From the Better Business Bureau of Central Virginia:

Traditionally, this is the time of year when aspiring graduates are eagerly planning their walk across the stage. Shortly thereafter, the student loan repayment process begins. The Better Business Bureau warns of deceptive scammers and encourages graduates to carefully research trustworthy sources related to federal repayment plans before giving any personal information.

Read the latest on COVID-19 emergency student loan relief.

Watch out for companies promising to reduce debt by lowering payments through enrollment in student loan forgiveness or other programs. They may also falsely promise to apply monthly payments to consumers’ student loans and to improve credit scores- all you have to do is pay a small fee so they can negotiate with the lender on your behalf.

In another version, dishonest collectors claim they can save you money by consolidating your loans if a minimal fee is paid.

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