After being paused for more than three years during the COVID-19 pandemic, and then extended eight times, federal student loan payments restarted in October 2023. This lift of government assistance during a difficult economic time means scammers have yet another opportunity to mislead student loan borrowers.

As borrowers may be concerned with repaying their now higher loan bill each month, fraudsters posing as employees of the U.S. Department of Education may offer “assistance” – for a price – including lowering the monthly payment amount, skipping a payment or getting loans forgiven. These phony propositions are a ploy to steal your money, information and identity.

Here’s how you can spot a scam:  

  • Are you receiving calls or texts promising special access to loan forgiveness? This does not exist. You can log into your student loan account to review your debt relief and repayment options. If someone is promising something, especially for a fee, it is likely a scam.
  • Did they ask for your FSA ID login information? Legitimate organizations will not ask for this information. Fraudsters ask for it with a goal of cutting contact between borrowers and their loan servicers, and even stealing your identity.

Be sure your contact information is up to date with the Federal Student Aid office and your loan services to get updates about repayment plans.

If you feel like you are caught up in a too-good-to-be-true scenario, slow down, hang up or stop texting, and review the information on StudentAid.gov/Repay. Then, report your experience to the Federal Trade Commission at ReportFraud.ftc.gov.

Monitor our Security page for more current scams to be aware of.