1. The most common of these scams is perhaps the student loan consolidation scam. Scammers would offer to consolidate multiple student loansfor a fee. Know that consolidation of student loans are done only through the Federal Direct Consolidation Program for free.
2. Many borrowers also fall victim to the advanced fee scam. For an up front fee, scammers would offer to negotiate with your lender in your behalf for a lower interest rate. However, legitimate lenders do not charge up front fees; instead, they collect fees at the end of the loan period.
3. Another scam that looked similar to advanced fee scam is the student loan elimination scam. Scammers would offer to negotiate and settle your student loans for an up front fee. This is a scam because student loans cannot be discharged under any circumstance except by direct dealings with the lender.