Scammers are taking advantage of student loan debt.  

If you think you can get your student loans forgiven quickly and easily, it’s most likely a scam. 

Jenn Love with the Better Business Bureau of Acadiana says, “So what they’re doing is that they’re reaching out and they’re saying hey we can actually lower your payment or we’ll consolidate all of your loans. They’re asking for a minimal fee and then they’re going to contact your lender directly and go from there.”  

Scammers are taking advantage of student loan debt affecting more than 42 million Americans.  

“The FTC has settled with two companies. It’s called Strategic Student Solutions and the Bloom Law Group. They actually both have an F rating with the BBB,” Love adds.  

This student debt relief company and law firm are not the only ones trying to scam students by promising to forgive their loan debt.  

Love says, “These companies will actually send out emails and they’ll promise to lower your payments or consolidate all your debt into one.” 

These scammers also falsely promise to improve credit scores.  

“If you consolidate all your debt into one loan and you’re paying one smaller payment towards it, it’s going to help with your credit and that’s how they’ll get into people and that’s their selling point,” Love explains. 

Here’s how you can protect yourself from these student loan scammers: 

Only scammers promise fast loan forgiveness. scammers often pretend to be affiliated with the government. never pay a pee upfront and never share your FSA ID. 

Don’t use a third party. contact your lender directly to see if options are available to you. 

You can’t erase debt. 

The Federal Trade Commission is in the process of two settlements with the two scammers mentioned.

They’re going to collect the money and redistribute it to the people who were scammed. 

If you have a scam you’d like me to investigate, email me at SMasters@klfy.com.