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Apr 11, 2024 · Did you get an email about debt relief from the “Student-Loan Debt Department” after the White House’s latest debt relief plan announcement? Here’s why it’s a scam. Scammers are trying to take advantage of the Biden administration’s announcement regarding its 2024 student loan forgiveness plan.
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Apr 16, 2024 · Hearing a lot about federal student loan forgiveness in the news? You’re not alone — scammers are, too. You might get a call from someone saying they’re affiliated with Federal Student Aid (FSA) or the Department of Education.
- What Do Common Scams Look like?
- Should I Pay For Debt Relief Help?
- Who Are Legitimate Loan Servicers?
- What Should I Do If I Think I’ve Been scammed?
Aggressive Advertising Language
Here are some examples of false claims you might come across: 1. “Act immediately to qualify for student loan forgiveness before the program is discontinued.” 2. “Your student loans may qualify for complete discharge. Enrollments are first come, first served.” 3. “Student alerts: Your student loan is flagged for forgiveness pending verification. Call now!” Though the U.S. Department of Education may reach out to highlight temporary programs, aggressive advertising language like the above will...
Promises That Are Too Good To Be True
Scammers will frequently request an up-front or monthly fee while promising immediate and total student loan cancellation. Most government forgiveness programs require years of qualifying payments and/or employment in certain fields before forgiving loans.
Asking for Log-in Info
A scammer may even ask for your StudentAid.gov account information, like your FSA ID (account username and password). This is a red flag. We and our partners will neverask for your password. That’s a guarantee.
If you’re having difficulty paying for your student loans, your first step should be to contact your loan servicer. Some debt relief companies will charge a fee for services that you and your servicer can work out together, for free. We and our affiliated federal loan servicers can help you 1. lower your monthly loan payment, 2. consolidate multipl...
We work hand in hand with some private companies—such as lenders and loan servicers—to support federal student loans and borrowers. To avoid student loan forgiveness scams, it’s important to know who these companies are and what services they provide. Your loan servicer works on the government’s behalf to 1. collect your loan payments, 2. answer an...
For all types of student loan forgiveness scams, act fast and follow one or all of these options: 1. Contact your federal loan servicerto make sure no unwanted actions were taken on your loans (or to revoke any authorization agreement that your servicer has on file). 2. Contact your bank or credit card company to stop all payments to the company th...
You’ve probably heard the news — federal student loan repayments are starting again in October. But scammers might try and tell you they can help you avoid repayment, lower your payments, or get your loans forgiven — for a price. Here’s how to spot and avoid these scams. Consumer Alert.
Jul 23, 2024 · The FTC has consumer education related to student loan debt relief scams. Report it. If you have been a victim of a suspected scam, report it at BBB.org/ScamTracker.
Jul 1, 2023 · Don’t trust anyone who contacts you promising debt relief or loan forgiveness, even if they say they're affiliated with the Department of Education. Scammers try to look real, with official-looking names, seals, and logos.
People also ask
What do scammers say about student loan forgiveness?
How do I contact the student-loan debt department?
How does the student-loan debt department email work?
Did the Federal Trade Commission stop a student loan debt relief scheme?
Jun 28, 2024 · In its first case under the Impersonation Rule, the Federal Trade Commission has stopped a student loan debt relief scheme that bilked more than $20.3 million from consumers seeking debt relief by pretending to be affiliated with the Department of Education.
