(TheDailyHorn.com) – For many student loan borrowers, the pause on payments during the pandemic was a welcome relief. While the administration has now extended the pause until May of 2022, the originally looming February 1, 2022 date for the resumption of payments left unsuspecting borrowers are falling prey to student loan scammers reaching out by telephone and email, all promising financial relief.
If you get a call from someone offering a deal to help you with your loans, think twice before giving out your personal information over the phone or through a link provided in an email.
Student loan forgiveness scams are on the rise. Here's how to protect yourself. #investinyou (In partnership with @acorns.) https://t.co/xI3O4UGOc8
— CNBC (@CNBC) August 30, 2021
As scammers prey on the confusion around student loan policies and potential forgiveness, there are several things you can do to protect yourself, in addition to not giving out your information. Just because a company has information about your student loan, including the balance, that doesn’t mean they’re legitimate.
It’s not impossible to obtain credit reports with your information. If someone says they are calling about President Biden’s loan forgiveness or CARES Act loan forgiveness, that’s your first tip there’s a problem. There are no such programs.
If you get an email, verify it’s from a .gov domain. If you’re not comfortable opening it, you can always visit studentaid.gov for the latest information about government programs, income-based repayment plans, managing your loans, and more.
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