HONOLULU (KHON2) — The Better Business Bureau (BBB) is warning college graduates of scams targeting them as they find a new place to live, search for a job and begin the dreaded task of paying off their student loans. Scammers are eager to take advantage of young people just entering their new chapter in life.
If you’re also a college graduate, here are some tips to help you avoid common scams.
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Don’t fall for fake loan forgiveness opportunities.
It’s common to get unsolicited emails, calls and even text messages from your university as you join their alumni list. They don’t give you a lot of time off before asking for donations. But there are also companies that reach out these ways saying you qualify for lowered payments through a debt forgiveness plan.
Some of these companies are real, but they pitch services with false claims, and others are fake, only hoping to get their hands on your personal information and money. That’s why you should know the terms of your student loans before you fill out any form or pay any fee.
Ask your university directly what kind of interest you owe, what you need to start paying and how long you’ll be expected to make payments. Scammers might also contact you about loan repayment in response to COVID-19. Click here for more information.
