The Better Business Bureau (BBB) issued a warning about scams targeting people with student loans. The BBB Scam Tracker has already received reports from people who have been targeted by imposter calls and emails.
The scammers are using different tactics but all are designed to steal your information and money. Some may be directed to complete an online form that asks for their banking information, others are asked for an upfront fee or to have their current payments redirected to the imposter. Keep in mind, that more variations may develop as scammers have additional time.
BBB tips to avoid loan forgiveness scams:
- When in doubt, contact the government agency directly. If you receive a message that seems legitimate, but you aren’t sure, stop communicating with the person who contacted you. Then, verify their claims by contacting the government agency they say they represent.
- Never pay fees for a free government program. Government agencies will never ask you to pay a fee to benefit from a free government program. Don’t let scammers persuade you otherwise.
- Think twice about unsolicited calls, emails, or text messages. Usually, government agencies won’t reach out to you unless you request to be contacted. Out-of-the-blue communications are a red flag.
- Don’t give in to scare tactics. If someone claims you’ll miss out if you don’t act immediately, be wary. This is all-too-common tactic scammers use on their victims. Instead of responding, stop communications until you can verify what they say is true.