Don't be scammed by the 'Game of Loans'
Student loan scam artists have been at it for awhile now. We issued the alarm more than four years ago. But they continue to lure student loan borrowers with promises of having student loans forgiven and convincing people to pay them for information that is free.
VSAC does this for you. For free. Our financial aid experts walk you through your loan terms; counsel you on repayment plans and much more. Call us or stop in at our Winooski headquarters. You aren’t alone on this.
Three things to remember:
- Never pay a fee for help.
- Keep your FSA ID private.
- Call us if you have questions.
Now the federal government is cracking down on these predatory debt relief companies, too. The Federal Trade Commission, along with 11 states and the District of Columbia, have announced “Operation Game of Loans,” the first coordinated federal-state law enforcement initiative targeting deceptive student loan debt relief scams. This nationwide crackdown encompasses 36 actions by the FTC and state attorneys general against scammers alleged to have used deception and false promises of relief to take more than $95 million in illegal upfront fees from American consumers over the last few years.
Do you have questions about a company that you’ve talked to? Check out the Student Loan Watch List over at NerdWallet.com, where they track companies that charge for fraudulent or questionable debt relief services.
Student loan debt relief scams (Federal Trade Commission)
Don't be fooled: You never have to pay for student loan help (U.S. Dept. of Education)
Avoiding scams (Office of Federal Student Aid)
College students: Don't fall for these scams (Truth in Advertising)
Students on financial aid are being targeted (Washington Post)