MONROE, La. (KNOE) – Scammers are trying to create confusion when it comes to student loan forgiveness plans. Jo-Ann Deal with the Better Business Bureau of Northeast Louisiana says there are red flags to watch out for.
-If you’re asked to pay upfront or monthly fees.
-If you’re promised immediate loan forgiveness.
-If they ask for your FSA ID password.
The Federal Trade Commission has already taken action against some companies for scams about student loan forgiveness.
Deal says there are legitimate student loan forgiveness programs through the U.S. Department of Education and ways to lower your payments, but you should apply through your official loan servicer for that.
If you do share your FSA ID password, Deal says you should make sure you change it immediately. If you give out financial information to a scam company, the BBB advises that you contact your bank or credit card company and request any payments to the student loan debt relief company be stopped.
The BBB of NELA’s office in Monroe is available to answer questions in person and over the phone. Reach out to them at (318) 387-4600.
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