The FSA is offering a program to help students with loans, but it's important to be cautious of con artists who may manipulate the process.
Student Loan Forgiveness Scams: Seeing a lot of coverage in the media concerning federal student loan forgiveness scams? You are not by yourself; con artists are as well. Someone claiming they are connected to the Department of Education or Federal Student Aid (FSA) may call you. Neither are they.)
They may even know details about your debt, such as the sum or account number, and will claim to be checking up on your eligibility for a new loan forgiveness program. They will attempt to pressure you into acting by saying the program is only available for a short while. All of this, though, is a fraud. What more knowledge is required to identify con artists such as these?
Help managing your federal student loans can only be obtained at StudentAid.gov. While the FSA and your federal loan servicer would never force you to sign up for anything, a con artist will. Furthermore, occasionally learning to identify what is fake makes it easier to identify what is true.
Online Scam: Stay away from these 14 Scam and fraud activities throughout holiday season
Because student loan debt relief is so ill-defined, it’s simple to misidentify a phoney communication for an official one. Here’s how to identify debt relief scammers quickly if you have student loans and what to do if you think you were conned.
Don’t trust government seals or logos. To look more legit, scammers use official-looking names, seals, and logos.
Don’t buy special access promises. There are no special repayment plans or loan forgiveness programs. Nobody can get you into loan forgiveness programs you don’t qualify for. Check out your FSA dashboard to see what programs you might qualify for.
Never pay upfront. Companies can’t charge you before helping you pay off your student loans. You might not get any help if you have to pay upfront. You can get free help managing your federal loans at StudentAid.gov/repay. Get help from your loan servicer if you have private loans.
Don’t share your FSA ID login info. Scammers say they need it to help you. You could be cut off from your loan servicer or even have your identity stolen if a scammer gets your FSA ID.
SNAP Benefits: Are You Eligible for SNAP if You Make $3000 a Month? Find Out Now!
Get in touch with your federal loan servicer right away if you think you may have already been a victim of a student loan scam to make sure no recent changes were made to your loan account. In such a case, discuss with them how to fix any mistakes. If the con artist charged you, get in touch with your credit card or bank to cancel the transaction.
The Federal Trade Commission should then receive your online report filing. Reports should also be sent to the Consumer Financial Protection Bureau.
You run the danger of more fraud depending on the information you have provided, so if you’re concerned that con artists may register accounts in your name, freeze your credit and keep an eye on your credit report. To further safeguard your data, you might register for identity theft protection.
The US government allocates $522 billion to financial security benefits, including SNAP, to help low-income…
Citi Strata PremierTM Card introduces travel protections, rebranding predecessor Premier. Does it directly compete with…
Paul Seabright's book "The Divine Economy" explores the Catholic Church's patrimony, revealing that denominational organizations…
Employers can now match employee contributions to a Roth 401(k) directly into a Roth account,…
SNAP benefits are provided to families with income and spending limitations, aiming to improve nutritional…
Social Security Income is crucial for 59% of retirees, as it forms the cornerstone of…