Ohio

Consumers Warned About Student Loan Forgiveness Scams Rise

>> Banking and Securities Departments of State and Education warn of a surge in student loan forgiveness fraud, saying the pandemic is causing financial hardship for many borrowers currently seeking relief .. If a student or borrower receives an email, letter, or phone about student loan debt relief, someone will give you information about your loan before sending or confirming personal information that the state is skeptical of. They need to do PSEAU just because they have. trusted. Investigate the company and see the VALIDITY of the company you are contacting. Some scams suggest enrolling you in a program like the CARESCT Loan Forgiveness or BIDEN Forgiveness Program, but in both cases make sure your email address has been sent to UYO. Make sure the email about your student loan is from a .GOV email. Before sharing sensitive or financial information such as social security numbers, credits or banking information, be aware of what the LEGITIMEAT program requires. Student loan forgiveness is not the only financial COVID-19 related scam.As we have said many times, you need to be careful and provide sensitive information to everyone.

Consumers Warned About Student Loan Forgiveness Scams


The Ministry of Education has warned of a surge in student loan forgiveness fraud as the COVID-19 pandemic is causing financial struggles for many borrowers currently seeking relief. Students or borrowers who receive an email, letter, or phone call about student loan debt forgiveness are advised to suspend before sending or verifying their personal information. Fraudsters often illegally obtain student loan information. Just because someone has information about your loan doesn’t mean they should be trusted. Investigate the company. There really isn’t a company run by a scammer, so check the effectiveness of the company you contact. Do due diligence. Check which programs are offered. Some scams suggest registering for non-existent programs such as “CARES Act Loan Forgiveness” and “Biden Forgiveness Program”. Please check your email address. Make sure the email sent about your student loan is from your .gov email address. Be aware of what legitimate programs require and do not require you. Please proceed with caution before sharing sensitive or financial information such as social security numbers, credit information, banking information. If in doubt, hang up and call the servicer directly. Pause before performing the action. Check your communication or phone with the servicer before taking any action. State officials also provided advice on what to do if you suspect fraud. Close the account / stop payment. If you share your bank account or credit card information with a fraudster, please contact your bank or credit card company immediately to close your account or stop payment. Warn the servicer. If you suspect you are a victim of student loan forgiveness scams, please call your servicer so that you can monitor your account. Monitor your credit report. Check for suspicious activity. Scammers do not always use your information immediately. It can take weeks, months, or even years before your information is used for fraudulent activity. Also consider freezing credits. Please report the scam. You can report student loan forgiveness fraud to the Federal Trade Commission. Student loan forgiveness is not the only financial coronavirus-related scam. You are cautious and never share financial or other sensitive information with anyone who is unilaterally contacting you.

NS Ministry of Education A warning of a surge in student loan forgiveness scams as the COVID-19 pandemic has caused a financial struggle for many borrowers currently seeking relief.

Students or borrowers who receive an email, letter, or phone call about student loan debt forgiveness are advised to suspend before sending or verifying their personal information.

Authorities said the following precautions could be taken to prevent victims:

  • Be skeptical. Fraudsters often illegally obtain student loan information. Just because someone has information about your loan doesn’t mean they should be trusted.
  • Investigate the company. Many companies run by scammers don’t really exist, so check the validity of the company you’re contacting.
  • Perform due diligence. Check which programs are offered. Some scams suggest registering for non-existent programs such as “CARES Act Loan Forgiveness” and “Biden Forgiveness Program”.
  • Please check your email address. Make sure the email sent about your student loan is from your .gov email address.
  • Know what a legitimate program wants you to do and what it doesn’t. Please proceed with caution before sharing sensitive or financial information such as social security numbers, credit information, banking information. If in doubt, hang up and call the servicer directly.
  • Pause before performing the action. Check your communication or phone with the servicer before taking any action.

State officials have also provided advice on what to do if you suspect you have been scammed.

  • Close your account / suspend payment. If you share your bank account or credit card information with a fraudster, please contact your bank or credit card company immediately to close your account or stop payment.
  • Warn the servicer. If you suspect you are a victim of student loan forgiveness scams, please call your servicer so that you can monitor your account.
  • Monitor your credit report. Check for suspicious activity. Scammers do not always use your information immediately. It can take weeks, months, or even years before your information is used for fraudulent activity. Also consider freezing credits.
  • Report the scam. You can report a student loan forgiveness scam to Federal Trade Commission..

Student loan forgiveness is not the only coronavirus-related financial fraud. You are cautious and never share financial or other sensitive information with anyone who is unilaterally contacting you.

Consumers Warned About Student Loan Forgiveness Scams Rise

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