College Loan Cautions

College students heading back to campus have much to think about besides studying – including how to pay for college. BBB® cautions there are financial aid schemes out there that can derail even the smartest student in the class.

Here’s what to look for:

  • Not-so-legitimate logos and names in a mailer or advertisement: Fraudulent groups will try to copy the U.S. Department of Education (ED) seal, logo or website to make themselves appear as the real deal. Watch out because ED does not solicit consumers to borrow money.
  • The promise of a gift: Don’t let promotions or incentives like gift cards or sweepstakes woo applicants into a loan. The rate may be high or the terms unreasonable.
  • Persuasive tactics for personal information: Never give your social security number or other information that will lead to identity theft.

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About Sandra Guile

Sandra is the PR Specialist for BBB Cincinnati, promoting BBB's message of marketplace ethics through public speaking engagements, presentations, blogging, media relations, press releases, web content and other written materials. Her goal is to connect with consumers and business owners in a trustworthy environment and encouraging best practices.