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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.

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The FBI warned that scammers might be targeting borrowers that are looking for debt cancellation.

student loan forgiveness scams
Beware of student loan forgiveness scams. Source: Adobe Stock.

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. 

Student loan forgiveness scams are nothing new to the FBI

student loan forgiveness scams
Student loan forgiveness scams are just a new phishing method. Source: Adobe Stock.

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. 

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

Student loan debt forgiveness: Your ultimate guide

Find out how you can apply and get as much as $20,000 of student debt canceled.

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