Experts warn against student loan fraudsters

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The BBB claims that people are losing thousands of dollars to scammers claiming to reduce debt and monthly payments.

TAMPA, Florida – Student loan payments are expected to drop in October this year after being suspended due to the pandemic. But people are losing thousands of dollars because of student loan forgiveness scams.

The Better Business Bureau of West Florida claims that scammers send emails and make phone calls. They are looking to take advantage of people looking to get out of debt or lower their monthly payments.

Here’s what to look for:

They promise that they can reduce your debt at very low payments. They promise to improve your credit scores. They can even claim to be part of a government agency or to associate with a government agency.

“The tip of the scam is that they are going to use high pressure tactics to act now and they are going to charge you an upfront fee and pay those fees now so they can make student loan consolidation easier for you,” says Bryan Oglesby with BBB from West Florida.

If you think you’ve fallen for the trap, here’s what you do.

Report it to the Federal Trade Commission.

Contact the Better Business Bureau’s scam tracker so they can help you crack down on scammers.

Remember: If someone calls you unsolicited and asks for your personal or prepay information, hang up. Then go to the BBB website and search for the company. Google the name of that business and see what happens.

“Many of these offers are something you can do, on your own, for free. Never feel pressured to give out personal information on the spot, especially your FSAID number through your student loans. platform, ”says Oglesby.

For more tips on avoiding student loan scams, visit the FTC website.

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