This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.
Acknowledge

Matadors Community Credit Union may collect the following information from users of our website. To see how this information is used, click here to go to our privacy page. Information we may collect: IP address, browsing history, search history, products and services considered, geolocation data, and information about your interaction with our website, application or advertisement. If you complete an online form, we may also collect your name, e-mail address, physical address or phone number that you provide to us.

Important Branch Changes Notice: Our newly remodeled Chatsworth Branch, ATM, and Drive-up Teller Windows have re-opened! The Chatsworth Branch is located at 20045 Prairie Street, Chatsworth, CA 91311.

Our Northridge Branch and Express Drop are closed until further notice. The Northridge ATM will remain open and is located at 9401 Reseda Boulevard, Northridge, CA 91324. 

Our Branch and Call Center hours are Monday - Friday: 9:00 am - 5:00 pm. 

 Matadors Community CU Go to main content
Lock ONLINE BANKING LOGIN
Lock ONLINE BANKING LOGIN

Enroll

Watch out for Student Loan Scams
Watch out for Student Loan Scams3/5/2019

piggy bank with student loan written on it with black markerScammers will try anything to fool college students into parting with their money. Don’t get hooked! Here’s what you need to know about three popular student loan scams.

1.) Student loan forgiveness scam

In this scam, a student loan debt company will contact you offering to forgive your student loan for a fee.

Sounds like a dream? Unfortunately, it’s more like a nightmare. No student loan company would completely forgive your loan, even for a fee. You’ve just been targeted by a scam.

This scam attempts authenticity by sounding like Public Service Loan Forgiveness, a legitimate federal government program for public servants with federal student loans. If you fall for the scam, you’ll still need to pay off your loan, plus you’ll lose the money you shelled out for the “fee.”

2) Student loan consolidation scam

In this scenario, a student loan company will promise to consolidate your loans and lower your monthly payments, all for a fee.

Here’s your clue that this is a scam: Though some institutions can refinance student loans, only the federal government has the power to consolidate it. And they’ll do it for free.

If you’re looking to consolidate your student loans, check out Studentloans.gov.

3.) Student loan tax scam

In this con, a scammer will spoof the IRS’s toll-free number, claiming the student owes thousands of dollars for a “federal student loan tax.” The scammer will demand immediate payment upon threat of arrest or a lawsuit. They’ll also insist on a specific method of payment, like a wire transfer.

Here’s the deal on this scam: The “federal student loan tax” does not exist. Also, the IRS will never contact you by phone without first notifying you via mail, and they won’t demand payment over the phone or insist on a specific payment method.

If you’re targeted

If you’re targeted by a student loan scam, don’t engage with the scammer. Hang up as soon as you recognize it and delete any suspicious emails that land in your inbox.

Next, bring the scam to the attention of the authorities. File a complaint with the FTC, alert local law enforcement agencies and report any tax-related scams at IRS.gov.

 

Sallie Mae® Student Loans at MCCU

If you are looking for additional student loan help to pay for college, MCCU offers Sallie Mae® student loans for undergraduate and graduate students.

Finally, be sure to warn your friends about a circulating scam by sharing this post with them.



« Return to "Matadors Money Matters Blog"
Share: Share on Facebook: Watch out for Student Loan Scams Share on Twitter: Watch out for Student Loan Scams
Comments
No comments have been posted yet.
Post Comment

(Only last initial will display on comment)

(Not displayed on Comment)




Security Code:
What's this?
Go to main navigation