Financial literacy 101: Student loans

Americans have an estimated $1.61 TRILLION in outstanding student loan debt and that number continues to rise each year as education costs increase. Many Americans are faced with dfficult decisions on what to do with their student loans and it isn’t obvious where to turn and who to trust when it comes to resources to help make these important decisions. While you may have the option to defer your loan repayments, the interest will continue to accrue and your loan balance will continue to grow. Don’t ignore your loans! Take control today and educate yourself.

If you start by searching the internet, you will likely see many debt consolidation services advertising solutions that will provide relief be offering loan forgiveness, lower payments or reduction of your current rates. These programs are available, but there are many predatory private companies out there trying to scam you. Here are some tips to identify these scammers, avoid if any of the following apply:

1. If you have to pay upfront or monthly fees to get help

2. The company promises immediate loan forgiveness

3. A salesperson pressures you into signing up

4. You’re asked to share sensitive personal information

5. The company advertises on social media or shows up in search engine ads

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The articles and opinions in this publication are for general information only and are not intended to provide tax or legal advice or recommendations for any particular situation or type of retirement plan. Nothing in this publication should be construed as legal or tax guidance, nor as the sole authority on any regulation, law, or ruling as it applies to a specific plan or situation. Plan sponsors should consult the plan’s legal counsel or tax advisor for advice regarding plan-specific issues.

Securities offered through MMA Securities LLC (MMA Securities), member FINRA / SIPC, and a federally registered investment advisor. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Variable insurance products distributed by MMA Securities LLC.  MMA and MMA Securities are affiliates owned by Marsh & McLennan Companies.