Student loan scams are unfortunately very common. If you needed help and handed over your money or personal information to a fraudulent company, here’s what you should do next: Contact your servicer immediately. Call your servicer right away if you think your information has been compromised.
One may also ask, can I go to jail for not paying a student loan?
Can You Go to Jail for Not Paying Student Loan Debt? You can’t be arrested or sentenced to time behind bars for not paying student loan debt because student loans are considered “civil” debts. This type of debt includes credit card debt and medical bills, and can’t result in an arrest or jail sentence.
Similarly, do student loans call you?
Identify a Student Loan Scam. Borrowers have reported receiving phone calls, emails, letters, and/or texts offering them relief from their federal student loans or warning them that student loan forgiveness programs would end soon.
Do student loans go away after 7 years?
Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.
What happens if you answer a spam call?
If you receive a spam robocall, the best thing to do is not answer. If you answer the call, your number is considered ‘good’ by the scammers, even if you don’t necessarily fall for the scam. They will try again because they know someone on the other side is a potential victim of fraud.
What is the student loan forgiveness scam?
There’s nothing a student loan debt relief company can do that you can’t do yourself, especially with the help of your loan servicer. If you’re having a hard time making your monthly payments, your loan servicer can work with you to switch to a more affordable repayment plan at any time, at no additional cost to you.
Why do I keep getting calls about my student loans?
Many borrowers receive a call from an unknown number with a promise to help them repay their student loans. You only need to provide some personal information and pay an upfront fee. … Many debt relief companies charge a fee when providing services that you can do yourself for free by contacting your loan servicer.