Warning Signs of Student Loan Relief Scams

The application for the one-time federal student loan debt relief will roll out soon. But student loan scams are already on the rise.

Know this: you don’t need to do anything or pay anybody to sign up for the new program. Nobody can get you in early, or guarantee eligibility. Anybody who says they can or tries to charge you is a scammer.

Follow these tips to keep yourself safe from potential student loan scams:

• Don’t pay anyone to help you apply for loan forgiveness or who promises you guaranteed eligibility. This program is completely free. The only way to apply is at StudentAid.gov.
• Reduce your risk of identity theft. Don’t tell anyone your FSA ID username or password or allow them to create an FSA ID for you. Do change your FSA ID password if you shared it with someone.

• Don’t trust someone who contacts you saying they’re with the Department of Education. Scammers use official-looking names, seals, and logos. Contact your federal student loan servicer directly. Do not give personal information over the phone or internet unless you made the contact.