WNY FEDERAL CREDIT UNION
As student loan payments resume, it’s important to be aware of scammers trying to profit off of student loan borrowers and steal personal information. Student loan scams are growing rapidly; learn how to spot the red flags and keep yourself safe.
Here’s what the scam looks like: Scammers are pretending to be government officials and offering fake services, such as debt forgiveness if the borrower pays an upfront fee. Additionally, fraudsters are requesting payment for services that are actually free. Scammers have gotten very skilled at creating realistic (but false) logos, titles and messages so it’s important to remain vigilant and only trust information from verified sources.
Borrowers will never have to pay to manage their student loans. And loan forgiveness for eligible borrowers can only be granted by the Department of Education. Offers for quick loan forgiveness are fraudulent. As always, if it sounds too good to be true, it’s a scam.
How to protect yourself:
To find accurate information about you loan details, repayment, forgiveness and management options, visit Federal Student Aid at https://studentaid.gov/
For more information about student loan scams, check out these articles from CBS News and the Federal Trade Commission: