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Experts warn of rising student loan scams

SPRINGFIELD, Mo. (KY3) — With student loan repayments on hold until the end of August, this has opened doors for scammers.

People may not know when or what to pay. This confusion is what scammers seek to take advantage of.

Emily Stout was the victim of one of these student loan scams. His biggest advice to others is to do a lot of research on a company before going into business with them.

“The material was so appealing that ‘we can help you reconfigure your loan for a lower monthly payment,'” Stout says. “Who is not trying to save money. Or a hundred. It’s the only thing that really hooked me. »

Stout was scammed over $500.

“It seemed extremely legit,” Stout says. “They were even calling every few months just to make sure everything was okay or good, we have this new level of reimbursement that you might be eligible for.”

Stout says she tried sending several emails to the company, but they kept bouncing back. That’s what raised red flags for her. Stout says that because of this, she keeps a copy of all the times the scammers try to contact her.

“If this continued, I’m sure my loan would never have sent them anything and I would have lost a lot more money,” Stout says.

CTA Vice-Chancellor for Student Affairs Joan Barrett said while deferred student loan repayments are helpful, they can be confusing. This is where scammers take advantage of people.

“Never offer anything personal about your information,” Barrett says. “If something was really an authority to contact you, they would have all this information. You do not need to assert this information.

Cybersecurity expert Shannon McMurtrey says you should never click on a link in an email or text message. Instead, McMurtrey says you should always go to the official site yourself.

“It just plays on your sense of urgency,” McMurtrey says. “It plays on your emotions. Tries to make you act quickly and without thinking.

McMurtrey says if you get a phone call, ask to call back and use the official customer service number.

“It’s very easy to spoof any phone number so they can actually use Chase’s phone number and call you from that bank and you can be a Chase customer and think it’s legit” , says McMurtrey. “Again, don’t share anything they ask for information. Don’t share that information.

If you give information, McMurtrey advises calling credit reporting agencies to freeze your credit. McMurtrey says that this way scammers are not able to open accounts pretending to be you.

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