How to Avoid Student Loan Forgiveness Scams
Student loan forgiveness calls, emails, or text messages setting off your scam sensors? Read on to learn how to identify and avoid student loan forgiveness scams and find out what you should do if you think you’ve been scammed.
Scams come in all shapes and sizes, from phone calls and emails to text messages. You may encounter scams tied to current events. But sometimes it’s as simple as a fake promise to work fast and save you lots of money. Remember: A scam doesn’t have to be elaborate or complex.
The Federal Trade Commission received 495,855 fraud reports in the first quarter of 2023.
There are legitimate programs and resources available if you need help with your federal student loans, including the
- Federal Direct Consolidation Loan Program,
- Public Service Loan Forgiveness, and
- Teacher Loan Forgiveness.
You can work with your loan servicer to explore what options are right for you—free of charge. But many companies will try to take advantage of borrowers by guaranteeing immediate results or requesting money up front for services they can’t provide.
What do common scams look like?
