Post by AmeliaBloomer on Feb 19, 2017 14:42:00 GMT
I listened to a distressing piece on public radio a couple days ago.
People are getting contacted and told that they are eligible for "loan consolidation" or the "Obama college loan forgiveness program." Problem: there IS no such program. Young people are jumping at the opportunity and getting fleeced.
They described a situation where a woman with a PhD had been making loan payments for ten years and only had $5000 debt remaining. She fell for the Obama-loan-forgiveness line, the scammer claimed they had renegotiated her debt (for a $500 fee), she paid THEM $39 per month for two years, and thought she was done.
Turns out the scammers made off with her money, and they had changed her contact information with the lender so she received none of the notices that she was in arrears.
With late fees, she ended up owing $10,000 - in addition to what she had paid the scammers.
People are getting contacted and told that they are eligible for "loan consolidation" or the "Obama college loan forgiveness program." Problem: there IS no such program. Young people are jumping at the opportunity and getting fleeced.
They described a situation where a woman with a PhD had been making loan payments for ten years and only had $5000 debt remaining. She fell for the Obama-loan-forgiveness line, the scammer claimed they had renegotiated her debt (for a $500 fee), she paid THEM $39 per month for two years, and thought she was done.
Turns out the scammers made off with her money, and they had changed her contact information with the lender so she received none of the notices that she was in arrears.
With late fees, she ended up owing $10,000 - in addition to what she had paid the scammers.
