Threat of Student Loan Scams Resurfaces as End of Payment Pause Nears

Millions of borrowers are preparing forthe pause on student loan payments to endin October.

“This massive repayment start date presents just such an occasion.”

“Scammers follow the news and tailor their scams accordingly,” BeenVerifiedsaid in a release.

(Even the monthly amounts inincome-driven payment plansare set by federal law.)

Some scammers pose as loan servicers and demand payment on past-due amounts.

They may even have gleaned details about your loans from a credit report.

In addition, never share yourFederal Student Aid IDor other log-in details.

If you have questions or concerns about your loan,contact your loan servicer directly.

There arefive companiesthat manage most federal student loans, the largest of which is Nelnet.

you could also utilize online resources provided by theDepartment of EducationandFSA.