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Home Ask Student Aid FAQ How Do I Spot a Student Loan Scam

How Do I Spot a Student Loan Scam

There are some distinct methods student loan scammers use:

  • They ask you to pay up-front fees.
  • They charge monthly fees which are not part of your loan repayment.
  • They promise you immediate, or some sort of loan forgiveness.
  • They ask for you to share your FSA ID username and/or password.
  • They ask you to sign and submit written agreements or contracts to give them permission to make decisions on your loan.
  • They ask you to allow them access to your personal accounts (e.g., bank accounts).
  • They claim that the offer they have is limited.
  • They have spelling or grammatical errors in their ads, emails, and communications.

If you feel like you have been approached by one of these companies, please contact your loan servicer. For more information please go to https://studentaid.ed.gov/sa/repay-loans/avoiding-loan-scams#free-help.