Federal Student Loan Forgiveness Scams
Many members of the community have reported receiving scam emails and phone calls purporting to be from legitimate student loan debt relief representatives. These scams target individuals looking for assistance with their Federal Student Loans. Promising quick and easy solutions to reduce loan payments or qualify for loan forgiveness.
The common scams often exhibit warning signs that recipients should be wary of. These include aggressive advertising language, promises that seem too good to be true, requests for login information, typos in communications, and the use of unofficial addresses or phone numbers.
It is important for individuals to be aware that the Department of Education or their partners will never ask for StudentAid.gov ID passwords. Additionally, some debt relief companies may charge fees for services that borrowers can access for free through their loan servicer. Such as lowering monthly loan payments, consolidating federal student loans, switching to a new repayment plan. Or exploring eligibility for loan forgiveness.
Dont Wait Get Action
If individuals suspect they have been targeted by a student loan forgiveness scam, they should take immediate action. This includes contacting their federal loan servicer to ensure no unauthorized actions have been taken on their loans. Informing their bank or credit card company to stop payments to the scamming entity. And submitting complaints to the Department of Education, the Federal Trade Commission, and/or the Consumer Financial Protection Bureau.
If individuals have shared their FSA ID details with a suspected scammer or are involved in a scam related to their StudentAid.gov account. It is crucial to log in and change the account password promptly to prevent further unauthorized access.
For more information and assistance regarding Federal Student Loan Forgiveness Scams. Individuals can contact the Federal Student Aid Information Center at 1-800-433-3243 or visit the official website at studentaid.gov. It is necessary for borrowers to remain vigilant and informed to protect themselves from falling victim to these fraudulent schemes.
