Outsmart Student Loan Scams: Your Guide to Top Do’s and Don’ts

Now that student loan repayments have resumed, scammers are targeting those with student loans with deceptive tactics. Promises of instant loan forgiveness or urgent repayment demands can sound convincing, especially when you're already overwhelmed. But falling for a scam can lead to financial loss, identity theft, and delays in getting real help. At Summer, we want to help you protect yourself. Here's a quick list of what to do and what to avoid so you can stay safe and focused on your financial goals.

• DON'T pay anyone who contacts you with promises of debt relief or loan forgiveness. You will not need to pay anyone for help enrolling in federal repayment programs. 
• DON'T reveal your FSA ID or password to anyone who contacts you. Summer, your city, the Department of Education, and your federal student loan servicer will never call or email you asking for this information.
• DON'T ever give personal or financial information to an unfamiliar caller. When in doubt, hang up and call your student loan servicer directly. You can find your federal student loan servicer's contact information here.
• DON'T refinance your federal student loans unless you know the risks. If you refinance federal student loans into a private loan, you will lose out on important benefits like flexible payment plans and forgiveness options for federal loans.

• DO create an FSA ID at StudentAid.gov. Having an FSA ID can allow you to easily access accurate information on your loan and make sure FSA can contact you directly, helping you equip yourself against scammers trying to contact you. Log in to your current account on StudentAid.gov and keep your contact info up to date. If you need help logging in follow these tips on accessing your account.
• DO make sure your loan servicer has your most current contact information. If you don't know who your servicer is, you can log into StudentAid.gov and see your servicer(s) in your account.
• DO report scammers to the Federal Trade Commission by visiting reportfraud.ftc.gov.
• DO read more about preventing scams here. 

For more resources and support navigating your loans safely, Summer is here to help. Learn more at meetsummer.com/for-individuals.