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Paying for your college education can be expensive and confusing in the conglomeration of student loans available. There is an abundance of misleading information from many private lenders in today’s market. Choosing the right loan is often a difficult decision for parents and prospective students to make. This led to the origination of a consumer help guide in determining a student loan program for you.
The United States Department of Education and the Federal Trade Commission recently created a document called the FTC Facts for Consumers. The consumer guide focuses on educating prospective students and parents on deceptive student loan offers. Another focus of the guide is in how to report these companies to the FTC.
Spotting a misleading private lender can be avoided, by educating yourself on the marketing ploys often associated with these lenders. The Department of Education does not engage in marketing campaigns such as emails, direct mailers, knock-off-logos, special offers, or phone solicitations to obtain personal information. These are some of the big warning signs of potentially harmful lenders.
If you ever encounter any of these situations or marketing schemes, don’t hesitate to notify the Federal Trade Commission or Department of Education of these tactics. Help inform the public of misleading or scandalous companies and groups.
Source provided by www.ED.GOV/News
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