State Regulators Warn Against Scams Over Pending Restart of Student Loan Payments

Wednesday, August 3rd, 2022 -- 1:01 PM

(Raymond Neupert, WRN) The student loan repayment moratorium is about to expire, and scammers have been using that to try and get money from victims.

David Mancl with the Department of Financial Institutions says it's a common scam, tailored to try and victimize people worried about their loans. "You'll get an email or a text saying, Hey, we're here to help you forgive your loan or repay it, just here pay this upfront fee. Well, that's a red flag right there."

Mancl says the scams all seem to run into a similar pattern. "We have student loan forgiveness, you know, just tell us your social security number, or your federal student aid ID or some other personally identifiable information, don't give that out."

Mancl says these repayment plan scams are easy to spot, if you know what to look for. "The federal government's not going to ask you for that kind of information upfront, they're not going to ask you for a fee upfront. So you already know that those are red flags."

DFI will be hosting a special webinar later this month to help walk people through getting aid on their student loans. You can find out more online at Look Forward W I dot gov.

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