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Consumer Alert: Scammers Look to Take Advantage of Student Loan Changes

Friday, December 16, 2022

As the student loan landscape continues to evolve, including the recent announcement extending the payment pause, borrowers face shifting deadlines, confusion, and uncertainty. But be careful: these challenges could represent an early holiday gift to scammers looking to trick borrowers into handing over their money or personal information.

Borrowers should be especially alert and take steps to protect their finances. Follow these tips to protect yourself from student loan scams:

  • Never pay upfront fees to access help with your debt. Free assistance is available through your federal loan servicer. You can find out who services your loans on your Federal Student Aid account.
  • Don’t trust anyone pressuring you to decide quickly or if they promise instant debt relief. No company can help you speed up the federal government’s student loan relief process, and legitimate companies will not use aggressive tactics to pressure you into a contract.
  • Be skeptical of anyone who contacts you and claims to represent the Department of Education or your loan servicer. Never give any personal or financial information to someone who contacts you if you aren’t sure of their authenticity. If you have any concerns, contact the Department of Education or your loan servicer directly.

For more information, visit our website at ncdoj.gov/studentloanscams. If you believe that you have been the victim of a scam, contact our office’s Consumer Protection Division at https://ncdoj.gov/file-a-complaint or 1-877-5-NO-SCAM.

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