Student loan scams on the rise, BBB warns

Published: Jul. 9, 2019 at 6:18 PM CDT
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On average, a college graduate leaves school with more than $30,000 in student loans accompanying their degree. The desire to get them paid off has many grads falling for scams, the Better Business Bureau (BBB) warns.

Currently, the BBB says, there is an uptick in student loan scams. With those scams, targets are contacted by voicemail, text, email, phone calls and internet ads. All offer the promise to get rid of student-loan debt. Many of these offers charge a fee, but never deliver, the BBB warns.

"Anyone who asks for money upfront: that is your red flag says

Other red flags include promises for loan forgiveness with requests for personal data, or demands for you to "act now." The BBB says it's also important that you do not share your Federal Student Aid (FSA) ID.

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