The latest scam attempts to convince you that there are new rules and that you need to act now. This is just the latest in a bunch of scam attempts that are similar to credit card interest rate scams.
They typically promise unrealistic amounts of loan forgiveness, fast ways to get loan forgiveness, try to get your FSA ID or other personal information and try to rush you into paying them immediately.
Many times, they will use the U.S. Department of Education’s name and seal to give it legitimacy.
If you are tempted by the student loan promises, you should hang up. The companies or scammers behind the student loan pitches claim to have special abilities, but they can't do anything for you that you can't do for yourself — for free. They will likely demand an up-front fee, which is illegal in Michigan if the fee is greater than $50. Additional rules can be found in Michigan’s Debt Management Act Up-front fees for debt relief are illegal under the Federal Trade Commission’s Telemarketing Sales Rules.
Be skeptical of any unsolicited robocalls, including seemingly legitimate student loan forgiveness calls, especially if your phone number is on the Do Not Call Registry. Never give your personal, financial information or FSA ID over the phone unless you initiate the call to a trusted and verified phone number. Consider it a best practice to hang up and ignore these robocalls. Looking for help? Start with the Federal Student Aid website.