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Finally, if you are considering consolidation, make sure you read our guide on The Right Way To Consolidate Your Student Loans.
This scam involves a student loan company that tells you they can get you the "best" interest rate and loan terms, but you have to pay a "small" fee up front for this service.
There are a lot of variations on this scam, but typically a borrower is referred to a law firm by a "student aid company".
The student aid company promises that this law firm can settle your student loan debt for thousands less than you owe.
Many times the law firm will ask you to make your full student loan payment to the the law firm itself (or whatever amount you can afford to pay).
The law firm says they'll then negotiate a settlement with your lender.
But this fee should go into an escrow account and they company should only get paid once they prove they’ve helped you sign up for a program.