Scammers looking to exploit the Federal Student Loan Debt Relief program
Experts: Only use StudentAid.gov to apply for federal student loan relief
Published: Nov. 17, 2022 at 3:22 PM EST
InvestigateTV - Con artists are already trying to exploit those interested in the new student loan forgiveness program. The Better Business Bureau’s (BBB) Scam Tracker shows more than 1,200 results of reported student loan scams.
Robert Farrington with The College Investor said if you have student loans, be ready for a barrage of fake emails, texts and calls.
Farrington shared a list of red flags and tips to avoid student loan scams:
- Only use StudentAid.gov to service your federal student loans and arrange student loan forgiveness.
- Your student loan servicer will never call you to ask for personal information.
- Your student loan servicer will never leave you voicemails asking you to return their call.
- The Department of Education or their federal loan servicers FedLoan, MOHELA, Nelnet, or Navient will only mail you or message you via secure mailboxes on their website.
- Never share your FSA ID or password with anyone: no authorized servicer will ask you for it.
- There is no fee for student loan forgiveness: anyone asking for a fee is a scammer.
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