Student loan scams are on the rise! Have you seen an online ad, received a text or phone call or even an official-looking letter promising to lower your student loan payments or have the loan forgiven altogether? Not so fast! These are the work of student loan scammers. They might charge illegal upfront fees, or worse – ruin your credit while they walk away with your money. These scammers often offer services that you could do yourself, online, in less than half an hour.
Here are a few quick tips on how to avoid these scams:
- Never respond to requests to share your federal student ID, except from your servicer or the government.
- Call the DBO to 1-866-275-2677 to verify you are working with a legitimate servicer BEFORE you do business with someone.
- Go directly to the Federal Student Aid website to learn which payment plan is best for you.
- Check out this blog article: Student Loan Scams Are On-the-Rise to learn more about how to protect yourself from scammers.