Pennsylvania Agency Issues Warning on Deceptive Scheme Targeting College Financial Aid Applicants

A warning has been issued by a Pennsylvania agency regarding the deceptive scheme that targets individuals applying for college financial aid.

Warning on Deceptive Scheme Targeting College Financial Aid Applicants

The Pennsylvania Higher Education Association Agency has issued a warning to borrowers, urging them to exercise caution due to a recent surge in deceptive financial assistance schemes. The government highlights that these scams carry a substantial risk of identity theft and grave financial repercussions for individuals seeking college financial aid.

People looking for financial assistance should use caution when interacting with organizations that claim to be connected to their loan source, require upfront payments, or demand the execution of a power of attorney.

According to a recent analysis, PHEAA revealed that scammers were able to steal $5 billion from Americans last year through schemes involving student loans. To target borrowers, these dishonest individuals use a variety of contact methods, including social media, text messages, emails, and phone calls.

Read also: Democrats Announce 0% Interest Rates For All 44 Million Americans With Student Loans!

Warning on Deceptive Scheme Targeting College Financial Aid Applicants – Photo by: (CoinDesk)

PHEAA Warning for Individuals regarding the Deceptive Scheme

PHEAA warns that scammers are adept at masquerading as government officials and may create deceptive government websites and logos to deceive unsuspecting victims.

Borrowers are advised to visit the U.S. Department of Education’s website, StudentAid.gov, for comprehensive information on available student loan debt relief and repayment options. Furthermore, PHEAA emphasizes that borrowers should never pay for a service that is actually accessible to them at no cost.

Read also: Student Loan Payments Resume: Millions Of Americans Prepare As Interest Charges Kicks In

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