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Scammers always found ways to affect society. The new orange for scammers is the student loans scams.
It is similar to what they do during tax season. Scammers call taxpayers imitating the IRS, saying there’s pending payment and they need the money now.
If you receive a call from a debt relief company promising to pay off your loans, don’t take them up on it.
The US Department of Education offers legitimate student loan forgivenessprograms and ways to lower your student loan payments-all free to apply for through your official loan servicer.
How to know a Student Loan scammer is calling?
Pay an Upfront Cost or Monthly Fees
If you are asked to pay fees upfront, you are getting scammed.
If you’re having a hard time making your monthly payments, your loan servicer can work with you to switch to a more affordable repayment plan at any time, at no additional cost to you.
Promised Immediate Loan Forgiveness
No one can promise immediate and total student loan forgiveness or cancellation.
A student loan debt relief company may claim to get rid of your loans quickly, but most government forgiveness programs require many years of qualifying payments and/or qualifying employment in certain fields before loans can be forgiven.
Your loan servicer can also help you determine if you qualify for loan forgiveness, at no cost.
Asked to Provide your FSA ID Password
Neither ED nor your loan servicer will ask you for your FSA ID password. Your FSA ID is used to sign legally binding documents…
