Student loan scams on the rise as October repayment date approaches

foxbusiness.com:

The number of robocalls, scam emails and texts has shot up as the October deadline approaches.

In addition to the pause on payments, student loan interest rates were halted during COVID, but that relief is nearing its end as interest rates kicked back in this month and payments begin again on Oct. 1.

While student loans are racking up interest again, scammers are taking advantage of borrowers. The number of robocalls, scam emails and texts has shot up as the October deadline approaches. 

«If you click on this link, we’ll give you $5,000 for your student loan repayment, and you just have to fill out this application and all of this,» said University of Texas at Austin graduate Kelsey Leffingwell, who was describing an email she received.

«I also have received text messages from people claiming to be random people that would offer me loan repayment of $5,000,» she added.

STUDENT LOAN REPAYMENT MAY FORCE SOME TO TAKE ON MORE DEBT: SURVEY

Recent graduate Kelsey Leffingwell will start making her first student loan payments next month when the COVID-related pause on payments ends. (Fox News / Fox News)

As a 2023 summer graduate, Leffingwell will start making her first-ever student loan payments beginning next month. She is not excited about her extra bills, but she is thankful she has a job to help her make those payments.

«I have a job and I have income. So for a lot of people, it’s easy to fall into those scams when you don’t have money coming in and you really need help,» she said.

Student loan repayment scam calls are on the rise as the pause on payment deadline approaches, according to Transaction Network Services. (Fox News / Fox News)

According to the Federal Trade Commission, people reported losing around $21