CHICAGO, IL – As federal student loan repayments are set to resume in October, the Federal Trade Commission warns borrowers to remain vigilant against scammers claiming they can assist with repayment or loan forgiveness—for a fee.
The most reliable source of information on federal student loans is Federal Student Aid. And remember, there’s no need to pay for programs offering loan payment reductions or forgiveness. All services can be accessed for free at StudentAid.gov/repay.
Beware of suspicious calls or texts offering “help.” Ensure not to disclose your FSA ID login, as scammers might misuse it. Ignore promises of exclusive repayment plans or forgiveness options, particularly from those claiming affiliation with the Department of Education.
Preparing for repayment? Stay updated with FSA, enroll in a repayment plan, and utilize FSA’s Loan Simulator for assistance. For those who have defaulted, consider the Fresh Start program.
Notice a scam? Report it at ReportFraud.ftc.gov.