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BBB: New college grads often the target of scammers | Advice

Loan Scams

BBB: New college grads often the target of scammers | Advice


This year’s class of college graduates are getting ready to start their new lives! It’s a big transition that includes several important changes. Grads may be moving to a new city, finding a new place to live or searching for a new job. Graduation also often means new financial responsibilities, such as starting payments on student loans.

“First year college students are exposed to all kinds of new possibilities,” Mechele Agbayani Mills, President and CEO of BBB Serving Central East Texas said. “Unfortunately, this also makes them vulnerable to scam artists who make attempts to take advantage of their inexperience”

The following tips can help new grads avoid common scams.

Know the terms of your student loans

One of the most common ways scammers target college graduates is with fake loan forgiveness opportunities. You may receive an unsolicited email, phone call or text message stating that you can qualify for lowered payments through a debt forgiveness program. To use the company’s services, just fill out a form and pay a fee. Some of these companies are real, but they pitch their services with false claims and incomplete information. Other companies are fakes, only hoping to get their hands on your personal information and money.

Scammers may also contact college grads regarding student loan repayment hiatus in response to COVID-19….

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