NASHVILLE, TN (WSMV) - People should be cautious if they receive a call that they have pre-qualified for a student loan forgiveness plan. That’s what the Better Business Bureau of Middle Tennessee is warning students and parents to know about this scheme and how it can impact your wallet.
People should be cautious if they receive a call that they have pre-qualified for a student loan forgiveness plan. That's what the Better Business Bureau of Middle Tennessee is warning students and parents to know about this scheme and how it can impact your wallet. It starts with a call you don't recognize, followed by a voicemail.
"Good news for you. You've been pre-qualified for the student loan forgiveness program," the message said. "It's really important that we speak to you as soon as possible before these programs change."
"Anytime there's something going on in the news, it's an invitation for the bad guys to create a new scam," President and CEO of the BBB of Middle Tennessee and Southern Kentucky Robyn Householder said.
Householder said scammers are taking advantage of President Biden's push to help Americans with student loans.
"Because we're seeing a lot of information out there from the federal government on loan forgiveness, they are now targeting our students," Householder said.
News4 obtained several voicemails from various student loan robocalls and got an automated message. When we called one back, the message asked us several questions about our income and if we're still in college. We had to wait several minutes for someone to come to the phone, and no one did.
"They just want your money. They want you to pay them a fee to waive your loans, and then you're never going to hear from them again," Householder said.
Householder explained people should know their student loan lender to prevent from becoming a victim of a scam.
"If they're asking you for information, they're not legitimately your lender," Householder said. "Cause they already have your name. They already have your social security number. They already know what your balance is."
Authorities advised people to never pay a fee upfront for help. They should report these numbers to BBB Scam Tracker and The Federal Trade Commission. Thankfully some people did. News 4 called another alleged student loan robocall and received the following message.
"The number you have dialed is being investigated for unlawful use of other fraudulent activity."
It shows that authorities can stop some of these calls if reported to the police.
For more information on student loan forgiveness scams, click here.