BBB Says Watch Out for Student Loan Scams as Payments Resume

Tuesday, July 25th, 2023 -- 5:00 PM

(Raymond Neupert, WRN) Student loan payments will be restarting after over three years of pauses, and scammers are likely to use that to get your money.

Federal court rulings means thousands of people will need to restart payments on their student loans. Better Business Bureau spokesperson Lisa Schiller says these are just the sort of events that bring out scammers. 

"People will either receive an email or a letter or a phone call from someone claiming that they are eligible for student loan consolidation, or a payment reduction program or something similar. And this new benefit is allegedly, according to them, part of the new 2023 guidelines."

Schiller says criminals use major events like this as leverage to try and get you to hand over money or personal information. "This information might include them asking for your social security number, or your name and address, and even your fsa.gov login information. So be aware of that and be very careful."

As always, no government agency or lender will ask you for information they already should have, nor will they ask for money over the phone.

Feel free to contact us with questions and/or comments.