It’s not unusual for scammers to capitalize on current events, and they’re doing it with the federal student loan forgiveness program.How the scam worksYou get a call from someone claiming to be a part of the program and promising they can help you secure tens of thousands of dollars in loan forgiveness.The Better Business Bureau says the callers often have a convincing amount of information. One target reported that the caller had his email address, college name and the last four digits of his Social Security number.In most versions of this scam, the caller insists you need to pay them an initial fee followed by more payments.What should you do?Contact the government agency directly. if you receive a message that seems legitimate, but you aren’t sure, stop communicating with the person who contacted you. For details on the program, go to ed.gov or student aid. gov.Never pay fees for a free government program. Con artists may say the fee will get you relief faster or will unlock additional benefits, but that is all part of the scam.
It’s not unusual for scammers to capitalize on current events, and they’re doing it with the federal student loan forgiveness program.
How the scam works
You get a call from someone claiming to be a part of the program and promising they can help you secure tens of thousands of dollars in loan forgiveness.
The Better Business Bureau says the callers often have a convincing amount of information. One target reported that the caller had his email address, college name and the last four digits of his Social Security number.
In most versions of this scam, the caller insists you need to pay them an initial fee followed by more payments.
What should you do?
Contact the government agency directly. if you receive a message that seems legitimate, but you aren’t sure, stop communicating with the person who contacted you.
For details on the program, go to ed.gov or student aid. gov.
Never pay fees for a free government program. Con artists may say the fee will get you relief faster or will unlock additional benefits, but that is all part of the scam.
