If you receive a call from an unknown number, and the person on the other end of the phone is promising to help you pay off, or even erase your student loans — BEWARE! This may be a scam!
Callers will claim they can help you pay off or erase federal student loans and all you need to do is provide some personal information and pay an upfront fee or monthly fee. While federal forgiveness loan programs do exist, you can spot the following red flags to identify if it is a scam:
- Claims immediate student loan relief
Scammers claim they can relieve student loans immediately. While federal student loan forgiveness programs do exist, there are no programs that will relieve student loans immediately. Forgiveness programs that relieve debt have special requirements, such as working in a specific field for a certain amount of time, and may take years before you qualify for forgiveness.
- Request payment or monthly fee
The scammer will claim…