Gift Cards for Consolidation

You've seen the offers--$300 Master Card gift card, just for you, no strings. Just call our toll free number to activate. Are these for real?

My mail-box has been drowning in gift-cards and checks from consumer loan companies. They're really attractive sort of mailings for students--$300 or more cash, just call us, no obligation! But are these offers "for real"?

No! It doesn't make good business sense to mail out large gifts of money to the masses--most of whom have no idea your business exists--for no reason. These companies want something from you--your student loans. Really. These are marketing ploys. The companies (and I won't name names, but I was one of the lucky hundreds that received a no-strings, $300 Master Card offer this last week) are consumer lenders whose business it is to purchase your student loans and consolidate them for profit. You'll only receive your "gift" if and when you (1) consolidate your loans with the business and (2) write a heart-warming testimonial for the business to post to their website.

So, consumer beware! Investigate before you ever attempt to cash that check or use the gift card.

Until next time!

Lynn Byrne