Through September, there have been nearly 57,000 complaints in general about student loans, according to an FTC spokeswoman. Roughly two-thirds relate to debt relief and include scam attempts, she noted.
It’s open season to begin seeking student-debt relief of $10,000 — or up to $20,000 for Pell Grant recipients — but regulators worry it could also be open season for fraudsters to bilk borrowers out of money.
With the application portal now open, “of course, scammers are on the move — trying to get your money and personal information,” K. Michelle Grajales, an attorney in the FTC’s Division of Financial Practices, wrote in a consumer alert. Lawsuits challenge debt forgiveness To be clear, the path to debt forgiveness is not guaranteed for the controversial plan.
Through September, there have been nearly 57,000 complaints in general about student loans, according to an FTC spokeswoman. Roughly two-thirds of the complaints relate to debt relief and include scam attempts, she noted. That’s already outpacing the roughly 46,000 student-loan complaints the FTC received last year, and the nearly 38,000 complaints it received the year before that.
Do not share the Federal Student Aid identification number with anyone. The FSA identification number is the gateway to a person’s student-loan account. For that matter, do not share bank account and credit-card information, Grajales noted.
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