Consumers Warned of Increase in Student Loan Forgiveness Scams

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>> State Banking and Securities and Education departments warn of an increase in student loan cancellation fraud, saying the pandemic is causing financial hardship for many borrowers who are currently seeking help. If a student or borrower receives an email, letter, or phone regarding a student debt relief loan, someone will give you information about your loan before sending or confirming any personal information on which the loan is concerned. The state is skeptical. They have to do PSEAU just because they did. of confidence. Investigate the company and see the VALIDITY of the company you are contacting. Some scams suggest signing up for a program like the CARESCT Loan Forgiveness Program or the BIDEN Forgiveness Program, but in either case, make sure your email address has been sent to UYO. Make sure your student loan email is from a .GOV email. Before sharing sensitive or financial information such as social security numbers, credits, or banking information, be aware of the requirements of the LEGITIMEAT program. Student loan cancellation isn’t the only financial scam linked to COVID-19. As we have said many times, you need to be careful and provide sensitive information to everyone.

Consumers Warned About Student Loan Forgiveness Scams

The Education Department has warned of an increase in student loan forgiveness fraud as the COVID-19 pandemic is causing financial hardship for many borrowers who are currently seeking relief. Students or borrowers who receive an email, letter, or phone call about student loan debt cancellation are urged to suspend before sending or verifying their personal information. Fraudsters often obtain student loan information illegally. Just because someone has information about your loan doesn’t mean they should be trusted. Investigate the business. There isn’t really a business run by a scammer, so check the effectiveness of the business you’re contacting. Exercise due diligence. Check out what programs are offered. Some scams suggest signing up for non-existent programs such as “Cares Act Loan Forgiveness” and “Biden Forgiveness Program”. Please verify your email address. Make sure the email sent about your student loan is from your .gov email address. Be aware of what legitimate programs require and do not require of you. Please proceed with caution before sharing sensitive or financial information such as social security numbers, credit information, banking information. If in doubt, hang up and call the repairer directly. Take a break before performing the action. Check your communication or phone with the repairer before taking any action. State officials have also provided advice on what to do if you suspect fraud. Close account / stop payment. If you share your bank account or credit card information with a fraudster, please contact your bank or credit card company immediately to close your account or stop payment. Notify the repairer. If you think you are a victim of student loan forgiveness scams, please call your service agent so you can monitor your account. Monitor your credit report. Check for suspicious activity. Scammers don’t always use your information immediately. It can take weeks, months, or even years before your information is used for fraudulent purposes. Also remember to freeze the credits. Please report the scam. You can report student loan forgiveness fraud to the Federal Trade Commission. The cancellation of the student loan is not the only financial scam linked to the coronavirus. You are careful and never share financial or other sensitive information with anyone who unilaterally contacts you.

Nova Scotia Department of Education A warning about an increase in student loan cancellation scams as the COVID-19 pandemic has caused financial hardship for many borrowers currently seeking relief.

Students or borrowers who receive an email, letter, or phone call about student loan debt cancellation are urged to suspend before sending or verifying their personal information.

Authorities said the following precautions could be taken to avoid casualties:

  • Be skeptical. Fraudsters often obtain student loan information illegally. Just because someone has information about your loan doesn’t mean they should be trusted.
  • Investigate the business. Many businesses run by scammers don’t really exist, so check the validity of the business you’re contacting.
  • Demonstrate due diligence. Check out what programs are offered. Some scams suggest signing up for non-existent programs such as “Cares Act Loan Forgiveness” and “Biden Forgiveness Program”.
  • Please verify your email address. Make sure the email sent about your student loan is from your .gov email address.
  • Know what a legitimate program wants you to do and what it doesn’t. Please proceed with caution before sharing sensitive or financial information such as social security numbers, credit information, banking information. If in doubt, hang up and call the repairer directly.
  • Take a break before performing the action. Check your communication or phone with the repairer before taking any action.

State officials have also provided advice on what to do if you think you’ve been scammed.

  • Close your account / suspend payment. If you share your bank account or credit card information with a fraudster, please contact your bank or credit card company immediately to close your account or stop payment.
  • Notify the repairer. If you think you are a victim of student loan forgiveness scams, please call your service agent so you can monitor your account.
  • Monitor your credit report. Check for suspicious activity. Scammers don’t always use your information immediately. It can take weeks, months, or even years before your information is used for fraudulent purposes. Also remember to freeze the credits.
  • Report the scam. You can report a student loan forgiveness scam to the Federal Trade Commission.

The cancellation of the student loan is not the only financial fraud linked to the coronavirus. You are careful and never share financial or other sensitive information with anyone who unilaterally contacts you.

Consumers Warned of Increase in Student Loan Forgiveness Scams

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