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SoFi, Telecom Cos. Hit with Class Action Over Alleged Student Loan Forgiveness Robocall Scam

Loan Scams

SoFi, Telecom Cos. Hit with Class Action Over Alleged Student Loan Forgiveness Robocall Scam

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SoFi Lending Corp. and a handful of other companies are behind a scheme whereby federal student loan borrowers are preyed upon via “tens of thousands” of robocalls that use “spoofed” telephone numbers and prerecorded messages, a proposed class action lawsuit alleges.

According to the case, the robocalls at issue feature carefully crafted messages that make it appear as though the companies are calling on behalf of the state and/or federal government to help borrowers obtain loan forgiveness. It’s through these illegal robocalls, the 49-page case claims, that several yet-to-be-identified telemarketing companies have stolen federal student loan borrowers’ voiceprints.

Three other companies named as defendants in the suit—Onvoy, Inteliquent and IP Horizon Communications—helped facilitate the apparent scheme by providing caller ID “spoofing,” voice-over-internet protocol (VoIP) and other robocall services and technologies, the suit alleges.

Also to blame, the lawsuit says, is the Higher Education Loan Authority of the State of Missouri (MOHELA), who, as the servicing agent for SoFi, negligently allowed the so-called fraudster telemarketers to access federal student loan borrower contact information and thereby enabled the targeting of these consumers.

The suit stresses that the alleged robocalls are “purposely designed to trick borrowers” into disclosing their personal, financial and biometric information “that can (and soon very likely will) be…

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