It can be difficult to navigate the student loan forgiveness landscape, particularly considering the possibility of frauds appearing at every turn.
Thankfully, the Department of Education (ED) has taken action to alert borrowers by sending out emails outlining their options and defining who may qualify for student debt relief.
However, how can you determine whether an email claiming loan forgiveness is authentic or fraudulent? Let’s dissect it so you can safeguard your financial future and yourself.
First things first: the ED has begun emailing borrowers about potential student debt relief if they hold federal student loans.
Pay attention to these alerts if you have a loan that is held by the ED. It’s important to note that you can opt in and obtain this relief without having to take any action.
You must, however, get in touch with your loan servicer to opt out if you do not want this assistance. Don’t forget to mark your calendars! If you decide that forgiveness isn’t for you, it’s important to reply quickly. However, once you opt out, you can’t opt back in.
Learn which email addresses are safe and which ones to ignore in this Consumer Alert from the Federal Trade Commission and help military families spot student loan #scams.https://t.co/jgIJe4lOe7
— OneOp (@OneOpTeam) September 15, 2024
Your resource for authentic emails offering student loan forgiveness
Let’s now discuss what these ED emails ought to look like. Certain email addresses, including [email protected], [email protected], or [email protected], will be used for legitimate correspondence.
It is time to hit the delete button if you receive anything that appears suspicious or does not originate from these addresses.
Emails that ask for your StudentAid.gov account login information, promise instant results, or seem too good to be true should be avoided.
Some aggressive promotional promises that you may encounter include “Act immediately to qualify for student loan forgiveness before the program is discontinued,” or “Your student loans may qualify for complete discharge.”
First come, first served is the rule for enrollment. Since the ED and its partners won’t employ such coercive methods, these kinds of messages are warning signs.
Requesting upfront fees for things that your loan servicer may provide for free is another typical fraud tactic. Keep in mind that trustworthy loan servicers are available to assist you with your debts at no cost to you.
SCAM 🚨 Got an email from Secretary Miguel Cardona about your federal student loans? 📧 It’s real and crucial! But beware: scammers are out there spreading fake info to trick you. Stay sharp and don’t let them steal your hard-earned money. 💡🔒https://t.co/wogS0KwxSC
— Connecticut Department of Consumer Protection (@CTDCP) August 23, 2024
You can get information on your servicer and their offerings on StudentAid.gov if you’re ever unsure. At no cost to you, they will assist you with consolidation, repayment choices, and even forgiveness programs.
Read Also: Checks of $943 and $4,873: Quick 24-Hour Processing and Increase Eligibility
Don’t freak out if you believe you’ve been scammed. To be sure that no unlawful actions have been made on your loans, start by getting in touch with your loan servicer.
Additionally, you might want to look for any unusual activity on your bank records and get in touch with your bank or credit card company to stop making payments to any fraudulent entities.
Finally, be sure to notify the Consumer Financial Protection Bureau and the Federal Trade Commission about the hoax.
