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Home Press Releases Student Loan Industry Participants Launch Campaign to Warn Consumers About Student Loan Scams

Student Loan Industry Participants Launch Campaign to Warn Consumers About Student Loan Scams

Photo of Elaine Rubin
By Elaine Rubin
April 1, 2021
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Las Vegas, NV (April 1, 2021) – Multiple student loan industry participants and advocacy organizations are using April Fool’s Day to warn consumers about a very serious trend – the rise of student loan scams.

#DontBeFooled is a national public education campaign designed to raise awareness and protect consumers against student debt relief scams. A consortium of student loan advocacy agencies, policy makers and other stakeholders are launching this public education campaign in response to a recent uptick in scam activity. The campaign will also help consumers learn what to do if victimized by such scams and how to report illegal activity to the Federal Trade Commission.

The recent economic impact of COVID-19 has left millions of struggling student loan borrowers, in particular groups that traditionally experience high levels of scam activity, including first time student families and borrowers, vulnerable to scams and misinformation through questionable private entities. “Every year thousands of struggling borrowers are lured by questionable companies who promise student debt relief, forgiveness or lower payments for a fee, when in fact, at best, they are charging thousands of dollars to enroll consumers in programs that are free and easy to access.” says Betsy Mayotte, President and Founder of The Institute of Student Loan Advisors. “Edvisors stands committed to help students and families stay informed with the information they need to know.” says Anita Thomas, Chief Marketing Officer of Edvisors. “We are proud to participate with The Institute of Student Loan Advisors and other industry organizations to get this message out.”

While these scams are not new, a more recent tactic has been to promise consumers they will be qualified for the “Biden loan forgiveness”, which at this time does not exist. They also infer partnerships with the borrower’s servicer or the U.S. Department of Education and make it appear that if the consumer does not act right away, the opportunity for loan forgiveness or a lower payment option will disappear, none of which is true. Consumers should know that a legitimate servicer or the government will never call them offering loan forgiveness.

Consumers can report student debt relief scams to the Federal Trade Commission.

Participants in the #DontBeFooled campaign include: Office of Senator Elizabeth Warren ,the office of Massachusetts Attorney General Maura Healy, the Vermont Student Assistance Corporation, AccessLex, the Office of Massachusetts State Representative Natalie Higgins, the National Association of Student Financial Aid Administrators, the Massachusetts Association of Student Financial Aid Administrators, the, Massachusetts State Senator Susan Moran, Massachusetts State House Representative Kathleen LaNatra, TICAS, the Hildreth Foundation, the Student Loan Sherpa, the Student Loan Fund, Massachusetts General Hospital Institute of Health Professions, NerdWallet, Allston/Brighton Community Development Center, National Consumer Law Center; Young Invincibles, the Massachusetts Education Finance Authority, Edvisors, Mapping Your Future, Startnoo, Ascendium Education, Midas Collaborative, Springfield College.

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Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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