Student loan scammers are on the rise, and they’re targeting borrowers with all sorts of promises, from quick loan forgiveness to lower monthly payments. But don’t be fooled: these scammers are only interested in taking your money.
Here are a few tips on how to avoid student loan scams:
- Be wary of anyone who contacts you unsolicited. Scammers often reach out to borrowers by phone, email, or text message. They may claim to be from the government or a legitimate debt relief company. But don’t trust them just because they sound official.
- Don’t pay for help with your student loans. There are many free resources available to help you manage your student loans, including the Federal Student Aid website and the Consumer Financial Protection Bureau. If someone is asking you to pay for help, it’s probably a scam.
- Don’t give out your personal information. Scammers may ask for your Social Security number, bank account information, or other personal details. Never give out this information to someone who contacts you unsolicited.
If you think you may have been the victim of a student loan scam, report it to the Federal Trade Commission and the Consumer Financial Protection Bureau. You can also contact your student loan servicer.
Here are some additional tips for paying your student loans:
- Enroll in an income-driven repayment plan. Income-driven repayment plans cap your monthly payments at a certain percentage of your discretionary income. This can make your loans more affordable, especially if you have a low income.
- Make extra payments whenever you can. Even a small extra payment each month can help you pay off your loans faster and save money on interest.
- Consider consolidating your loans. If you have multiple federal student loans, you may be able to consolidate them into one loan with a lower monthly payment.
Remember, you don’t need to pay scammers to get help with your student loans. There are many free resources available to help you manage your debt and reach your financial goals.
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