Scammers targeting student borrowers

AT NATIONAL SCALE – A lot toamerican are currently struggling with student loan debt.

Borrowers in the state of Maine have racked up more than $6 billion in debt, according to Yrefute managing partner marea Joh Terri.

Currently, the student loan pause has frozen payments until August 31, but Terry said that gave crooks an opportunity to victimize borrowers.

“What we have seen is a rise in scams asking for information associated with your federal loans that may not be repaid,” Terry said. “What (we’re seeing) is people asking for your personal information.”

Yrefy is a national consumer finance lender with an explicit focus on distressed private student loans, according to the company’s website.

terry said crooks will call and email impersonating lenders to try to fish out sensitive information such as bank account numbers and credit card information.

“We see a lot of stuff around ‘get your loans paid, get your loans canceled, give us your credit card number,'” Terry said. “And last but not least, one of the oldest scams that’s been around forever is ‘pay me, and I’m going help you complete federal forms.

Terry said these federal student loan forms should never cost money to fill out.

She says crooks thrive on the fact that many borrowers are not fully aware of the amount they owe or the identity of their loan servicer.

According to Terry, many loans repairers have changed in the last 2 and a half years.

Although crooks are getting smarter, borrowers can take precautions, like verifying their information on studentaid.gov.

“Just take 5 or 10 minutes and be a little proactive. That way, if someone contacts you and starts asking for information, ‘oh no, I have already taken care of that. There is nothing else to do and you stop this process immediately,” Terry said.

Terry suggests contacting your financial institution, credit bureau, and local law enforcement if you think you’ve been scammed.

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