With many student loan borrowers graduating right now, student loan companies are taking notice. With most Federal and private student loans, borrowers get a six month grace period before their first payment is due. It's during this time that scammers try to take advantage of unsuspecting student loan borrowers, and borrowers need to know what to expect.

Take note of these top student loan scams, and how you can protect yourself so you aren't victimized.

Student Loan Consolidation Scams

The most common student loan scam that has been hitting recent graduates is the student loan consolidation scam. This is a popular scam because many graduates have several student loans, and it sounds appealing to have them consolidated into one single loan and payment. Some scammers even tell you that you can lower your payments.

The student loan consolidation scam typically involves a company offering to consolidate your student loans for a fee (a processing fee, administrative fee, or consolidation fee). In exchange for paying the fee, the company will consolidate your loans.

This is a scam for three reasons:

1. Federal student loans can only be consolidated through the Federal Direct Consolidation Program. You can do this yourself in about 20 minutes of your time. The consolidation company scam involves you paying a fee for something you could do for free.

2. The consolidation company may move you into a private student loan that is worse for you than your original loans.

3. The consolidation company does nothing and takes your money.

If you want to consolidate your student loans, make sure you follow the correct process for consolidating your student loans.

Advanced Fee Scams

Advanced fee scams are another student loan scam victimizing borrowers across the country. This scam involves a company offering to lower the interest rate on your student loan in exchange for a fee up front. They will typically ask for the fee in exchange for them negotiating on your behalf with your student loan servicer.

To get you to sign up, they will typically highlight other clients that they were able to do this successfully with, and show you how much you could possibly save.

This is a scam because real lenders don't charge any fees up front. Instead, legitimate lenders will take a fee at closing of the loan, typically from the loan amount so you actually pay nothing out of pocket. If you are contacted by a company asking for a fee up front, avoid them - it is a scam.

Student Loan Elimination Scams

Finally, there are companies that are convincing student loan borrowers that they can help you eliminate your student loan debt. This is a complete scam, that is usually a sub-segment of the advanced fee scam. These companies will typically ask for money up front to help negotiate the settlement of your student loans (similar to what you see with credit card debt relief companies).

The trouble with these companies is that they will always fail you - making them a scam. Since student loans typically can't be discharged under any circumstance, lenders have no incentive to negotiate with these companies, and in turn, you get scammed because you are out the fees you paid.

Your best recourse is dealing directly with the lender yourself, and not a third-party company.

How To Protect Yourself From Student Loan Scams

It's important to remember that scammers prey on you when you're most vulnerable - likely buried in debt or simply uninformed. That's how they take advantage of you. However, there are some simple tricks that you can use to protect yourself.

First, never pay for anything up front. Real lenders and student loan companies take a percentage when everything is complete, and you don't pay out of pocket.

Second, simply call your lender if you have a problem. Your student loan servicing company has a lot of different ways to help you, and many of them only take a short phone call and a little paperwork to get done. You can usually get different repayment plans, forbearance, deferment, and more. So, before you go to another company, go with your current student loan lender.

Third, never sign any paperwork giving a third party company "Power of Attorney" or legal authority to negotiate on your behalf. These companies sometimes attempt to take control of your loans, and then hold you hostage if you don't pay.

Don't let anyone take away your financial power to deal with your student loan debt. You can deal with any student loan problem yourself with just a phone call and some paperwork.