‘Stu‌d‌e‌n‌t-‌‌‌Lo‌a‌n‌s‌‌ Ha‌ve‌ Bee‌n ‌Mar‌‌‌ke‌d‌ ‌As El‌igi‌‌bl‌e‌ Fo‌‌r‌ ‌‌For‌g‌i‌v‌ene‌ss‌’ Scam

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Written by: Stelian Pilici

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If you have student loans, you may have received a phone call or a message claiming that you are eligible for student loan forgiveness under the new 2023 guidelines. This may sound like a great opportunity to get rid of your debt, but beware: it is a scam.

Scam Phone Calls

How The ‘Stu‌d‌e‌n‌t-‌‌‌Lo‌a‌n‌s‌‌ Ha‌ve‌ Bee‌n ‌Mar‌‌‌ke‌d‌ ‌As El‌igi‌‌bl‌e‌ Fo‌‌r‌ ‌‌For‌g‌i‌v‌ene‌ss‌’ Scam Works

The scam typically begins with an email or phone call. The scammer, often impersonating a representative from the “Student Loan Debt Department,” informs you that your student loans have been marked as eligible for forgiveness under new guidelines. They may provide a case number and state that your file will remain open for only a limited period. They’ll urge you to call back at a dedicated eligibility line to have this applied immediately.

Here is the transcript of the call:

He‌‌l‌‌l‌o‌ ‌th‌‌i‌s i‌‌s‌‌ [name] ‌on‌ ‌b‌e‌‌ha‌lf‌ ‌‌of‌‌ ‌th‌e S‌tudent-‌L‌o‌‌a‌n ‌‌‌‌D‌‌ebt ‌D‌ep‌ar‌‌tmen‌t.‌ ‌‌We tr‌i‌e‌d ‌‌to‌ c‌o‌‌n‌ta‌ct‌‌‌ ‌you a‌t‌‌‌ y‌o‌u‌‌‌r ‌h‌om‌‌e ‌a‌n‌d‌ d‌id ‌not hear‌ ‌‌b‌ack‌.‌ Your‌‌ ‌Stu‌‌de‌nt‌-‌‌‌L‌o‌‌ans‌ ‌h‌‌a‌‌‌ve‌ b‌een‌‌ ‌‌m‌a‌r‌k‌ed‌ a‌s‌‌ ‌e‌‌l‌ig‌ible‌‌ ‌fo‌r f‌o‌rg‌i‌‌ve‌n‌ess‌ ‌u‌‌n‌d‌‌‌er‌ ‌t‌‌h‌e n‌ew ‌2‌0‌2‌3‌ g‌u‌‌ide‌‌l‌‌in‌‌e‌‌s‌.‌ ‌Y‌‌‌o‌u‌r‌‌ ‌‌cas‌‌e ‌‌number‌‌ i‌s‌‌‌ ‌#‌8‌‌467‌‌5, and‌ ‌yo‌‌ur ‌file ‌w‌i‌l‌l‌ ‌r‌e‌‌mai‌‌‌n‌ op‌e‌n‌ ‌‌in‌‌ ‌m‌‌y‌‌ ‌s‌‌y‌s‌tem‌ f‌or‌ ‌on‌‌l‌y o‌ne‌ m‌o‌r‌e day‌. ‌If ‌y‌‌ou‌‌‌ ‌could‌ ‌ple‌a‌se‌ gi‌ve‌ ‌‌‌you‌r‌ dedi‌‌c‌a‌ted el‌i‌g‌i‌b‌‌i‌‌‌l‌‌‌i‌t‌y‌ lin‌e a ‌ca‌ll‌ ‌a‌t: 844-2‎05-45‎5‎1, w‌e can‌ h‌‌‌a‌‌v‌‌e‌ ‌‌th‌‌‌is app‌‌li‌e‌‌d i‌mme‌d‌iat‌el‌y.‌ Ou‌r‌ ‌‌o‌f‌f‌i‌ce ‌h‌o‌u‌‌rs ‌‌ar‌e ‌1‌1‌am‌-7p‌m‌ ‌(E‌‌S‌‌‌‌T) M‌‌‌o‌n‌‌‌‌d‌a‌y‌-F‌‌r‌id‌a‌y‌.

Upon returning the call, you may be met with a scammer who sounds professional and persuasive. They will assure you that under the new guidelines of 2023, you’re entitled to have your student loan forgiven. This opportunity seems too good to pass up, which is precisely what they’re banking on.

The scammer will then prompt you to verify your personal details, such as your full name, date of birth, and Social Security Number, under the guise of confirming your eligibility. They may also request details about your student loan, including the lender’s name, the amount owed, and your account number.

The scammer will usually require an upfront payment or service fee, insisting that it is necessary to process your loan forgiveness. They will request your banking details to facilitate the payment. The scammer may use high-pressure tactics, emphasizing the limited-time offer to convince you to act immediately.

What To Do If You Have Fallen Victim?

If you have fallen victim to the student loan forgiveness scam, do not panic. Here are some steps you can take to protect yourself and your money:

  • Contact your loan servicer immediately and explain what happened. They can help you restore your account and resume your payments.
  • Report the scam to the Federal Trade Commission (FTC) at https://reportfraud.ftc.gov/. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB) at https://www.consumerfinance.gov/complaint/.
  • Check your credit reports for any unauthorized activity. You can get a free copy of your credit report from each of the three major credit bureaus every 12 months at https://www.annualcreditreport.com/.
  • Change your passwords and security questions for any online accounts that may have been compromised.
  • Be alert and cautious of any future calls or messages from unknown numbers or sources.
  • If you suspect your device is infected with malware, run a scan with Malwarebytes Free.

Conclusions

Student loan forgiveness is a legitimate option for some borrowers who meet certain criteria and complete certain requirements. However, it is not something that you can get easily or quickly from a third-party company. If you are interested in student loan forgiveness, you should contact your loan servicer or visit https://studentaid.gov/ to learn more about your options and eligibility.

Remember, if something sounds too good to be true, it probably is. Do not fall for the student loan forgiveness scam and do not let anyone take advantage of your situation.

How to Stay Safe Online

Here are 10 basic security tips to help you avoid malware and protect your device:

  1. Use a good antivirus and keep it up-to-date.

    Shield Guide

    It's essential to use a good quality antivirus and keep it up-to-date to stay ahead of the latest cyber threats. We are huge fans of Malwarebytes Premium and use it on all of our devices, including Windows and Mac computers as well as our mobile devices. Malwarebytes sits beside your traditional antivirus, filling in any gaps in its defenses, and providing extra protection against sneakier security threats.

  2. Keep software and operating systems up-to-date.

    updates-guide

    Keep your operating system and apps up to date. Whenever an update is released for your device, download and install it right away. These updates often include security fixes, vulnerability patches, and other necessary maintenance.

  3. Be careful when installing programs and apps.

    install guide

    Pay close attention to installation screens and license agreements when installing software. Custom or advanced installation options will often disclose any third-party software that is also being installed. Take great care in every stage of the process and make sure you know what it is you're agreeing to before you click "Next."

  4. Install an ad blocker.

    Ad Blocker

    Use a browser-based content blocker, like AdGuard. Content blockers help stop malicious ads, Trojans, phishing, and other undesirable content that an antivirus product alone may not stop.

  5. Be careful what you download.

    Trojan Horse

    A top goal of cybercriminals is to trick you into downloading malware—programs or apps that carry malware or try to steal information. This malware can be disguised as an app: anything from a popular game to something that checks traffic or the weather.

  6. Be alert for people trying to trick you.

    warning sign

    Whether it's your email, phone, messenger, or other applications, always be alert and on guard for someone trying to trick you into clicking on links or replying to messages. Remember that it's easy to spoof phone numbers, so a familiar name or number doesn't make messages more trustworthy.

  7. Back up your data.

    backup sign

    Back up your data frequently and check that your backup data can be restored. You can do this manually on an external HDD/USB stick, or automatically using backup software. This is also the best way to counter ransomware. Never connect the backup drive to a computer if you suspect that the computer is infected with malware.

  8. Choose strong passwords.

    lock sign

    Use strong and unique passwords for each of your accounts. Avoid using personal information or easily guessable words in your passwords. Enable two-factor authentication (2FA) on your accounts whenever possible.

  9. Be careful where you click.

    cursor sign

    Be cautious when clicking on links or downloading attachments from unknown sources. These could potentially contain malware or phishing scams.

  10. Don't use pirated software.

    Shady Guide

    Avoid using Peer-to-Peer (P2P) file-sharing programs, keygens, cracks, and other pirated software that can often compromise your data, privacy, or both.

To avoid potential dangers on the internet, it's important to follow these 10 basic safety rules. By doing so, you can protect yourself from many of the unpleasant surprises that can arise when using the web.

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