Attention, student loan holders: Be wary of out-of-the-blue calls. Scammers are finding convincing ways to take advantage of any confusion surrounding the Biden Administration’s plan to cancel some federal student loan debt.
Victims are telling BBB Scam Tracker about a loan forgiveness scam where the caller has their Social Security number, graduation date and even Federal Student Aid information.
In a call or voicemail, someone claiming to represent the new student loan forgiveness program insists they can help you secure tens of thousands of dollars in loan forgiveness. According to one recent BBB Scam Tracker report, the con artist promised to erase $60K of the victim’s student loan — an amount well beyond the Biden Administration plan.
These callers have a convincing amount of information as well as “all kinds of
numbers and figures to tell you what you’re going to save,” according to recent BBB Scam Tracker reports.
One report said the caller “not only had my email address but also the name of the school I attended and the last four digits of my Social Security number.”
Another victim reported that the scammers “somehow knew my FAFSA account info and made me believe they work in conjunction with the loan forgiveness program.”
In most versions of this scam, the caller insists you need to pay them an initial fee — typically…
