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New scam targets student loan debt

The Tennessee Department of Commerce is warning consumers about a student-loan scam where the victim thought she was paying the company to help her erase her student loan debt – only to find out after three years’ of payment – that the loans wouldn’t be forgiven and her original loans were in default.

If you have student loans, how can you avoid student loan repayment scams?

Here are a few tips from Department of Commerce

-There is nothing that a company can offer that you cannot do for yourself for free.

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-Avoid any offer that promises quick loan forgiveness, especially if the person contacting you really has no idea as to the specifics of your debt situation. Many scammers will promise to get rid of your debt fast, but in reality, they can’t help you.

-Never pay an upfront fee. In this situation, the FTC says it is illegal for companies to charge you a fee for a service in advance.

-Neither a logo nor an official-looking website means that the company is real or trustworthy. Many scammers will use lookalike logos or even use a real Department of Education seal to make their companies look more legitimate.

 

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