You may think you're saving money, but really, you may be sending your hard earned cash right down the tubes.
Thousands of Americans are dealing with mounting student loan debt and scammers know many are desperate to get rid of it.
Willoughby Police Detective James Schultz told News 5 many promise loan forgiveness or consolidation when really, they plan to take money for a service you could get for free.
"Students that have high students debts, they're just creating more! Because these companies charge fees," Schultz said.
Most free assistance is offered directly by the US Department of Education.
Detective Schultz said sometimes it's more than money wasted.
"A lot of time, what this leads to is identity theft because you're providing personal information," he said.
The Federal Trade Commission issued this warning: