More often than not, students find themselves neck-deep in debt and unable to make their student loan payments. Out of the blues, a supposed debt relief company reaches out to help ease this loan burden or claims that the loan has been forgiven.
Their offer might sound tempting and too good to be true. Trust me, It probably is. This is one classical instance of student loan scams that is constantly on the rise and which every student must beware of.
The recent rise in incidences points out to the urgent need to inform students on how best to avoid these scams. For this reason, we had a sit-down with the directors of F.H. Cann and Associates. There, they shared various tips and pointers on how best students can avoid student loan scams.
We initially underestimated the issue of student loan scams. We felt with time, it would die a natural death.
Shockingly, the reverse has been the case. As a result of this, we have decided to take steps to painstakingly enlighten people, most especially students, on how to identify scams when they suspect one, as well as what to do after being scammed.
For starters, We believe you should never underestimate or overate any circumstance revolving around loan payment. It’s best that you are alert and that you stay cautious every time. Having established this, some of the primary ways we feel you might be able to tell a scam is when;
-The supposed debt relief company promise that your loan would be forgiven or even make some promises that are too good to be true.
-Also, they may request that you give them your account details or some other sensitive credentials.
Having established how you can identify a scam, we at F.H. Cann and Associates have come with some key steps you should follow to make sure that you avoid student loan scams at all costs. They include;
-Ensure that you verify the email address used in getting across to you. All you need do is head to the existing servicer’s website rather than clicking the link in the email. This way, you would be sure that the email address is legitimate.
-Furthermore, do not for any reason give out your account details or any other sensitive credentials. This is a widespread practice among scammers. Be at alert not to fall prey.
We've partnered with other student advocacy agencies to launch the national #DontBeFooled campaign with all the information you need to spot and avoid a scam that could cause you to lose money for services you can get for free.
Learn more today: https://t.co/KpM7oy3S6C pic.twitter.com/x2vbvCRGCS
— FH Cann & Associates (@fhcann) April 7, 2021
- What do you advise can be done after being scammed by debt relief companies?
For one, we would advise that once you discover that you had been scammed, make sure you change your account credentials, especially your FSA ID. This would revoke the access granted to the scammers.
Also, get in touch with your loan servicer and ensure that all external authorization to your loan service is revoked.
Most importantly, please report to the authorities in charge, so that they can take all necessary actions to stop the scammers.
- Do you have any additional information to give?
We certainly do! In all your dealings with student loan payment service, always bear in mind that you do not need to pay the federal body to help you with student loans. You can also visit https://studentaid.gov for more information about student loans.
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