ORLANDO, Fla. – In 2022, President Joe Biden introduced a plan to relieve thousands of dollars in student debt for low- to middle-income borrowers.
However, the plan faced several challenges, leading to confusion among student loan borrowers.
Scammers have exploited this uncertainty, promising loan forgiveness in exchange for fees or personal information.
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Danny Jenkins, a cybersecurity expert with ThreatLocker, warns that scammers are frequently using student loans as a gateway to steal personal information and money.
“It’s much easier to trick someone,” Jenkins explains. “You don’t need to trick everyone, just one in 100 people you speak to.”
Scammers often use urgent language in messages, urging recipients to “call now” or reminding them that the “suspension of student loan repayment ends soon.”
According to the Department of Education, these phrases are immediate red flags.
The department assures borrowers that participation in the loan forgiveness program is always free, and it will never use urgent messaging or request fees.
Hackers have also found ways to bypass email filters, often using special text features to prevent messages from going directly to spam.
Jeremy Fuchs of Checkpoint reveals their software detected over 7,500 of these phishing emails targeting student loan holders in recent weeks.
He advises borrowers to be wary of language that creates urgency, as it is a common tactic used to push quick decisions.
Remember, don’t fall for the scheme, don’t get ripped off, but if you, do email me at lbolden@wkmg.com.
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