RITCHIE B TONGO/EPA-EFE/Shutterstock / RITCHIE B TONGO/EPA-EFE/Shutterstock
With over one billion active monthly users, TikTok has become a social media force to be reckoned with, trending behind only Facebook and Instagram in popularity, according to Wallaroo Media’s latest stats report. Additionally, over five million businesses regularly use the app in the U.S.
The site has become another useful tool for companies and experts trying to expand their brand and business. However, if you’re looking to TikTok for advice, it’s a good idea to be mindful of the platform’s primary purpose as an entertainment site and consider alternative sources for information and guidance.
As the New York Post reports, since student loan payments re-started in October, TikTok has been flooded with insight and advice on how to best pay off or avoid student loan debt. The hashtag #studentloans currently has 1.3 billion views on the site.
“Not all TikTok student loan content is bad. But there is a lot of bad advice to be weary of,” said Bobby Matson, CEO of student loan fintech Payitoff, before warning student loan borrowers of the “countless examples of the kinds of attention-grabbing TikTok videos that do nothing but add to the already-confusing student loan landscape in America.”
Here are six reasons to avoid student loan or debt advice from TikTok users.
Don’t Blindly Trust, Verify
TikTok shouldn’t be your first choice to seek advice in specific areas like legal matters, medical concerns or financial planning, so it shouldn’t be relied upon to give you the most up-to-date information on student loans. While some professionals use the site as a promotional device, it’s often best to consult with experts who have the knowledge and qualifications to provide accurate guidance directly.
Get In-Depth and Accurate Information
TikTok primarily relies on short-form videos, and while it can be entertaining, it may not always provide in-depth or accurate information. Financial advisors who specialize in student loans and institutions that administer federal student loans are still your best bets for information. Your search should begin with the Department of Education and affiliated sites like StudentAid.gov, Benefits.gov and USA.gov.
Fact-checking is essential, especially on platforms where content can spread quickly. “Remember, no hidden shortcuts or hacks will significantly alter your student loan situation that credible sources haven’t already covered,” Matson said.
Educate Yourself Elsewhere
TikTok might be your favorite social media platform, but that doesn’t mean it should be trusted explicitly for the information you’re looking for. Widen your gaze and look for advice from a variety of sources, including reputable websites, books and articles, to ensure a more comprehensive understanding. And understand the specifics of your loan terms and conditions.
Community Forums and Online Discussions
Even engaging in online forums and discussions where people share experiences and advice, like Reddit, Quora or specialized forums related to your interests, can prove to be valuable. What they lack in specifics they make up for in real-life experiences and starting points to research.
Traditional Media and Educational Platforms
As strange as it may seem, especially when discussing advice given over advanced online apps, don’t overlook traditional media sources, such as newspapers, magazines, TV programs or their online equivalents. Despite the immediacy of social media, think twice and look to established forms of media that often adhere to higher editorial standards.
And, simply, go directly to educational and student loan information platforms that focus on providing accurate and well-researched content. There are some influencers, entrepreneurs and bloggers who take their jobs very seriously, but many are looking for hits and views and nothing more. The Department of Education, university loan departments, lawyers specializing in student borrowing…these are the outlets you should hit first.
Develop Critical Thinking
When it comes to something as important as student loans, debt and your financial future, you have to develop critical thinking skills to evaluate information objectively. Always vet new information with a critical eye and consider the credibility of the source, check for biases and assess whether the advice aligns with well-established principles or knowledge.
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