If it sounds too good to be true, it’s probably a scam. It’s important to be aware of the lurking threats to your finances and personal well-being that can be easy to believe over the phone. National Affordable Housing Network (NAHN) wants to share some tips for protecting yourself from these kinds of scams and be an available resource for help. This is the third and final article of our series to educate our readers about scams that have become more prevalent in recent months. This week’s topic is Student Loan Scams.
Student Loan debt is a major financial weight on many people, but your lender is unlikely to call you with an amazing deal to lower your monthly payment. This is the main way that scammers try to get you to send them money instead of paying down your loans.They may try to get you to send them information to take your money with the guise of giving you a deal on your monthly payment. Another strategy is telling you that you have to pay them to change your payment plan to income-based repayment. This is a lie, it is free to switch to income-based repayment.
Similar to our last two articles in the Scam Series, if you receive a call from someone claiming to be your lender or a government entity and they ask for private information (e.g. Social Security Number) or tell you to switch your normal payment method, hang up. Then, call the phone number that you have for your lender or call NAHN and explain the potential scam call that you just received. Your lender and NAHN would be happy to help you discover if it was a potential scam or to verify the information in that call. It is extremely unlikely that your lender or government agency will ask for sensitive information or a change in payment method over the phone with no warning, also it never hurts to be extra cautious.
If you feel like you might be getting tricked, trust your gut and give us a call. NAHN would be happy to help you through these steps at no cost and with no judgement. National Affordable Housing Network is here to help provide you the necessary tools to improve your financial situation at no cost. Our office can be reached at (406) 782-8579 from 9 AM – 5 PM, Monday through Friday. You can also fill out our New Client Intake Form to take part in our other programs, like our free Credit Counseling service.