Imagine getting a call from the President’s office saying they’ll forgive your student loans. That would be amazing, right? But if you do get a call like that, be careful—it’s probably a scam.
Scammers are tricking people because there’s a lot of confusion about student loan forgiveness
Many people are unsure about when the loans will be forgiven, who can get forgiveness, and how to apply.
Take Debby Carter, an artist from St. Petersburg, Florida, as an example. She has $60,000 in federal loans. Right after President Joe Biden announced the loan forgiveness plan, Debby got a call.
The caller was from the “Florida student loan center” and told Debby they knew she was eligible for loan forgiveness. They wanted her to call them back. But this was also a scam.
How to spot student loan forgiveness scam calls
Scammers often try to make you act fast. They might say that your chance to qualify is running out or that you need to pay a fee right away to get your loans forgiven.
A warning from the Department of Education says you might hear from companies that offer to help you get your loans forgiven or reduced for a fee. Remember, you should never have to pay to get help with your federal student aid.
Watch out for other warning signs too. Be careful if someone asks you to change where you send your loan payments, or if they ask for personal details like your social security number, Federal Student Aid ID, or bank information through a phone call, text, or email.
What to do if you get a call about your student loans
If someone calls you about your student loans, it’s important to be careful. Some of these calls might be scams. To check if a company is real, look it up on the Better Business Bureau’s Scam Tracker.
If the company is fake, you will see complaints from people who have been tricked by them. Remember, not all new scams show up right away. Just because you don’t see the company’s name doesn’t mean they are safe.
If you hope to have your student loans forgiven, stay updated with the latest information. You can sign up for weekly emails from the U.S. Department of Education. They will send you news about loan forgiveness and warnings about scams.
If you get a scam call, text, or email, you should report it. You can report it to the Better Business Bureau’s Scam Tracker or the Federal Trade Commission’s website.