Student Loans Can Be an Opening to Bad Financial Advice

If you’ve bought a home, a new car, or opened a line of credit, you know that there are folks out there that are watching your big financial decisions and won’t miss an opportunity to try to sell you something. Suddenly, you have an uninvited subscription to an endless supply of offers for credit, refinancing, suspicious warranties, and more. Student loans, unfortunately, are no exception. If you’ve ever refinanced, you’re probably well acquainted with this. But those who look to profit off of unsuspecting borrowers aren’t just watching individuals, they’re watching what’s happening nationally. 

Resuming Student Loan Payments Invites the Same Old Scams

With monthly payments resuming in October, and the ongoing showdown between Congress and the White House, student loans remain on the lips of every major news agency in the country, and scammers are taking note. Borrowers are getting robocalls and emails about student loan “discharge,” forgiveness, and even President Biden’s $10,000 forgiveness that was struck down by the Supreme Court in June. Scammers are also impersonating student loan servicers, calling to offer to enroll borrowers in the latest opportunities to save on their loans as they resume making payments. 

Who to Trust with Your Student Loan Info

If you’ve gotten a call or an email regarding your student loans, but are unsure of its authenticity, how can you make sure it’s trustworthy? First off, remember that student loan servicers and Federal Student Aid are very busy. They have literally millions of clients, and are unlikely to take the time to call each and every one of them. If you do receive a call, never give out your personal information. If you receive an email that provides specific info like, “you could save $42,683,” don’t trust it. Neither FSA nor loan servicers share sensitive information or figures in emails, but rather direct you to secure messaging on their websites. If you hear something that seems too good to be true, check it at studentaid.gov, or reach out to your student loan professional for trusted, tried-and-true advice.