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Category: Fraud Prevention

3 Tips to Avoid Student Loan Payment Scams

After a 3-year pause, students must begin repaying loans. Fraudsters hope to use the confusion to take advantage of the unsuspecting.

By Doug Segrest | October 11, 2023

For those who are due student loan payments, it’s a confusing time.

And for scammers, it’s the perfect opportunity to take advantage through bogus offers and fraudulent schemes sent via mail, email, texts and phone calls.

“Offers may look legitimate,” said Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank. “They may sound like the real thing. But keep in mind that scammers are trying to take advantage of your frustration and confusion to steal from you. Your best defense is to remain cautious and protect your personal information.”

Kimberly Reece of the Regions Fraud Strategy Customer Experience team added the return of student loan payments can cause more than an impact on budgets.

“After so much uncertainty over student loans, resolving matters and getting back on track can be filled with anxiety,” Reece said. “Thankfully, there are legitimate, helpful resources out there. Just be wary of information that arrives unsolicited.”

Remember, where there’s money and anxiety, there are people seeking to take advantage. Student loan payment scams are no different.

The best way to prepare yourself is to be aware of basic steps scammers will take to gain your trust:

  • Don’t look for outside offers for help. Scammers send electronic communications, offering immediate help repaying loans through an application process. For example, a text with a link that, when clicked, requests personal information.
  • Websites offering help in return for information, such as account numbers, credit card information, digital wallet address or person-to-person money accounts.
  • Scammers may call posing as representatives of financial institutions, then request information to being the repayment process.

 

“People know they have to repay their loans,” Taylor said. “Don’t wait for someone to save you. Initiate the payments yourself using people and institutions you trust.”

Here are some helpful tips to resume the student loan payment process: Go to the official government website (studentaid.gov). Once there, you can learn about the “Save Plan” and get instant help by chatting with a virtual assistant. If you’re having trouble making the payments, contact your loan servicer directly. In addition, banks like Regions have resources to help you move forward with confidence. The Regions site also offers support available at Regions.com.

 

Related Articles from Doing More Today

  • Remember: #BanksNeverAskThat
  • Protecting Yourself From Scams after Disaster Strikes
  • A Back-to-School Scam Primer
  • 8 Steps to Protect Yourself from Imposter Scams

 

The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.
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