With the federal government announcing this week that it is forgiving the student loan debt for former students of WyoTech and other Corinthian Colleges schools, the Pennsylvania Higher Education Assistance Agency is warning of possible scammers targeting other student loan borrowers.
PHEAA says one such scam claims there are new student loan rules that require immediate action, promising unrealistic amounts of loan forgiveness, short cuts to forgiveness, or it tries to get the borrower’s Federal Student Aid identification code or other personal information. It then rushes its victims into paying immediately. The agency says the scammers often use the U.S. Department of Education’s name and seal to give it a false appearance of legitimacy.
There is another scam warning today, from the Pennsylvania Department of Military and Veterans Affairs, which says VA pension benefits are being targeted.
DMVA says scammers are charging veterans or their beneficiaries for help in applying for or submitting applications for VA pensions. It often involves financial tactics such as hiding assets in trusts or annuity products, sometimes resulting in lost investments and lucrative fees paid to the advisor.
Vets and their advocates should never share their VA login information or deposit VA benefits directly into a third-party bank account unless the person is court-appointed or a VA accredited fiduciary, and never pay for forms or to submit applications or other documents for the promise of eligibility for a pension or to receive a lump sum payment on a pension.
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