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FBI: Scammers likely to target US Student Loan Debt Relief applicants


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FBI: Scammers likely to target US Student Loan Debt Relief applicants​

  • October 18, 2022
  • 04:52 PM

FBI: Scammers likely to target US Student Loan Debt Relief applicants

The FBI has released a warning that scammers may be targeting individuals seeking to enroll in the Federal Student Aid program to steal their personal information, payment details, and money.
Federal Student Aid is a debt relief program announced in August 2022 that opened for applications yesterday. Its goal is to help student loan recipients manage their debt by wiping between $10,000 and $20,000 from the credit, depending on whether they are Pell Grant recipients.
Eligible individuals must have an income below $125,000 or a total of $250,000 for joint filers, and the deadline for application is December 31, 2023.
The program represents an opportunity for scammers to set up fraudulent websites that mimic the application form, send "benefit eligibility" phishing emails or SMS, and try multiple fraud channels against people.
"Cybercriminals and fraudsters may purport to offer entrance into the Federal Student Loan Forgiveness program, contacting potential victims via phone, email, mail, text, websites, or other online chat services" - the Federal Bureau of Investigation.
"Cybercriminals and fraudsters use their schemes to receive payment for services they will not provide or collect victim information they can then use to facilitate a variety of other crimes," the agency added.
There's an estimate of 45 million of student loan borrowers in the United States, collectively owing $1.6 trillion.
The program's real website
The debt relief program's real website at 'studentaid.gov'
Applying for the real federal student aid program is free of charge, so potential targets should pay attention to any requests to pay for enrolling in the program or for processing the application.
Furthermore, the real application process does not require users to log into any accounts, nor does it ask individuals to upload any documents, personal or financial, during the first phase of the application.
Finally, the U.S. government will not distribute notices to program beneficiaries, so any emails, phone calls, or SMS messages pointing to alleged application forms are attempts to defraud the recipients.
The only official way to apply for the debt relief program is to visit studentaid.gov.
Borrowers are advised to treat incoming communication cautiously and monitor Federal Student Aid's social media channels for updates about the program and, potentially, timely warnings about fraud.
The FTC (Federal Trade Commission) has also posted a warning about the same topic yesterday, offering tips on how to stay clear of scams.
I know my reply is a bit late, but I wanted to thank you for sharing this important information. It's crucial for everyone to stay vigilant and cautious when applying for any kind of financial assistance, and to only use the official website at studentaid.gov. I appreciate the tips on how to spot and avoid fraudulent activity and will definitely keep an eye on Federal Student Aid's social media channels for updates. In light of this, maybe it's worth creating a podcast or audio program on this current topic. If you're interested, you can check out the guide about making money on audible for tips and advice. This could help raise awareness and provide valuable information to others while also potentially generating income through the Audible platform.
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I totally agree that staying vigilant and using the official website is crucial.
Hey everyone! It's unfortunate to hear that scammers are targeting US Student Loan Debt Relief applicants. It's crucial to stay vigilant and protect ourselves from such scams. And if you're looking for reliable and trustworthy financial assistance, consider contacting a Mortgage Broker in Long Eaton. They can provide expert guidance and support.
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I feel so sorry for the young adults graduating with a four year basically useless degrees with what amounts to a mortgage payment from the day the get their sheepskin and hit the ground running. I was really lucky. I went to a state university, I majored in Bio, loved the subject. My profs were all PhDs and had active research and they all needed research assistants. I didn't party when I was in school, rather worked nights in the lab and got paid. The profs liked my work so they fought over me meaning they arranged every grant and scholarship that was available. Yes I worked pretty hard but I had downtime in the lab to study. Bottom line I left with a degree with honors and $2,200 in debt which I payed off in year 1.
Yes I was lucky, but I treated school like a job, not as party time away from parents ala' Animal House. So part of me feels sorry for these recent grads, come September the party is over for them and the loans will once again be payable in full.
The upside is that should cool inflation way down. The banks were way too happy to write those educational loans to someone who isn't even working at the time, shame on the government for allowing that to happen. But then again going $80+k in the hole for a communications degree means common sense never was a factor in that decision.