It's no secret that student loan debt is a growing problem in the United States. According to the Federal Reserve Bank of New York, total American student loan debt has ballooned to over $1.5 trillion—more than even credit card debt or auto loans. As a result of this massive number, scammers have become more common than ever before. Following President Joe Biden’s announcement to cancel up to $20,000 in federal student loan debt, the number of scam calls requesting personal information or payment has increased.
Common Student Loan Forgiveness Scams
Scammers are working overtime to take advantage of people struggling with student loan debt. Here are some common scams which can help you recognize Student Loan Forgiveness scams:
Fake debt collectors
You may have received a call from someone claiming to be a debt collector for your student loans. These scams are not new, but they're still happening—and it's important to know how to spot them.
In these cases, you might be told that you owe money on your student loan and must pay immediately or face arrest. Or you may be threatened with legal action if the debt isn't repaid immediately. In both cases, it's important to remember that neither the government nor your loan provider will ever contact you about any outstanding balances in this way! They'll always send official notices through snail mail or email first (and then follow up by phone).
If this happens to you, hang up and report the incident by filing a complaint with the FTC online or by calling 1-877-FTC-HELP (1-877-382-4357).
Phony loan offers
The second method involves offering borrowers a “special deal” on their student loans if they pay with a prepaid debit card or wire transfer now instead of through the standard repayment plan (which could take years). The federal government and certain states have programs that forgive some student loans, but these are very limited and only applied to certain types of debt. If someone is contacting you about this type of student loan forgiveness program, it's best to proceed with caution.
Some companies will try to convince people that they can get out of paying their student loans by making payments directly to them instead of the lender or servicer (the company responsible for collecting money from your debt). This may seem like an attractive offer but don't fall for it! Just remember that there's no such thing as quick cash when it comes to student loan forgiveness; any shortcuts will only lead you down a dead-end road filled with fees and complications—and possibly even more debt! These companies may even send fake checks as part of their scam so they can take advantage of victims who think they've already paid off their bills when in fact nothing has changed on paper yet (or at all).
Impersonators
Government agencies will never call you out of the blue to ask you to pay a debt. If someone calls claiming to be from a government agency and threatens arrest, deportation, or legal action if you don't pay up, it's a scam.
The government will not demand that students pay back their student loans immediately. Student loan debt collectors are limited by law to collecting payments on time or within 30 days after they first contact a delinquent borrower—they can't demand immediate payment from anyone who hasn't already been contacted about their overdue payments.
How to Avoid Student Loan Forgiveness Scams
If you are approached by someone offering to help you with your student loans, there are a few things that you should be aware of.
Do not give out any private information about yourself. If someone calls and asks for your social security number or other personal details, it is a scam. The only time that anyone should ask for this information is if they are actually working on behalf of the government or lending institution handling your debt.
Do not pay any money upfront—ever! These scammers will tell you that they need to charge an up-front fee in order to get started on their work of getting rid of your debt, but don't listen: no one can do anything with your student loans until after they have been discharged through legal channels (which means nothing happens until after 10 years).
Always verify the identity of anyone who approaches you about student loans.
What to Do if You Think You’ve Been Scammed
If you think you’ve been scammed:
- Call the Federal Trade Commission (FTC) toll-free at 1-877-FTC-HELP (1-877-382-4357; TTY: 1-866-653-4261), or use the FTC's complaint assistant.
- File a complaint with the FTC online at https://reportfraud.ftc.gov/
- Report the scam to your state Attorney General or Consumer Protection Office
Conclusion
Student loan scams have been on the rise since President Biden’s announcement of Student Loan Forgiveness. The good news is that there are ways to protect yourself from these scammers and make sure you get access to all the resources available to help pay off your student debt. If you suspect that you may have been contacted by one of these scam artists, contact the FTC immediately so they can investigate the situation.
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