Americans targeted by alarming surge in student loan scams

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By Stacy M. Brown, NNPA Newswire Amidst the impending resumption of student loan payments in October, scammers are intensifying their efforts to exploit borrowers, with more than 350,000 student-loan-related robocalls reported in the last two weeks alone, according to Transaction Network Services (TNS), a leading authority on identifying robocall scams across various carrier networks. The surge in scams coincides with the conclusion of a pandemic-induced hiatus on loan repayments, implemented in 2020 to provide financial relief to borrowers amidst the public health crisis. The renewal of student loan debt payments also comes in the wake of the Supreme Court’s rejection of President Biden’s proposal to forgive up to $20,000 per borrower, leaving many uncertain about their financial futures. “Scammers seize on chaos and confusion,” John Haraburda, a robocall data expert at TNS, told CBS News. “Right now, you have a lot of activity with the new White House student loan plan, loan payments set to resume in October and the start of the school year.” He emphasized the importance of skepticism, advising consumers to operate under the assumption that “when something sounds too good to be true, it is.” Reports from TNS transcripts reveal that scammers often initiate contact by...