State Senator Neil Anderson | Illinois General Assembly
State Senator Neil Anderson | Illinois General Assembly
The Illinois Department of Financial and Professional Regulation (IDFPR) has issued a warning to families with college-attending children about an increase in scams targeting student loan borrowers. These scams have emerged following recent challenges to federal relief programs.
Scammers are exploiting the situation by offering lower rates, loan forgiveness, and requesting power-of-attorney from students. The IDFPR advises that immediate action requests are often a red flag. Additionally, claims of affiliation with the government should be treated with caution.
Communication from scammers typically occurs via phone calls, texts, emails, or physical mail.
Individuals who suspect they have been targeted by a student loan scam are encouraged to contact the Illinois Attorney General’s Student Loan Hotline at 1-800-455-2456. The Attorney General’s website is also available for filing complaints related to these scams.
Alerts Sign-up