BBB Warns of Student Loan Scams Against Recent Graduates – KION546

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(KION) As college graduates begin their first job after graduation, many of them will also need to start paying off their student loans. This time, hackers can pose a threat by trying to pay them off.

“I know the old adage: if it’s too good to be true, it probably isn’t true,” said college graduate Justin Atkinson.

This is a harsh reality for the world’s new workforce. Many college graduates have begun the process of paying off loans, but online hackers and fake telemarketers are finding new and innovative ways to get rid of their money.

“At the top of it all are scammers,” said Steve McFarland, CEO of the Better Business Bureau in Los Angeles and Silicon Valley.

Popular social media platforms like Instagram and Facebook now advertise with a minimum cash guarantee on your student loans, but the scary reality is that it doesn’t end there. Emails and calls may also start coming in.

“These are scammers who want to reorganize your debt, reduce it. Give us some money as a reward, and we will take care of it for you and get the lowest possible amount. We may even refuse some of them, just send us a hundred bucks, maybe maybe two hundred bucks and we’ll take care of everything, ”McFarland said.

The Better Business Bureau reports that it has seen an increase in fraud over the past five years. The good news is that sites like ftc.gov have your back to make sure the loans are legal.

“This is what is very discouraging for a college graduate and graduate student. Seeing something like this would really impact the bank, ”Atkinson said.

If you or someone you know has been the victim of a student loan scam, you can file a complaint with your local Better Business Bureau.

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