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Student Loan Forgiveness Scams Target Borrowers as Loan Payments Resume in October

Student loan forgiveness scams target millions of Americans. (Photo: AARP)

Student loan forgiveness scams targeting poor American borrowers are surging as loan payments resume in October.

Student loan forgiveness scams target millions of Americans. (Photo: NPR)

Student Loan Forgiveness Scams Target Americans

CBS reports that student loan forgiveness scams are surging and trying to prey on some of the millions of borrowers who are set to start making their first payments after it halted for three years due to COVID-19.

According to the report about the student loan forgiveness scams, more than 350,000 robocalls tried to exploit the borrowers in the last two weeks. Moreover, the TNS analyzed the calls and stated that the robocalls are enticing solutions to the borrowers, such as reducing or deferring monthly payments or even promising total loan forgiveness as a part of their student loan forgiveness scams.

READ ALSO: Inflation: Gas Prices On The Rise Again, Americans Remain Optimistic About The Future 

Be Aware of Student Loan Forgiveness Scams

According to Defender, the scammers of student loan forgiveness scams would call the borrower and say they are from the United Services Student Loan Department and discharge the federal loan of their prey. To know if the calls are some student loan forgiveness scams, scammers would request upfront payments under the guise of charging fees for otherwise free services.

The TNS warns that if there is a call that might seek private information like Social Security number or IdentityIQ, there is a high chance that it might be a student loan forgiveness scams taking advantage of the borrowers who are not familiar with the recent changes of how student loan payment works.

READ ALSO: The Importance Of State Disability Insurance For Millions Of Americans

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