Student loan scams to watch out for

Student loan scams to watch out for

RICHMOND, Va. (WWBT) - Like any disaster, COVID-19 has seen its fair share of scams associated with it. Now thieves are targeting the student loan market.

According to Nerdwallet, there are two main types of student debt scams right now. The first scam is convincing you to pay them to get you into a loan deferment program. Programs like the federal income-driven repayment plan can be accessed for free and don’t require payments to anyone.

The “CARES Act Forgiveness” scam claims to forgive the loan completely in exchange for a payment, which they will quickly run away with. Do your homework to check if these companies are real. Google their name with the word scam and see what you find.

If you’ve fallen victim to these scammers, get a hold of your accounts. Change your passwords. You may need to change the email associated with accounts as well.

It’s important to report the scam to authorities. The Federal Trade Commission, the attorney general and The Consumer Financial Protection Bureau all go after student loan scammers, but they rely on you to alert them.

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