The DC Department of Insurance, Securities and Banking (DISB) cautions residents to be on guard against student loan scams. Student loan scams usually start with an email or text from the scammer like this one:
“Hello, this is (fake name) on behalf of the student loan debt department. We tried to contact you at your home but have not heard back. Your student loans have been marked as eligible for forgiveness under the new 2024 guidelines. Your case number is #12345, and your file will remain open in our system for only one more day. Please give our dedicated eligibility line a call at (fake number). Thank you so much, and we hope to hear from you soon, (fake name and email).”
AVOID STUDENT LOAN SCAMS
- The “Student Loan Department” is not real. The U.S. Department of Education does not list a Student Loan Department on its website. The office that manages student loans is the Federal Student Aid Office.
- Legitimate email addresses that are associated with the U.S. Department of Education or its student loan servicers are limited to: [email protected], [email protected] and [email protected].
- Be sure the address provided is a U.S. Department of Education address.
- A marketing firm would not be responsible for managing student debt relief.
- Watch for errors, grammar, urgency, and aggressive language in the email.
- Never give your FSA ID to anyone you do not know.
- Never click on the link provided. Locate legitimate contact information for the U.S. Department of Education by visiting their website directly.
REPORT FRAUD
If you believe you have been the victim of a student loan scam or other financial fraud, contact the DISB Enforcement and Consumer Protection Division at 202.727.8000. You may also file a report with the Federal Trade Commission (FTC) at reportfraud.ftc.gov or call the FTC Consumer Response Center at 877.382.4357.
ABOUT DISB
The mission of the Department of Insurance, Securities, and Banking (DISB) is three-fold: (1) cultivate a regulatory environment that protects consumers, attracts and retains financial services firms to the District; (2) empower and educate residents on financial matters; and (3) provide financing for District small businesses