Harrisburg, Pa. (WHTM)- While federal loan repayments have been paused through August 31, scammers are still targeting more than 43 million people who have student loan debt.
AARP says this is how it works:
The scammer contacts you and claims to be a debt relief expert that can help you reduce or restructure your debt, sometimes offering instant loan forgiveness, often connected to the COVID pandemic.
The scammer may ask you for upfront payment or for personal information like your social security number
or your FSA ID, which is the username and password on your loan account
AARP says here's what you should know:
You can find out about loan forgiveness programs for free through your loan officer or the U.S. Department of Education Student Aid website.
It is illegal for debt relief companies to collect payment from you before they get results, so upfront fees are a surefire sign of a scam.
Legitimate agencies and loan servicing companies will not ask you for your social security number or FSA ID.
Student loan fraud should be reported to the to the FTC and the Federal Student Aid Office.
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