Tips with AARP on avoiding student loan forgiveness scams

Published: Sep. 20, 2022 at 10:55 AM CDT
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MOBILE, Ala. (WALA) - Scammers pay close attention to news headlines and frequently leap into action quickly to try to capitalize off those headlines. The recent announcement from the White House about a new program to forgive some student loan debt brought scammers out – quite literally within hours.

How it works:

· Scammers are calling, emailing and texting to offer their “assistance” in getting student loans forgiven.

· They will claim to be from the federal government or a loan servicing company and say they can expedite your loan forgiveness if you give them your personal information – especially your Social Security number.

· They may demand a payment for this “service,” and request your bank account or credit card information.

What You Should Know:

  • The loan forgiveness program is expected to begin in October – not before.
  • Borrowers will need to contact their loan servicing company or the Department of Education – they will not contact you.
  • No one will not contact you by phone, email, or text message to “remind” you to apply or to request your personal information.

What You Should Do:

· For information on this program, contact only your loan servicing company, or go to the Department of Education web site: www.ed.gov.

· Do not give out your personal information to anyone randomly contacting you by phone, email, or text message.

For more information on staying safe from fraud and scams, visit aarp.org/fraud. The AARP Fraud Watch Network is a free service to people of all ages from AARP.

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