Scams Promising To Get Your Student Loans Forgiven or Out of Collections Are on the Rise. How to Spot Them

Getty Image/Zooey Liao/CNET All of the confusion surrounding higher student loan payments and wage garnishment has experts warning borrowers to beware of scammers preying on your desperation. Elaine Rubin, a student loan policy expert, says borrowers should be on high alert for student loan scams offering to lower their payments, get their debt canceled or make sure their wages aren't garnished. "All the noise, the concern and the fear starts to bring about more predatory or scam companies to contact borrowers to offer them an 'easy way out,'" Rubin said. It's always important to stay vigilant and look out for scammers, but student loan borrowers should be even more cautious right now, since the Consumer Financial Protection Bureau has been instructed to "deprioritize" predatory student loan cases. Student loan scam texts, calls and emails aren't new, but reports of these scams have been on the rise since the pandemic. Whenever there are policy changes that lead to confusion, bad ... Read full article.