No Credit Student Loans - Tips To Torpedo Scams
- By:Jake Madden
Searching for no credit student loans? You need to know that the student loan market is full of scams, You could be Next. The Student Loan business is worth $85 billion annually. There are a number of scams that are catching you students every day, these scams can potentially devastate your financial future as they act as you lifeblood to get through your studies. Students are getting bombarded with misleading loan offers You will be shocked to know that these aren't not small companies peddling these scams, they are some of America's biggest.
It's they way they operate which is getting around regulatory loopholes. Several investigation have turned up evidence that show the extent of the problem.
These investigations were led by New York State Attorney General Andrew Cuomo and Congressional leaders.
They show that there is a monopoly on student loans, to the extent that only 32 lenders hold 90% of the staggering amount of the $85 billion student loan business. And at 300 colleges, one lender controls 99% of the loan volume. Poor regulations enabled lenders to market products to students without openly revealing limitations or conditions. These selling off loans to wipe out benefits.
They do this without your knowledge. By employing delaying or intimidating tactics to steer you to lenders that are not in your best interest. They already have set up revenue sharing agreements with these other loan operators.
Make sure you ask if your loan will be sold to another lender. Make sure you get a guarantee in writing. It needs to state that if your loan is sold then all the rates and benefits will move with it. It needs to state that you will receive a clear notification from your old lender.
You Will Be Shocked To Know That the buyers of student loan debt don't actually have to give the initial benefits to you (the borrower). Did you know that even if they do, what if you toss their mail way thinking it was just advertising. You may not realizing they actually are your new bank. This will result in your payment to the new lender will probably be late, and bang! there goes your typical 1% interest bonus - this will cost you, big time!
I really do hope this information gets you into action. I hope it provides you with a few tips and some good no credit student loans advice to think about when getting your student loan.
To get more advice and information on no credit student loans scam or general student loan information, click on www.american-studentloan.com
Written By: Jake Madden