How to protect yourself from scammers claiming to help with student loans

ByJason Knowles and Ann Pistone WLS logo
Sunday, May 21, 2023
How to protect yourself from student loan forgiveness scammers
Here's how to protect yourself from scam calls about student loan forgiveness as Joe Biden's debt relief plan plays out in the Supreme Court.

CHICAGO (WLS) -- The fate of President Joe Biden's student loan forgiveness program is still in the hands of the Supreme Court, and consumer experts say student loan forgiveness scams are also increasing right now.

The founder and editor-in-chief of The College Investor shared some student loan relief red flags:

  • Beware of any caller who claims to have a relationship with the U.S. Dept. of Education. Third-party companies do not have such a relationship. Don't believe any promises of immediate loan forgiveness or cancellation.
  • Overall experts say you should hang up when you get a call out of the blue from anyone that calls you and says the president's name, and says they can help you with the student loan forgiveness program. If forgiveness is granted by the Supreme Court, you would qualify through the U.S. Dept. of Education.
  • Avoid any company that promises you a set payment or forgiveness. Companies cannot promise forgiveness or guarantee an income-based repayment because both will change based on your income.
  • Beware of any promise that because your school closed or is being sued, you can get forgiveness.

There are also other government student loan relief programs you could qualify for.

The College Investor has information about more scams here.