Students loan scam roasting on an open fire? Yep, ‘tis the season, says the Federal Trade Commission (FTC).
Now that the pause button is about to be lifted on student loan repayments, scammers are out in full force and leveraging any confusion about the program to their advantage. Unfortunately, time is on the scammers’ side.
Student loan repayments will officially begin again after January 31, 2022. However, scammers are using the time between now and then to call, text, and email loan borrowers in hopes of stealing money and personal information.
What a scam call sounds like
When ConsumerAffairs listened to a recording of what a scam call sounds like, it certainly sounds official – and urgent.
“This message is from the Department of Education. All programs for student loan forgiveness will be stopped immediately. In order for you to qualify, you must apply in the next 24 hours or you will not be able to have your student loan payment reduced. Please contact us at 888-XXX-XXXX. Once again, you must get involved within the next 24 hours.”
The FTC warns that scammers are mocking up their own version of official-looking federal agency seals and logos. If that happens, people should compare what they were sent with what the Department of Education actually uses as its logo.
What to do
The FTC says there are specific things a student loan borrower or anyone who receives a message like this should keep in mind. The agency advises…
