Boston, Sept. 09, 2022 (GLOBE NEWSWIRE) — In the wake of the federal student loan forgiveness plan, a wave of student loan debt relief scams are targeting student loan borrowers. MEFA advises the public to be skeptical of information disseminated from sources other than the U.S. Department of Education and their individual student loan companies.
How to Spot Scams
The debt relief scams may be an attempt to collect personal and financial data or to enroll an individual in high-priced services actually available for free elsewhere. Consumers are urged to avoid falling victim to scams and bad business practices by spotting the warning signs, which include:
- A random telephone call offering student loan debt relief, faster repayment, or immediate forgiveness in exchange for an upfront fee
- High-pressure sales tactics, such as insisting the borrower needs to act quickly on a limited-time offer
- Individuals misrepresenting themselves as having a legitimate relationship with the U.S. Department of Education or one of the federal student loan servicers
- A request for personal and financial information, such as loan debt amount, Social Security number, loan account user name and password, etc
- An advertisement on social media or search engines
How to Respond to Scams
To avoid debt relief scams, MEFA advises consumers to take the following steps:
- Never provide personal or financial information over the phone, unless it is a call initiated by you, and you are confident of…
