LAS VEGAS – Student loan scams are on the rise, and they’re going to get worse according to student loan experts.
At a time when there is so much uncertainty surrounding when student loan payments are going to restart the Department of Education and the Consumer Financial Protection Bureau have put out several warnings about the typical student loan scam – ones that involve a fee for some type of document processing.
“Everything a private company can do for you, you can do for free by calling your student loan servicer, or by going to www.studentaid.gov,” Robert Farrington an expert on student loan debt told 8 News Now.
He also added that many times they claim they can lower your student loan payment but keep in mind at the end of the day, this is your money, your loan, your financial situation, and if you’re going to have a company fill out legal paperwork on your behalf you need to check it and make sure it’s accurate.
Student loan borrowers need to be vigilant, get organized, and know where they stand with their loans. Farrington also added any guarantee that a company makes, should be a big red flag.
Lastly, you need to protect your FSA I.D. your log-in to government education programs…
You should never be giving out your FSA login to a third party, or have someone else log in on your behalf.