Watch out for student loan scams as collections resume: ‘Scammers see opportunities,' expert says

Amid , and the upcoming , student loan borrowers have quite a lot on their plate.

But while they navigate those circumstances, they should also be aware of .

"Whenever there's uncertainty, which is what we have right now because of the changing policy situation, scammers see opportunities to pounce," Ian Bednowitz, general manager of identity and privacy at LifeLock says. "There's confusion and there's stress, and that means that there's opportunity, unfortunately, for the scammers."

Malicious actors routinely prey on vulnerable people, and that includes individuals who are struggling to make their loan payments or may be facing collections and wage garnishment. A scammer may pose as a debt relief agency or as a loan servicer to lure a student loan borrower into thinking they can get some help, only to find more financial turmoil through a scam.

"It's easy to fall victim to when you are desperate to find forgiveness, find some option [to improve your situation]," Bednowitz says.

Here's what to look out for.

'You have to verify anyone reaching out to you'

Generally speaking, scammers may call, text or email you with some claim to try to get you to engage with them, Bednowitz says. The messaging may say you qualify for loan forgiveness or offer you some kind of repayment assistance, but in reality, responding to the message or clicking a link included could harm you financially. 

"[Scammers] might ask for sensitive information, such as your Federal Student Aid ID, your Social Security Number or account log in," he says. "They can use that information to steal your identity, to hack your accounts."

and its partners — including your loan servicer — will never ask for your FSA password or call you directly to request information. Official emails will come from noreply@studentaid.gov, noreply@debtrelief.studentaid.gov or ed.gov@public.govdelivery.com, . 

Your federal student loans are managed by one or more of the seven contracted servicers, which include Nelnet and Mohela. You can log in to to find yours. Make sure you and how they may contact you to avoid falling for a potential scam. And if an unknown number or email address reaches out to you, do a quick search to see if it matches your servicer or whatever entity it claims to be.

AI is making it even easier for scammers to try to trick you, Bednowitz says. Malicious actors can use AI tools to gather any publicly available information about you and then use it to make you think they are a credible organization or even someone you know. 

"You really have to be wary," Bednowitz says. "Unfortunately, you can't trust. You have to verify anyone reaching out to you no matter what organization they claim to be from."

Alternatively, a scammer may just try to get money out of you up front by offering services like loan consolidation, management or forgiveness and claiming you need to pay a fee, Bednowitz says. But there is no fee to or have your loans discharged through existing programs like or .

Protect yourself from malicious actors

If you're stressed out about paying your student loans or facing challenging decisions like whether to pay your loans or pay your rent, unfortunately that makes you even more susceptible to scams.

"Scammers like to prey on the anxiety that people have," Bednowitz says. They often use urgent language like "act now" or insist an offer is only available for a limited time. Any kind of pressure like that should be a red flag, he says. 

"If you do find yourself in a conversation or a text thread with one of these [fraudulent] companies and you have some questions about it, stop. Take your time. Breathe. Don't give in to the pressure," Bednowitz says.

If you're struggling to manage your student loans, there are free and legitimate services available to help as well as products that may be worth a small investment to help protect your identity. Start by talking to your loan servicer to see what options may be available if you're behind on payments.

Additionally, organizations like The offer free financial counseling to help you get back on track.

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