Protect Yourself

How to Spot a Student Loan Scam (Red Flags)

Signs that you are being targeted. These are red flags!

Contacted via phone, text or email by a company other than your federal student loan servicer regarding your student loan
Asked for initial and monthly maintenance fees to sign up for services
Asked to sign a Power of Attorney or document that allows the company to act on your behalf
Asked to provide your User ID and password
Asked for credit card or debit card information
Urged to act quickly because loan forgiveness programs are ending
Urged to act or forfeit rights to your student loan benefits
Told you that your student loan servicer will not help you

In some cases, document preparation companies compare themselves to a tax preparer offering a paid service to help you complete complex student loan paperwork. What’s important to remember is that your student loan servicer offers assistance for FREE.

If you think you have been scammed, follow these steps.

These are FREE services offered by your federal student loan servicer: Forgiveness/discharge, consolidation, options to lower and postpone monthly payments.

Not sure who your servicer is? You can find them by logging into My Federal Student Aid.

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