BBB warns of student loan forgiveness scams in Ohio, offers tips to avoid

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(WJW) — Fraudsters continue to do their best to trick people out of their hard-earned money during the time of coronavirus with a new scam involving student loan forgiveness, the Better Business Bureau (BBB) is warning.

The scam, which has been reported across the country, has reached Ohio, the BBB told FOX 8, with one case recently reported in Summit County. According to the BBB, a scammer will call a potential victim saying they are eligible for a certain program.

If you receive a call in regards to student loan forgiveness, the BBB offers the following tips with how to proceed:

  • Time to take a breath. If something is a “limited time offer” it’s likely not real. In general, know you should never have to act immediately.
  • Does it seem too good to be true? Go ahead an be skeptical. Just because someone has info about your student loan doesn’t mean they obtained it legally.
  • Make sure the company is real. Do your own research.
  • Also research the name of the program being offered to you. Programs with names such as “CARES Act loan forgiveness” or the “Biden forgiveness program,” are fake, no matter how real they may seem.
  • If you receive an email about a student loan forgiveness program, is the email a .gov?
  • Always proceed carefully if anyone is asking for sensitive information over the phone. Feel free to always hang up if something seems fishy.

But what happens if you’re afraid you’ve already been scammed? Here’s how the BBB recommends you proceed:

  • Call your bank to stop the payment and close the account.
  • Call your student loan provider to alert them of the situation.
  • Continuously check your credit report for any suspicious activity. If necessary, you may need to freeze your credit.
  • Let the authorities know. Whether that’s the BBB, the Federal Trade Commission or the Ohio Attorney General’s Office.

Find out more about official and legitimate ways to qualify for student loan forgiveness right here.

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