To help student loan borrowers avoid fraud, NerdWallet rounds up information on legitimate organizations that student loan borrowers can look to like this one.
Organization: Student Borrower Protection Center.
Mission statement: The Student Borrower Protection Center is a nonprofit advocacy advocacy advocate for struggling borrowers to empower policy makers and lawyers to take action. It was founded by Seth Frotman, the former student loan ombudsman for the Consumer Financial Protection Bureau. SBPC does not provide any help or advice to individual student loan borrowers, but does provide space for them to share their student loan stories.
Place: Washington, DC
Best contact method: Share your debt history with SBPCs website. Phone: 202-670-3871.
Specialty: All student loan types.
It can help with: Providing the ability for student loan borrowers to share their stories through the website.
It can’t help with: Advice for individual student borrowers. The following is a list of organizations or legal representatives that provide individual assistance.
Expected costs: None. SBPC does not advise individuals.
When you need help with student loan
If you are struggling with your student loan debt, speak up first Your servicer or lender to:
Discuss the repayment options.
Take a temporary break in payments.
Temporarily reduce your monthly payments.
If your problem is with your lender or servicer, or you can’t get it Help you needLook for a legitimate student loan aid organization that offers advice. Consider these verified resources for help with student loans. You are an established organization or legal representative with a verified history:
Many of these organizations offer free advice. In some cases, you may have to pay a fee, such as with a certified not-for-profit credit counseling agency or when hiring an attorney.
None of the above organizations call borrowers, text or email with debt solution offers.
Offers of help that you weren’t looking for are likely to be fraudulent. While it isn’t illegal for businesses to charge for services like consolidation or enrollment in a payment plan, you can do these steps yourself for free.
Avoid debt relief companies that ask for money up front.