With the recent changes in federal student loan legislation, and a call to erase student debt at large, there has unfortunately been an overwhelming increase in scam calls. At this point in time, any legislation surrounding this proposed forgiveness has yet to be confirmed and the calls you are receiving are most likely fraudulent companies trying to solicit business from you.
Many borrowers (and even those without student loans) are currently 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.
Here are some examples of the false claims made in these communications:
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“Act immediately to qualify for student loan forgiveness before the program is discontinued.”
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“You are now eligible to receive benefits from a recent law that has passed regarding federal student loans, including total forgiveness in some circumstances. Federal student loan programs may change. Please call within 30 days of receiving this notice.”
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“Your loan forgiveness application is not complete. We need a few more details before your forgiveness can be granted."
Typically speaking, your loan servicer will contact you via mail or email before they pick up the phone. If you ever have any question about the calls or messages you are receiving, do not hesitate to contact your loan servicer or Savi before responding. Savi is thoroughly vetted through employers, benefits providers, and membership unions, so we always want to do our part to keep you safe and give you trustworthy information in regard to your student loans.
Here are a few more red flags to look out for when you receive these type of calls:
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The caller does not ask for you specifically or mention your name
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You have to pay to receive help
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The company promises immediate forgiveness or relief
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The caller pressures you into signing up or applying
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You are asked to share sensitive personal information (like banking information, your SSN, or FSA ID/Login)
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They claim to be affiliated with a government agency
Please see this article for more information or to report suspicious activity: https://studentaid.gov/resources/scams