Watch Out For Student Loan Scams
Scammers will try anything to fool college students into parting with their money. Don’t get hooked! Here’s what you need to know about three popular
student loan
scams.
1.) Student loan forgiveness scam
In this scam, a student loan debt company will contact you offering to forgive your student loan for a fee.
Sounds like a dream? Unfortunately, it’s more like a nightmare.
No student loan company would completely forgive your loan, even for a fee. You’ve just been targeted by a scam.
This scam attempts authenticity by sounding like Public Service Loan Forgiveness, a legitimate federal government program for public servants with federal student loans. If you fall for the scam, you’ll still need to pay off your loan, plus you’ll lose the money you shelled out for the “fee.”
2) Student loan consolidation scam
In this scenario, a student loan company will promise to consolidate your loans and lower your monthly payments, all for a fee.