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Are there student loan forgiveness scams?

Are there student loan forgiveness scams?

Scams can come in all shapes and sizes. You may be more likely to stumble upon scams tied to current events like “pandemic grant” or “Biden loan forgiveness.” But sometimes it’s as simple as a fraudulent promise to work fast and save you gobs of money.

Do student loan forgiveness programs call you?

Borrowers have reported receiving phone calls, emails, letters, and/or texts offering them relief from their federal student loans or warning them that student loan forgiveness programs would end soon.

Why am I getting calls about student loans when I don’t have any?

Scammers may promise student loan forgiveness or to reduce your overall loan debt, but first they’ll get your personal information and collect an upfront fee. Some of these calls have accelerated in recent months due to the federal moratorium on student loan collection.

How do I know if my student loan forgiveness is legit?

Signs of student loan forgiveness scams

  1. Someone called you.
  2. The promise sounds too good to be true.
  3. You’re expected to pay upfront fees.
  4. You’re being asked for sensitive personal information.
  5. You’re feeling pressured.

How do I stop fake student loan calls?

Register your phone number with the National Do Not Call Registry. You may register online or by calling 1-888-382-1222 (TTY: 1-866-290-4236).

Why am I getting so many spam calls all of a sudden 2022?

One of the biggest concerns heading in to 2022 is scammers posing as legitimate businesses. If you’ve gotten a call from someone regarding your car’s warranty, you’re already familiar with this one. In 2021, the top scam was fake auto warranties, making up 51% of all scam call attempts.

What happens if you accidentally lie on FAFSA?

A person who lies on the FAFSA® commits fraud. This serious crime is one that the government may punish with fines up to $20,000, up to five years in jail, or both. The student may also be forced to repay any financial aid received.

Will student loans continue to be suspended?

In a widely anticipated move, President Biden on Wednesday extended the suspension of federal student loan payments through Aug. 31, marking the sixth extension in the two years since the moratorium began in the wake of the coronavirus pandemic.

What happens if I answer a robocall?

If you answer the call, your number is considered ‘good’ by the scammers, even if you don’t necessarily fall for the scam. They will try again because they know someone on the other side is a potential victim of fraud. The less you answer, the fewer robocalls you will receive.

Can I go to jail for not paying a student loan?

You won’t go to jail for defaulting on your student loans. But you may go to jail if your lender sues you and you ignore a judge’s orders. If you know you can’t make your payments, contact your lender or a nonprofit credit counselor because there are numerous options and programs that might offer some relief.

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