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Student Loan Repayment Scams

Federal student loan payments are set to resume in October. The Supreme Court recently struct down the Biden administration’s proposed student loan debt relief plan. There has been much confusion around this topic and scammers want to take advantage of big news like this.


Be alert and follow these tips to help you know what’s real and what’s a scam:

  • Find out who your loan servicer is. Log in or create an account with Federal Student Aid (FSA) at studentaid.gov. Your loan servicer will be listed on your account dashboard.
  • Make sure your contact information is up to date with your loan servicer and FSA. This way, you’ll get timely updates about your repayment plans.
  • Enroll in a repayment plan. Use FSA’s Loan Simulator to estimate your monthly payments and compare your repayment options. If you’ve defaulted on your loans, consider looking into the Fresh Start program.


Scammers are likely to start blasting out robocalls and texts about “helping” you with your loans. So, before you act, know how to spot the scams:

  • Never pay for help with your student loans. There’s nothing a company can do that you can’t do yourself for free. Get help at StudentAid.gov/repay. If you have private student loans, contact your loan servicer directly.
  • Don’t give away your FSA ID login information. Anyone who says they need it to help you is a scammer. If you share it, the scammer can cut off contact between you and your servicer — and even steal your identity.
  • Don’t trust anyone who contacts you promising debt relief or loan forgiveness, even if they say they're affiliated with the Department of Education. Scammers try to look real, with official-looking names, seals, and logos. They promise special access to repayment plans or forgiveness options — which don’t exist. If you’re tempted, slow down, hang up, and log into your student loan account to review your options.

If you spot a scam, the FTC wants to hear about it. Report it at ReportFraud.ftc.gov.

 

If you are concerned about making student loan payments and managing your budget, GreenPath Financial Wellness can help. They provide free student loan counseling.

 

A certified student loan expert will:

  • Review your student loans to determine payment options based on your loan types.
  • Explore repayment options to make sure you understand the pros and cons of each.
  • Develop a customized plan to help you pay your bills and help you along your financial wellness journey.
  • To get started, call 877-337-3399 or schedule a call.

Content Reference: Ari Lazarus, Consumer Education Specialist, Federal Trade Commission (FTC), “Did you hear the SCOTUS decision on student loan debt relief? So did scammers.” FTC Consumer Advice, July 1, 2023, digital article. https://consumer.ftc.gov/

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