ARIZONA NEWS

Arizona AG’s Office warns about student loan scams with payments set to resume

Aug 14, 2023, 2:00 PM

PHOENIX — With student loan repayments beginning soon, Arizona Attorney General Kris Mayes is warning consumers about possible scams.

“It’s important for borrowers to beware that scammers may attempt to take advantage of them,” Mayes said in a press release.

“Knowing the signs of a scam, particularly around debt relief and loan consolidation, can help borrowers avoid being defrauded by bad actors. If borrowers feel they have been scammed, they should file a complaint with the Attorney General’s Office for assistance.”

Mayes said consumers should beware of scam calls, emails, texts and letters.

First, the attorney general advised consumers to update their contact information within their profile on the loan servicer’s website and in the Student Aid profile. Then, the auto-debt enrollment should be reviewed or consumers should sign up for the first time.

Consumers should also be looking into the Loan Simulator to discover a repayment plan that meets their needs or to choose to consolidate their loans.

Finally, borrowers are advised to consider applying for an income-driven repayment plan, which can make payments more affordable, depending on income and family size.

Here are other tips to consider:

  • Do not provide a borrower’s FSA ID to unknown or unsolicited sources.
  • The government won’t request payments through cryptocurrency or gift cards.
  • Be cautious of loan assistance offers that promise fast or immediate debt forgiveness.

If a borrower believes they’ve been a victim of a student loan scam regarding federal student loans, they should contact the U.S. Department of Education or the lender directly to check on the status of the loan. A consumer complaint can also be filed online.

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Arizona AG’s Office warns about student loan scams with payments set to resume