News
Student loan forgiveness scams are already happening
The FBI has released a warning about possible scams involving the student loan forgiveness process. Get the details here.
Advertisement
The FBI warned that scammers might be targeting borrowers that are looking for debt cancellation.
The Federal Bureau of Investigation (FBI) sent out a warning early this week about possible student loan forgiveness scams. The agency said that scammers are trying to trick student loan borrowers via email. They’re also using phone calls, SMS, online chats and even websites.
According to the report, scammers are attempting to deceit borrowers with federal student loans to give out their sensitive information and even money.
The applications for the student debt forgiveness plan opened officially on Monday. During the weekend, the U.S. government launched a beta site. Millions of applications have already been processed. The Biden administration said that the program will continue until the end of next year.
With so many ongoing applications, the Federal Bureau of Investigation said that there are also plenty of loan forgiveness scams happening. According to the Bureau, scammers may contact borrowers with false information. They might also offer an easy entrance into the debt cancelation program.
They contact the borrower through texts or phone calls and ask for personal and financial information in order to use them in other scams or even attempt identity theft. The FBI says that these scammers might even ask for money to cover nonexistent fees. That’s not how the federal government and its loan associates work.
Recommended content
Student loan forgiveness scams are nothing new to the FBI
According to the FBI, these student loan forgiveness scams are just the latest twist for cybercriminals to apply to their phishing scams. Phishing scams have become increasingly common in the last few years, whether they appear like a great deal from a well known retailer or a plea for financial help.
The idea behind phishing scams it to get people to hand these criminals money or their personal information by attracting them with falsehoods. While most people think phishing happens mostly through emails, they also need to be aware of unusual text messages, phone calls and social media posts.
In regards to student loan forgiveness scams, experts recommend the usual route. Shady emails and text messages should always go ignored. Attachments on emails should also never be opened because they could contain malware and steal your data.
People who think they might have been a victim of student loan forgiveness scams or any other type of scam should immediately file a complaint by accessing the FBI’s Internet Crime Complaint Center. Moreover, they should also report the situation to the Department of Education.
Check if you are pre-approved for credit cards and loans with no impact to your credit score
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
Student loan debt forgiveness: Your ultimate guide!
If you still don’t know how the student debt loan forgiveness plan works, we can help you. Follow the link below and check our ultimate guide on the matter. Check if you’re eligible and learn how to apply to get up to $20,000 in student debt canceled.
Student loan debt forgiveness: Your ultimate guide
Find out how you can apply and get as much as $20,000 of student debt canceled.
Trending Topics
Make working from home more comfortable
Check out our list with the best products to help you get more comfortable and productive when working from home. Read on for more!
Keep ReadingElon Musk is unhappy with Apple and Tim Cook
Elon Musk is now taking jabs at Apple and Tim Cook regarding advertising and the fees involved in getting apps in the App Store.
Keep ReadingSwitch from a credit card to a debit card to control your spending
If you’re trying to avoid high interest and are trying to save some money, switching from a credit card to a debit card can really help you.
Keep ReadingYou may also like
What happens if you don’t pay your taxes?
Find out what happens if you don't pay your taxes on time. Learn about the consequences and how to get help with tax debt relief.
Keep ReadingThe Tribeca Film Festival is back and bigger than ever
The Tribeca Film Festival is back in all of its glory, and this year’s event is packed with a host of interesting and exciting movies.
Keep Reading8 credit card myths: Get the facts about your credit card
Credit cards are a common feature life, but many people don't understand how they work. This article will debunk eight credit card myths.
Keep Reading