What is “Savoring” and How Can it Help You Build Wealth?
I went to Suffolk private university in Boston, MA, where I accumulated $50K in student loans. I didn’t get a job right out of college, so when the opportunity to get my student loans paid knocked on my door, I took it. It was a mistake that cost me money, and I hope that by sharing my story, people will be cautious of student debt scammers.
One day, I got a call from a company asking if I could make consistent payments of $400-$600 for six months, and in return, they would pay the remainder of my student loans. I don’t know where they got my number, but there were many commercials on T.V about student loan repayment plans at the time. I don’t remember the name of the company, but their customer service was great and they answered all my questions so I was not suspicious. I was a recent graduate and didn’t have a well-paying job, so I was excited about this opportunity. I thought to myself, “Why not get rid of my student debt now?”
My older brother graduated college, but he didn’t have loans because he had full scholarships, and he was doing his own thing, so I didn’t have anyone to consult with.
Towards the end of the six months, the communication dissolved to nothing until they completely stopped responding to my calls. I wanted to get updates since the six months were coming to an end. They just never got back to me, and that’s when I realized it was a scam. I changed my card information immediately after so they wouldn’t continue charging my card. If I was not persistent, they probably would have taken out monthly payments for as long as they could.
My advice would be to find someone who can help you financially. Seek out resources, mentors, school counselors because they can steer you in the right direction. A lot of companies take advantage of recent grads. These scams are taking advantage of recent graduates and adding additional debt to their life.
You can sign up for our Financial Foundations guide, where we walk you through the different types of debt and how to pay it off.
The sign I wish I would have know is if it’s too good to be true, it’s probably definitely not true. It’s never that easy to get rid of your student debt. Always ask questions before handing over your credit cards and look for people who can help you. If I knew about the Snowball I would have consulted before making any decisions. Also, I would have started in community college and then gone to university. I think schools are manipulative, and freshmen don’t have the financial literacy to sign student loan forms.
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