American Student Loan Consolidation Scam
Unfortunately, these days, our senior citizens are not the only ages that are being involved in scams. The scammers are changing their modus operandi (MO) and are targeting the young adults who finish college and have a lot of student debt. Hence, this is where the student loan debt scam comes into play.
These young individuals may be looking for ways to reduce or consolidate their loans, the scammers have found they can prey on this group.
As always, if an offer sounds too good to be true, it probably is. Here are some red flags, if a company needs money up front or wants your personal info, don’t respond unless you are absolutely positive this is a legit company.
Groups That Are Vulnerable
This group of young adults has become just as vulnerable as senior citizens, they are just entering this ole grown up world and are still learning the rules of the land.
The reason these individuals have become instant targets is the student debts have soared nationwide. This student debt is more than car loans and has become America’s largest consumer debt. This debt has reached $1.3 trillion last year, facts from the Federal Reserve Board of Governors.
Don’t be conned by hearing all the hype about lowering payments and consolidating loans, even experienced consumers have fallen for this before, so beware. Don’t get involved in this student loan consolidation scam! We do understand the abundance of financial stress on college students.
For example: Let’s say Sally is 23, and graduated from the University of Florida in May. She has a degree in child development and close to $20,000 in those student loans. I know this sounds like a lot of money but believe it or not, it is a lot less than some of her classmates. Sally has been looking for any way to reduce her $180 a month student debt loan payment.
Of course, she saw the abundance of email offers and Internet offers that are definitely too good to be true. One place’s first question was what is your Social Security number, another wanted $500 up front. Sally just hung up, these seemed like strange questions early in the conversation and knew this was probably one of the college loan scams.
The bad part is Sally said the person on the other end of the phone sounded very professional and told her that the Social Security number was needed to access her loan amounts. When she told them she would give them her loan account numbers instead, they immediately told her no, she ended the call.