Avoid Falling Victim to Student Loan Scams

Fraudsters, cybercriminals, and bad actors work tirelessly to exploit student loan borrowers and college students—aiming to steal their money, personal information, or both. They see college students and student loan borrowers as easy targets, vulnerable to false and immediate promises of student loan forgiveness, debt relief, avoiding default, wage garnishment, or help managing their loans. Don’t fall for it!

Below are some common student loan and student-centered scams—what they often look like and tips on how to avoid them … all of which include the following:

• Never share your FSA ID with anyone! This includes people who claim to work at your school or your student loan servicing company. No one except you should ever need your FSA ID and sharing it with others can put your personal and financial information at risk!
• Never agree to pay a fee to anyone claiming they’ll help you manage your Federal student loans, as that’s a clear sign of a scam! You can manage your Federal student loans for free. Get the facts directly from the source—the U.S. Department of Education’s Federal Student Aid office.
• Always verify a source before sharing any personal information, such as your date of birth, Social Security number, bank account number, or credit card details. This helps protect you from student aid scams and other types of fraud. It’s as easy as asking for the company’s name and phone number so you can verify them through your student loan servicer. 

Learn More About Each Type of Scam