loan providers that purposely mislead student so that they end up having to pay their entire bill. That means consumers are not being protected.

Sowing Confusion

By giving students the runaround, it only seems to frustrate them into giving up. Sonn was hopeful because he did everything he was supposed to do. In the end, they told him he didn’t make enough payments. “That doesn’t make sense,” said Sonn, who works for the Minnesota Department of Transportation. “I’ve been paying for 12 years now.”

He has a right to feel frustrated. Because he consolidated his loans in 2012, he was later told that that reset the clock. He wouldn’t be able to obtain student loan forgiveness now until 2022. By then, the government ‘fix’ will be gone and depleted of funds.

“It feels like the hoops were put in place to not pay out in the end,” Sonn said. “I hope the Trump Administration will turn things around by creating a simple process that gives fair consideration to the teachers, military personnel, law enforcement officers, and other public servants who apply for this debt relief,” he said.

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Student Loan Debt Creates Pessimistic Attitudes Towards College

Written by adminOctober 29, 2018
Student Loan Consolidation

As students start their 4-year climb through high school, most of them already know they want to go to college. Everything they do from that point on is to prepare them for college life. But major student loan debt is making millions of people question whether if it’s really worth going to college anymore.

44 million Americans hold over $1.53 trillion worth of student loan debt. This is a number that is due to climb into the stratosphere. College tuition is only getting more expensive. The average person cannot afford it on their own without getting a loan. Interest rates combined with low entry-level pay creates a perfect storm of debt and struggle.

YouGov did a survey and found that 1/3 of people who obtained a student loan felt it wasn’t worth the cost. Yes, they did receive an education, but having that degree didn’t translate into better jobs. And that’s part of the problem. Many colleges make dishonest claims about exceedingly high job placement rates.

More often than not, those colleges are more expensive. They use these tactics to draw in desperate people who want to support their family. They prey on their belief that a college degree will get them a better life. Yet, all they end up doing is burdening themselves with student loan debt.

Call Financial Helpers today to learn more about student loan forgiveness programs. You can reach us at:

Call Now 844-332-2079

Education is the Key to Solving Student Loan Debt Problems

If you have an abundance of student loan debt, you don’t have to suffer in silence. The key to fighting back is educating yourself on your options. Thankfully, Financial Helpers is here to help you do just that. We create daily content to help students overcome this burden. But, we’re not the only ones who recommend students remain educated on their options.

Ameritech Financial came out last week and shared the same sentiment. Ameritech believes that fewer students would regret taking out student loans and going to college if they knew more about repayment plans. Student loan debt continues to grow because these lenders deliberately mislead people to prevent them from easing the tension.

“It’s unfortunate that students have to take out loans in the first place,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “But it’s even worse to go through college and come out feeling like it wasn’t worth it and now you have a substantial amount of debt to boot.”

http://financialhelpers.com/new-millennial-class-warfare-brought-on-by-student-loan-debt/

The average student leaves college with $37,000 in debt, with an average monthly payment of $300. That’s the average. Some are paying upwards of $1,000! That’s the cost of a decent mortgage payment. It’s forcing students to postpone major life decisions they hoped a degree would expedite.

To those who are just graduating and looking for work, paying $300 per month is no easy task. These days, degrees don’t automatically guarantee a job, much less a high-paying one. Gallup released a poll that said 36% of graduates would choose a different field of study if they knew their current field paid so little.

Extreme Pessimism

Students hold so much student loan debt that 37% don’t believe they’ll ever pay off their loans. 46% (nearly half) believe they are unable to see the end of their student debt problem. It can take anywhere between a decade and 25 years to pay back all that student loan debt. It’s not going anywhere anytime soon.

This is why Ameritech believes Income-Driven Repayment plans are extremely helpful. Before you start paying back loans, the lender will look at how much money you’re making and set monthly payments at what you can afford. It allows you to make more manageable payments, but it can still take 25 years to pay it all back.

“College is a huge commitment that requires a lot of sacrifice from students,” said Knickerbocker. “They shouldn’t feel like it was all for nothing, or like they’re still sacrificing so much of their lives after graduation. Income-driven repayment plans can help turn that pessimism to optimism: there is an end in sight to student loan debt.”

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New Millennial Class Warfare Brought on By Student Loan Debt

Written by adminOctober 25, 2018
Student Loan Consolidation

From the time your child, you’ve been told that if you want a better life, you need to go to college. Getting an education and the degree is the only way to be successful. But lately, for millions of people with student loan debt, that’s proving to be untrue. Taking out a student loan is an irreversible decision that is destroying lives.

Still, it seems like a worthwhile decision. When you graduate college, it’s a natural decision. Go to college, graduate, find a great job, and so on. No one hardly ever questions it. If you hope to own a home and be able to take care of your family, getting a degree will make that dream more plausible. But, that’s not today’s reality.

If you take on student loan debt to go to college, you’re more likely to have LESS money and more problems. These adult decisions about the rest of your life will probably get pushed back. You won’t be able to afford them. Yet, no one tells you this before you apply. It will even delay your ability to save for retirement.

How Student Loan Debt Affects a Person’s Life

The key to avoiding this problem is understanding how student loan debt will impact you. Don’t just assume going to college is the best bet. In today’s economy, going for a trade has a better return. It costs much less than going to a university and it’s almost guaranteed you’ll find a job after you leave. Not just any job, but a high-paying career.

You might not think this is true, as it goes against years of teachers and parents telling you college is the only way. But the Federal Reserve released data in 2016 that proves it. According to their info, millennials who had student loan debt had 75% LESS net worth than their counterparts who didn’t.

That’s right, the difference between millennials who had more money and had less depends on who had a student loan. Even looking at how much money they had in their bank accounts, those with student loans had much less money saved. They were, on average, delaying major life decisions, putting off getting married and buying a house.

To learn more about student loan debt and whether you qualify for forgiveness, call Financial Helpers today. We’ve helped thousands of people overcome their debt and gain financial freedom. We’d love to hear from you. You can reach us at:

Call Now 844-332-2079

The Crisis Takes Hold

Brian Karimzad, the co-founder of MagnifyMoney, spoke candidly about the snowball effect student loan debt has on graduates. He spoke with VICE about the Federal Reserve report.

“This is the first time we’ve seen an update in this federal data since the financial crisis. We wanted to get a sense of how net worth has changed for people with student loans and where they stand, and how this has evolved from a simmering problem to a crisis level for many graduates—particularly people who graduated into the recession, which was ten years ago.”

http://financialhelpers.com/student-loan-debt-can-sink-the-u-s-economy/

“What we saw was startling in terms of the absolute gap in net worth. But one thing that was kind of interesting for us is the difference in net worth—and this is constant dollars—for people [who are under 35] with and without student-loan debt, is that if you look back in 2004, it was around $70,000. Now it’s around $80,000,” he said.

“I would have expected it to maybe have doubled in that time, so it wasn’t as striking as I thought, which may be a function of the fact that the backgrounds of the people taking on student-loan debt were probably similar-enough situations. That said, it’s clearly going up.”

Savings at Risk

The goal of financial freedom is to allow a person to be able to save money. To have money in the bank to cover emergencies and to be able to save for retirement is key. No one knows what path their life will take. That includes how the economy will play out the next decade. Regardless of how things will turn, having a major debt can set you back.

If you’re paying the equivalent of a mortgage payment towards your student loan debt, life is going to be difficult for you. Right out of college, hardly anyone will be able to afford rent, insurance, gas, and their student loans. It’s why a lot of millennials are still living at home into their 30’s. They get made fun of, but they’re trying to make the best out of a bad situation.

Someone who doesn’t have student loan debt has about $40,000 saved for retirement on average. Those with debt have about half that at $21,000. To save enough money to make it through all your golden years, you need to start saving young. Waiting until you’re almost 40 isn’t going to cut it.

The student loan debt problem isn’t going anywhere. Right now, the government doesn’t seem to care about struggling Americans. That means you’re going to have to make hard decisions. Educate yourself about your options and call Financial Helpers today.

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Student Loan Debt Can Sink the U.S. Economy

Written by adminOctober 24, 2018
Student Loan Consolidation

Student loan debt has reached an astounding $1.53 trillion through the second quarter of 2018. That’s a massive amount of debt, second only to mortgage debt. This number has tripled since 2004 and doesn’t show any signs of slowing down. Throw in a variety of economic struggles and volatility, and you have a problem on your hands.

The reality is, many Americans struggle from time to time. Income volatility happens to us all, which can make it extremely difficult to fulfill our obligations. It’s difficult to afford rent, insurance, and our student loan debt.

It was estimated that as many as 8.2 million of us get behind, owing as much as $83 billion to the IRS just in taxes. Add that to the trillions of dollars owed in other debts, people are fighting to keep up during a time when the economy constantly bounces from one extreme to the other.

There are numerous reasons why this happens. It can be anything, such as their life is completely out of control, to simply not having enough money to pay their debts. Life disruptions, such as a death, sickness, and divorce, happen to most of us.

Income and economic volatility make it difficult as well. If you don’t know what your income will be any given year, it makes it downright impossible to guess if you’ll be able to pay off your student loan debt. The economy can fall through the floor tomorrow and leave thousands of people without work.

To learn more about student loan debt, and how Financial Helpers can help you overcome it, call us today at:

Call Now 844-332-2079

Who Should Pay for Student Loan Debt?

“There has been a big shift in terms of who should bear the burden of the cost of education,” said Benjamin Keys, a Wharton real estate professor with a specialty in household finance and debt. “We know the stories of our parents, that they could earn enough working as a lifeguard in the summer to pay for a semester of college. The growth of tuition costs relative to teen wages — indeed, all wages — has veered sharply upwards.”

“We’ve come to a place where most students have to borrow in order to pay the cost of completing a bachelor’s degree,” said University of Pennsylvania professor Laura W. Perna, executive director of Penn’s Alliance for Higher Education and Democracy.

Right now in the U.S., there are 44 million people who have some type of student loan debt. The average amount of debt students hold is $37,000. That can take them up to a decade or more to pay off. Due to this, it is forcing young people to put off making major life decisions. There’s a lot of evidence that student loan debt is doing just that.

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Because student loan debt disrupts so many lives, students all over the country are asking the government to step in and help. While the person did decide to take on debt to go to school, it’s not their fault that the economy was crashing. Many also fell victim to predatory advertisements from for-profit schools.

“They are certainly starting off at a disadvantage relative to previous generations, and a lot of the scrutiny of millennials is really misplaced given the disadvantages they’ve had in terms of their costs of education and poor labor market upon entry,” Keys continued. “It’s hard to say that they won’t eventually catch up. It depends on the health of the labor market, and how stable the economy is.”

Pre-Recession Data

This crisis owes its existence to both the Great Recession and the increasing cost of a college education. Just a decade ago, student loan debt was way below auto loans, credit card debt, and more. According to the Federal Reserve Bank, it now surpasses all these forms of debt. The correlation between higher debt and lower homeownership can’t be understated.

The Federal Reserve has released data proving that as student loan debt increased, the number of people buying homes has steadily decreased.

“A $1,000 increase in student loan debt lowers the homeownership rate by about 1.5 percentage points for public four-year college-goers during their mid-20s, equivalent to an average delay of 2.5 months in attaining homeownership,” write Alvaro A. Mezza, Daniel R. Ringo, Shane M. Sherlund and Kamila Sommer in “Student Loans and Homeownership.”

This further proves that student loan debt will only destroy the economy the worse the problem gets. The government needs to step in and help as soon as possible.

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How to Spot and Avoid Student Loan Scams

Written by adminOctober 23, 2018
Student Loan Consolidation

There’s an epidemic happening in America today. Millions of people across the country collectively owe more than $1.5 trillion worth of student debt. It’s not just a simple car loan being paid off. No, companies are destroying the lives of people who can’t pay back their student loans and are desperate for help.

These graduates earned their degree, but have lost their license to work. The lenders have all sorts of tools in their back pocket to get the money owed to them. Not only can they revoke your service license, but they can also garnish wages, take your tax refund, and so much more. There’s nothing anyone can do, except hold on and wait for the government to help.

In some small ways, they have. The Obama administration instituted student loan forgiveness programs, but it’s not broad enough. There are other ways to pay back student loans and lower monthly payments. The problem is, whom can you trust? As with any industry, there are many scammers out there looking to take advantage of desperate students.

Financial Helpers is an example of a company who simply wants to help students by providing information and seeing if you qualify for various programs. To learn more about Financial Helpers and how we can help you with your student loans, call us at:

Call Now 844-332-2079

Student Loans and Common Scams

Scams are becoming common in the world of student loans. It’s so prevalent that the Consumer Financier Protection Bureau has recently put out several warnings. They want to protect borrowers from scam artists promising to help them get rid of their student loans. They have no real goal of helping anyone but themselves.

Still, there are legitimate companies out there who will help you. The trick is to know the difference between a scam and a real company looking to help students. This article will help you determine what is right and what to avoid. Here are a few of them for you to decide for yourself:

Is It Too Good to Be True?

One way to tell the difference between legitimate companies and scam artists are the ways they deal with customers. A high-pressure sales tactic isn’t necessarily a sign of concern. These companies will most likely charge a fee, but there are red flags. If they immediately guarantee they’ll get your loan forgiven, then they’re probably scamming you.

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Another line is saying you’re ‘pre-qualified’ to lower your loan. The reality is, no company can know if you’re pre-qualified for loan forgiveness. They’ll have to personally take a look at your loan and weigh it against the current laws and regulations. Whatever step you choose will require a credit check (for refinancing) and look at your financial information.

They Try to Force You onto a Plan

The right company will do its best to help you where you’re at and within your budget. It’s ultimately your decision what plan works for you. The scamming company will tell you to sign on today because offers will expire soon or push you into a deal that doesn’t make sense.

Examples of this are companies that say you’ll go to jail if you don’t pay your loans. There are plenty of bad consequences for defaulting on your student loan. The government may even take you to court, but they won’t just throw you into jail. The scam artist will put on the pressure to make you think your livelihood is in jeopardy unless you take care of it today.

Law Firm Scams

This scam is mostly based on advertisements that promise to settle your debts. They pretend to be lawyers working for a law firm. Some of them might be real lawyers, but the way they deal with people is criminal. They make many promises to the borrower they often don’t keep.

To get you in the door, they promise to settle your debt for less than you owe. It sounds like a great deal! They’ll even tell you to make full payment to the firm. Except, they don’t do anything. They sit on it until your loan goes into default. At that point, it’s too late.

Debt Elimination

The only way you can have your debt canceled is through legitimate and qualifying reasons. You owe money to the federal government, and that money you must return. You can refinance and consolidate, but not have it completely wiped out. A scammer might try to get someone by saying, “The President signed an executive order to forgive all student debt!” It’s not true.

No one but the government can forgive what you owe. Situations like death, disability, service work, and identity theft are handled through the proper channels. If you pay for a company’s help, they may represent you, but they cannot eliminate your debt

The best advice is to do your research before choosing a company. Don’t get caught up in the promises designed to feed on your desperation. The federal government does try to help, but there are many hoops to jump through to qualify. Find the legitimate companies who excel at assisting borrowers in getting out from under their burden of debt.

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