{"id":7423,"date":"2026-05-29T08:30:00","date_gmt":"2026-05-29T13:30:00","guid":{"rendered":"https:\/\/stpaulfcu.org\/?post_type=education&#038;p=7423"},"modified":"2026-05-29T08:50:30","modified_gmt":"2026-05-29T13:50:30","slug":"student-loan-scams","status":"publish","type":"education","link":"https:\/\/stpaulfcu.org\/education\/student-loan-scams\/","title":{"rendered":"Student Loan Scams"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">College students, take note! If keeping up with coursework, acing exams, and scrambling to meet deadlines weren\u2019t enough, you now have something else to worry about. Student loan scams.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Student loan scams are on the rise. Scammers know you\u2019re stressed about owing tens of thousands of dollars. They\u2019re eager to dupe you with an \u201ceasy\u201d (but bogus!) way to get debt-free. Alternatively, they might falsely claim you owe the feds taxes on your debt. If you\u2019re already stressed about your student loans, that makes you an easy target.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Don\u2019t get scammed! All it takes is a lack of knowledge and a small blunder to be out thousands of dollars. Here\u2019s what you need to know about the three most popular student loan scams.<\/p>\n\n\n\n<h2 id=\"h-1-student-loan-forgiveness-scam\" class=\"wp-block-heading\"><strong>1. Student loan forgiveness scam<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In this scam, a student loan debt company reaches out, offering to completely forgive your student loan. For a relatively small fee, of course. Your student loan, gone? Sounds like a dream! Unfortunately, it\u2019s more like a nightmare. No student loan company would completely forgive your loan, even for a fee. The company is likely bogus and you\u2019ve been targeted for a scam.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This scam attempts authenticity by mimicking Public Service Loan Forgiveness, a legitimate federal government program for public servants with federal student loans. They may even claim to be connected to the U.S. Department of Education.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you fall for the scam, you\u2019ll still need to pay off your loan, plus you\u2019ll lose the money you shelled out. If you\u2019re looking for student loan debt relief for your federal student loan, consider enrolling in a no-cost student loan repayment plan through the federal government. You might be eligible for student loan forgiveness after 20-25 years. Unfortunately, there is no other way for a student loan to be dismissed.&nbsp;<\/p>\n\n\n\n<h2 id=\"h-2-student-loan-consolidation-scam\" class=\"wp-block-heading\"><strong>2. Student loan consolidation scam<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Similar to the above scam, a student loan company will contact you promising to consolidate your loan and lower your monthly payments, all for a modest fee. While many institutions can refinance student loan debt, the federal government is the only entity with the power to consolidate it, and they won\u2019t charge a fee for this service. If you\u2019re looking to consolidate your student loans, check out <a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">studentaid.gov<\/a> or call 1-800-557-7394.<\/p>\n\n\n\n<h2 id=\"h-3-student-loan-tax-scam\" class=\"wp-block-heading\"><strong>3. Student loan tax scam<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In this con, a scammer will spoof the IRS toll-free number and call a college student, claiming they owe thousands of dollars for a \u201cfederal student loan tax.\u201d The scammer will demand immediate payment, threatening arrest or a lawsuit. They\u2019ll also request specific forms of payment, like a wire transfer or prepaid debit card.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The \u201cstudent loan tax\u201d doesn\u2019t exist. Plus, the IRS will never reach out to you by phone without first notifying you via snail mail, nor will they demand payment over the phone or insist on a specific payment method.&nbsp;<\/p>\n\n\n\n<h2 id=\"h-if-you-re-targeted\" class=\"wp-block-heading\"><strong>If you\u2019re targeted<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re targeted by a student loan scam, it\u2019s crucial you don\u2019t engage with the scammer. Hang up as soon as you recognize a scam and delete any suspicious emails about your student loan that land in your inbox.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s equally important for you to report the scam to the authorities. You can file a complaint with the FTC at <a href=\"https:\/\/www.ftc.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">ftc.gov<\/a>, alert the local law enforcement agencies, and report any tax-related scams to the IRS at 1-800-829-1040 or at <a href=\"https:\/\/www.irs.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">IRS.gov<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>College students, take note! If keeping up with coursework, acing exams, and scrambling to meet deadlines weren\u2019t enough, you now have something else to worry about. Student loan scams. Student loan scams are on the rise. Scammers know you\u2019re stressed about owing tens of thousands of dollars. They\u2019re eager to dupe you with an \u201ceasy\u201d [&hellip;]<\/p>\n","protected":false},"featured_media":7424,"template":"","education-category":[194],"class_list":["post-7423","education","type-education","status-publish","has-post-thumbnail","hentry","education-category-tips-resources"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Student Loan Scams - St. Paul Federal Credit Union<\/title>\n<meta name=\"description\" content=\"College students, take note! 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