EYEWITNESS NEWS (WBRE/WYOU) — Scammers are at it again this time they’re using student loans to steal your hard-earned cash.
Student loans are something experts are comparing to a home mortgage in Pennsylvania.
“I think with the prices of colleges and universities right now, I’m not surprised everyone has to pay student loans. Unless you’re fortunate like me where your parents can afford it or you also get academic scholarships, which I also have you’re bound to pay them,” said Michael Paterson-Jones, student, Wilkes University.
Michael Paterson-Jones attends Wilkes University and he has been fortunate enough to have financial support from his family throughout his college years, but a master’s degree could change some things.
“I’m looking to join the MBA program next year, so I anticipate having some student loans from that,” said Paterson-Jones.
Now that the federal student loan payment pause has been extended to May 1, scammers are trying to tell people they need to pay up now. Experts say knowledge is power.
“Information is key. If you’re in control, you know who your service provider is, you know how much you owe, you know how much your payment is going to be and you have this information. You’re now in control. So when somebody calls you and says well how much do you owe? They should know that,” Paterson-Jones explained.
Here are a few things experts say you should look out for:
- First, if they require you to pay up-front or monthly fees for help.
- Second, if they promise immediate and total loan forgiveness.
- Third, if they ask for your FASFA ID username and password.
These are just a few tips to keep you and your finances safe.
For more key tips on what you should be looking out for when it comes to possible student loan scams, you can visit Studentaid.Gov.