Mid-Valley Scam Alert: Scammers preying on those with student loans
University is an expensive investment. But you already know that. Take a look at the number of Americans are in debt thanks to the large quantities of student loans they've accumulated.
Due to the pandemic, the federal government has temporarily suspended the repayment of those loans. For now, this break is within effect until May 1. But it doesn't matter when that break finally expires – scammers make the most of anxious and indebted citizens.
For this week's Mid-Valley Scam Alert, we're referring to everything student loan repayment scams. In a March edition of the FBI Oregon Tech Tuesday segment, the agency offered some suggestions for avoiding falling victim to this particular type of fraud.
Scammers and scammers will try to make contact with you via text, email or phone call/voicemail with the aim of tricking you into disclosing sensitive information. They will likely let you know about fast and simple ways to consolidate or eliminate has given.
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For example, a fraudster might say, “This is (insert name) student loan assistance. Our records reveal that you had been entitled to financing forgiveness program, but you never completed the necessary paperwork. If you need to pursue this app, we have to talk to you today. Call us please.”
If there's one thing I really hope we've all learned from reading these scam alerts, it's this: Be suspicious of any message from a mystery sender that requests personal information and/or financial.
If you're unsure whether a note is legitimate or otherwise, think about these tips in the Federal Trade Commission:
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- Never pay upfront fees. It is illegal for companies to charge you before assisting you. Keep in mind that you never need to pay for the aid of the Department of Education.
- Never give out your Federal Student Aid ID number, Ssn, or any other private information to anybody who contacts you. Scammers may use this information to log into your account, improve your details and/or redirect your payments to them.
- If doubtful, speak to your education loan officer directly.
- Don't subscribe to a quick loan forgiveness. Bad actors might say they can get rid of your loans before they even be aware of details of your situation. They may also promise financing forgiveness program, which you won't be eligible for a.
- Scammers often use fake seals and logos to trick people into believing the content is credible. They will promise special use of repayment plans, new federal loan consolidations or loan forgiveness programs.
- If you've federal student education loans, go straight to the Department of Education at www.StudentAid.gov.
Debt can be a heavy burden, and there are many people who will simply follow orders in financial matters. After all, you definitely don't want to get into legal trouble. But it is necessary to take a step back and look at the situation all angles before giving your crucial information.
No one wants to fall victim to a gimmick scheme, in order always, continue but be careful when it comes to monetary matters.
If you are the victim of a education loan scam, report it towards the FTC at www.ReportFraud.ftc.gov.
Maddie Pfeifer covers public safety for Mid-Valley Media. She is available at 541-812-6091 or [email protected] Follow her on Twitter via @maddiepfeifer_
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