Oregon Ag Warns Of Scammers Trying To Profit From Student Loan Forgiveness

Ellen Rosenblum, the attorney general of Oregon, has issued a fresh alert regarding student loan scams.

The White House’s recent announcement on loan forgiveness, the federal student loan payment moratorium that expires on December 31, 2022, and the limited waiver opportunity for the Public Service Loan Forgiveness (PSLF) program are just a few of the exciting recent changes to federal student loan programs that, unfortunately, have led to the emergence of scams.

Here are some crucial suggestions for being safe: Oregon residents should disregard any unsolicited calls, emails, social media messages, or other correspondence from anybody offering to help them refinance their student loans or get their student loans forgiven more quickly. Never accept these unforeseen offers without first making sure they are real. The likelihood is that it isn’t!

Scammers could say things like, “you must apply within the next 24 hours,” or “pre-enrollment for full loan forgiveness.” Don’t be fooled by it!

“Neither the payment stop nor the new loan forgiveness program requires that you pay anyone in order to sign up. Nobody can ensure your eligibility, help you skip the line, or get you inside early. Anyone who claims they can help you or tries to charge you money is a con artist, according to Rosenblum.

Oregon Ag Warns Of Scammers
Oregon Ag Warns Of Scammers

By the time they graduate, the typical Oregon student borrower owes more than $36,091. Oregonians owe more than $18.9 billion in student loan debt collectively.

More than 3,500 residents of Oregon have had their sums forgiven through the Public Service Loan Forgiveness Program alone. With such high numbers, it is understandable how student debt can become a lifetime duty and turn into a lucrative target for scammers.

One of the worst aspects of this kind of scam is that it deters victims from requesting the forgiveness or cancellation to which they are legally entitled. said Lane Thompson, the student loan ombudsman for Oregon.

Added advice: Checking up with your federal loan servicer is a smart idea if you still owe money on student loans. Make sure you know who they are and that they have your most up-to-date contact information. To be informed when the procedure for the recently announced loan forgiveness has started, sign up for Department of Education updates. You can then learn the most recent information regarding the cancellation and pause. Additionally, keep in mind that all government websites finish in “.gov” when it comes time to submit an application for loan forgiveness or PSLF.

When you call the Attorney General’s Consumer Hotline at 1-877-877-9392 and ask to have a complaint form mailed to you, you can also submit a complaint online at www.oregonconsumer.gov if you believe you have been the victim of a student loan fraud.

On the student loan website of the Oregon Department of Consumer and Business Services, Division of Financial Regulation, or by dialing 1-888-877-4894, you can also find out more information on student debt or lodge a complaint against a student loan servicer.

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