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This is such a good question to answer from the British angle because my understanding is that the British do class better than any Western nation.Class has a strange duality in the UK.Unlike most of Europe, Australia and the US, it entirely drives our language, our career choices, our social groupings and our aspirations, class is nothing like as big a deal in most of these nations.Unlike say India where it's as pervasive, in the UK we are brought up to know that it exists but to NEVER EVER acknowledge that it does.As a result, this answer makes me feel deeply uncomfortable, I feel like I am being deeply judgmental, giving away secrets and making crude blunt generalizations. So please forgive me and allow me to indulge in this answer and bring to life some of the class stereotypes in fun ways but don't please take offense of point out my bluntless or the degree to which I am exaggerating.We do class so well in the in the UK we have about 3 Middle Class tiers.Upper MiddleUpper Middle class people are those that in many ways show more in common with the Upper class, but they probably don't have the same status not due to professional status, but due to birth. They won't be tied to the large land owners of the past, they won't share the same posh surnames, they won't have a legacy of knowing the very top ranking people in the military or attend weddings shown in Tatler. In every other way they make be similar.Upper Middle class may send their kids to private schools, especially if they live in urban areas, they will speak well, choosing words like Drawing Room, Sofa, Loo, Pudding, Supper.They may well be doctors, lawyers or other educated and rather classy jobs, they may or may not earn a lot, but earning money is less important to this class since they likely have a decent amount of inherited wealth and property. Likely a main family house and a holiday cottage they rent out if they feel the need.They live around the country but tend to have one accent and identity wherever they live. They are often presumed to be southern in nature wherever they live.They will probably shop at Waitrose for food and don't consider buying anything from anywhere other than John Lewis unless they have to. They probably shun stores like Amazon and Starbucks due to concerns about their tax paying records but also because they don't need to prove their status to anyone.I think the Upper Middle Class have probably the best life in the UK.They are born to be comfortable, they don't have to prove themselves to anyone, they see no reason to flaunt success, but at the same time they will need to work, make a success of their life and when/if they do they can take pride in knowing they earned it.The worst part of Upper Middle life is that it's hard to take risks. This is not an easy class to be a entrepreneur in because it shows a remarkable dissatisfaction with what you have and that's rather crass. This class is about the opposite to the American Dream, the American dream is about betterment, working hard and taking risks. The Upper Middle class dream is about not messing up, being grateful for what you have, doing good things for society and don't try too hard or stick out too much.Middle MiddleMiddle Middle class people are the truest Middle class feeling angst at all times due to being in the middle on everything.They socialize with those in the Upper Middle class and feel both jealousy and anger for being jealous. They spend time with the Lower middle class and hate themselves for feeling superior. They probably have left wing values and strong feelings about doing the right thing, at the same time as deep down knowing that they themselves are getting a really unfair time in life.They live around the country and while tending to have one accent , language and dentity wherever they live, they do take on local words and seem to somehow to try to blend in. This creates yet more angst.Middle Middle class are likely to want to send their kids to private schools, but also feel terrible about it and often make huge financial sacrifices to do so.They will speak well, but also hard not to sound too posh, because trying to be something they are not is massively awkward for them. The Middle Middle class seem to find awkwardness in everything.They select words like Living Room, Settee, Loo, Dessert, Dinner.They talk ENDLESSLY about property prices, somehow the value of property seems to give them incredible enjoyment and status if doing well, but also be the subject of incredible frustration since they also know it's merely widening the distance between them and other classes.They will probably shop at Sainsburys for food, sometimes treating themselves to Marks and Spencer, they tend to have the widest selection of places to shop because they are in the middle.I think the Middle Middle Class have probably the most tortured life in the UK, a life of contradictions.They feel a general sense that they should be happy with their lot but at the same time feeling tempted to try to accomplish more but also paralysed because somehow wanting more goes against their core values and also seems to suggest they are not grateful for what they have.They do their best to support charities and particular seem to care about environmental issues and global affairs but at the same time don't have a particularly high standard of living. They hate the idea of borrowing money and the only acceptable form of credit is a mortgage.The Middle Middle are the ones so totally screwed by the economics of life in the UK in 2014.They probably own a house or two, but their offspring are struggling to buy.They certainly don't typically own a grand enough place to enjoy a luxurious life but yet they work very very hard, they work in desirable jobs and yet a large proportion of their income goes towards taxes that others either have managed to escape paying or don't care about paying because they have enough stuff already or don't earn money in the same way.So while working their asses off they worry about the cost of bringing up kids, they find themselves trapped by crazy economics that mean that while they try to have two parents working to keep their sense of accomplishment and value going, yet it typically costs them more in childcare to do this than if one person stayed at home.It's the Middle Middle that pays so much into a system yet doesn't dream about either taking anything out of it, or complaining about it. It's likely to be a declining class because so many people in this class just worry like mad about how they can afford to bring up children. It all seems unfair really, there kids may have great jobs working in London and find themselves spending £200 per week each for three people to to live in a ex-council flat, while those living next door have never worked, have a kid and get accommodation, childcare and living expenses for free. And while the Upper Middle don't have to suffer like this, the Lower middle get to be outraged by this, the Middle Middle have to take it all on the chin and pretend it's fair.Lower MiddleLower Middle class people are probably the hardest to define, the boundaries between the Middle Middle and Lower classes are uncertain.They probably live in newer housing, finding appeal from more modern structures and enjoying the cost savings of energy efficiency, in their house they would refer to the Lounge, Couch, Toilet, Sweet and they would eat Tea every night.They tend to take on much more local influences in their language and accent, they tend to show more interest in popular culture and celebrities, perhaps to escape their rather mundane lives.They will probably shop at Tesco or Asda for food but tend to shop wherever they feel like it, not being bothered about the ethics of the company or the images of the brand, they are more happy to use credit cards and buy things on loans.I think the Lower Middle Class have a slightly more simple life. On the one hand they probably earn less and have less comfortable lives than others in the middle class, but they also don't have the sense they should expect more. Somehow the Lower Middle class have less to lose and more to gain. They are more likely to be aspirational to move up to other classes than others and working hard and being entreprenurial is considered to be way more acceptable and even necessary. Displays of status and wealth in this group is much more likely again, these people were dealt no massive favors in the life lottery, so if they do succeed, the they can take pride in knowing they earned it, because they really did!The worst part of Lower Middle class life is that life is also becoming pretty hard. Rising energy bills, massive increases in house prices, student fee's ( making University not the default option it is for other middle classes) , the cost of petrol, the cost of food, these all make life difficult.What makes it more acceptable is that:1) They don't have the same sense of entitlement that they should live a good life as the other classes, these people may have come from families that always had to strive.2) They are allowed to moan, these people can happily hate benefit spongers and immigrants, they have whole newspapers like the Daily Mail who fill there pages full of anger about life, these people have a channel to vent via3) They are more in control. The other middle classes feel like they can't aspire to more, that money is crass, that achievement shows disrespect for their upbringing. The Lower Middle class think it's natural to try and risks are with fewer downsides.4) They don't feel a moral duty. If it literally costs more to work 2 jobs that claim a benefit, they have no problem with claiming benefits. They don't feel bad about the poor, they feel close enough to them that they are happy to spring ahead working hard and don't feel the same need to be concerned about others.

Starting with a few points20 million Americans attend college each year, of whom 69% borrow money to do so.The average cost of college for the 2017–2018 school year was $20,770 for public schools (in-state), $46,950 for nonprofit private schools and public schools including non-residence cost. This only includes tuition, fees, and room and board.The Average Federal Pell Grant is $4010/year. The average State Grant is $2844/year. Both figures represent 95% of all gift awards. About $6800/student/year.69% of college students (7 out of 10) took out student loans with an average debt of $29,800, including both private and Federal debt. 14% of their parents took out an average of $35,600 in federal Parent PLUS loans.The word financial is self defining; a function that relates to Money. Aid definition: help, assist, or support (someone or something) in the achievement of something. Thus, ‘help with money’ is another way to put it. Unlike the other answers so far, which don’t address your question about the misleading nature of the phrase, I submit it is indeed misleading. And purposefully so to the point of criminality.If one seeks to buy a new car at a dealer, and the car has a manufactures rebate, the financing isn’t called “auto buyers aid”. It’s known as auto financing, even though there is a gift (the rebate) incentive. the majority of the cars value is secured with a loan.If one is seeking to buy a house, the financing isn’t known as “home buyers aid”. We commonly refer to this as home mortgage financing. Another loan.Don’t have the cash to purchase clothes, furniture, or fancy dinners? There are many institutions that will provide one a credit card. Even they wont call their unsecured revolving loan service “consumer aid”.Yet, a dependent 18 year-old entering college student with a Parent PLUS Loan Denial, with no credit history, no job, and a 50% statistical chance that they will never even graduate from college, is provided with up to $57,500 in subsidized and unsubsidized Student loans. Up to another $30,000 can be added with private student loans that require no cosigner.Even if the “Financial Aid” office informed the incoming student about the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which expressly forbids discharge of student loans in bankruptcy, the 18 year-old would not understand the adult consequences. Much less the math of ever compounding interest on unpaid student loans over time. Or the collection methods.Financing of any type is an extremely complex contractual commitment. The mass of fine print on credit card agreements, auto loans, and mortgage loans proves this. Considering the fact that the majority of all College cost is paid for with some type of loans, means this isn’t a form of help or aid. It’s a very high risk financial endeavor.In any civilized society, it would be termed child abuse.

First, it’s important to understand the difference between a scam and a bad deal.Scam. A scam is when a company promises to provide a service or product and either doesn’t deliver at all or only partially.Bad deal. A bad deal is when a company is upfront about everything it’s going to do, meets regulations, but doesn’t help you out as much as you’d hoped or costs more than you’d expected.In other words, with a bad deal, legally there’s not much you can do. With a scam, however, you have the right to legally complain. Here are some of the most common student loan scams you should look out for.1. The upfront fee scamWhat happens: A company promises to get you a loan with the best terms, but you’ll have to pay a fee first — usually around 1% to 5% of your loan amount or a flat fee.What’s sketchy about it: Legitimate lenders generally don’t charge a fee before providing a service. While you might have to pay an origination or application fee when you apply for a private student loan, under no circumstances should you borrow from a lender that charges a fee upfront.Paying a company to help with your application? They also shouldn’t charge you an upfront fee unless it’s put in a third-party or escrow account, until you have your funds.2. The debt elimination scamWhat happens: A company claims that it can eliminate or reduce your student debt for a fee. You may have found it through a Internet search, or you may have received a letter or email about it in the mail. Either way, it’s not a legit offer.What’s sketchy about it: Although real student loan forgiveness programmes scammers often claim to offer student loan forgiveness programs that don’t exist. Your income or career will influence your ability to have your debt forgiven. If you’re in a situation where you need your debt forgiven, it’s much safer to contact the federal government or your student loan servicer directly for options instead of going to an outside source.3. The loan consolidation scamWhat happens: A company charges you a fee to consolidate your student debt after you graduate — sometimes called a consolidation, processing or administrative fee — and then does nothing.Why it’s sketchy: Federal loan consolidation is free, so you should never pay a fee for that service. If you want to consolidate your private student debt, you’d have to apply for student loan refinancing — which often offers consolidation too. The process is the same as any other loan, and you shouldn’t have to pay any upfront fees. In fact, many student loan refinancing providers don’t charge fees at all.4. Law firm student aid company scamWhat happens: A law firm, typically calling itself a “student aid company” claims it will negotiate your student debt down for a fee that’s sometimes thousands of dollars. It often asks you to sign a power of attorney agreement to hand over control of your student loan repayment accounts while it’s negotiating. Your loan goes into default.What’s sketchy about it: First, federal student loan debt is non-negotiable, so any company that claims it can negotiate it down is trying to scam you. But even with private student loans, it’s not guaranteed that it’ll be able to negotiate your debt down. Many of these law firms say they’ll continue paying off your debts and pocket the money you give them instead. Aside from that, it’s best to steer clear of any company that claims to perform a service you can do yourself for free, like making your student debt repayments.Many times, these law firms are former debt settlement companies that registered as law firms in 2010 to avoid a Federal Trade Commission’s (FTC) crackdown on debt relief scams. Most legitimate debt settlement companies don’t go anywhere near student debt.8 red flags to look out forNeed help with your student loans, but want to avoid getting scammed? Stay away from any products with these warning signs.Fees before you get your loan. One telltale sign that a company isn’t legit is that it charges a fee before it provides at least part of the service it’s supposed to deliver.Fees for something that’s free. Any company that says it’ll help you fill out your FASFA forms, consolidate your federal loans or renegotiate your federal loan repayment plan is probably trying to scam you.Promises loan forgiveness. Federal forgiveness programs are based on your employment history. There are no private student loan forgiveness programs. Some debt relief companies might promise to negotiate part of your loan down, but this generally involves defaulting first and isn’t guaranteed to work.Lack of information online. If you can’t find information about what you’re getting into from the company’s website — or anywhere else — you might not be dealing with a legit company.Pressure to sign up. Stay away from any company that pressures you into signing up for its services or otherwise tries to coerce you into giving it money. This tactic is particularly common with unsolicited phone calls.You’re asked for your login credentials or Social Security number. No legitimate student loan assistance company will ask you for either of these. Some fake debt relief companies use them to lock you out of your accounts and ask you for payments.You have to sign a power of attorney agreement. This allows a law firm to take over your account and request that you make your repayments through them, which they may or may not do.Too good to be true. The golden rule of spotting a scam is anything that sounds too good to be true, is too good to be true.How to tell if a student loan offer is legitYou’re in luck if you only have federal loans: Everything you need to know about your options and your servicer is right on the Federal Student Ad website,. With private loans, carefully consider which borrowers or servicers you use. Either way, it’s a good idea to take steps to check out the legitimacy of a company that’s not affiliated with the government.Regardless of what type of loans you have, the FSA agency is a great place to start or keep up-to-date about the latest things to watch for. It’s partnered with the FTC to answer questions on Twitter and host webinars to help you spot scams and give updates on regulations.Concerned about a specific provider’s legitimacy? You might want to verify the following information before you sign up:The business’s address. Is this company really located where it says it is? Some scam companies put fake contact information on their website to look legit. If you’re suspicious about this, try reaching out to businesses nearby and ask if they’ve heard of your company. Or, reach out to the local Chamber of Commerce. If it doesn’t have an address, call and ask where they’re located.The business’s website. Is there any real content on the company’s website? Does it fully disclose information about what you’re signing up for or provide a way to find out easily? Does it look professional? If not, you might want to avoid this company.The terms and conditions. Is there language that seems vague and misleading? Clauses that could potentially hurt your personal finances or put your personal information at risk? Stay away.Past customer experiences. When reading customer reviews, try to stick with sites like Trust pilot, which have antifraud practices and mechanisms in place to make sure reviews are as legit as possible. Be wary of message boards or other sites that have several comments that sound like they were written by the same person.Payment methods. If the company prefers money transfers to some guy named George Smith in Topeka, you probably want to avoid working with it. Same goes for companies that only accept paper checks or cash — transfers that are difficult to trace and therefore hard to prove took place.