From Staff Reports
GRAND RAPIDS — The pause on federal student-loan payments was extended until Aug. 31, but the delay hasn’t stopped scammers, according to a release from the Better Business Bureau Serving Western Michigan.
The BBB is reporting scammers are increasingly taking advantage of changes to student-loan repayment programs to confuse borrowers as college graduation season gets into full swing.
The BBB is encouraging recent college graduates to research trustworthy sources about federal repayment plans before giving any personal information.
The organization is also warning about companies promising to lower payments by attempting to enroll people in student-loan forgiveness or other programs.
Other popular scams include offers to save money by consolidating loans for a fee.
“Beware of a quick fix or guaranteed elimination, as those are major red flags of a scam,” Lisa Frohnapfel, president and CEO of the BBB Serving Western Michigan, said in the release. “Talking with your lender is the best way to find repayment and forgiveness options that suit you.”
The BBB’s tips for protection from student-loan scammers include:
- Find a reliable source to apply for loan deferments, forbearance, repayment and forgiveness or discharge programs. This can be done directly through the U.S….
