Sallie Mae is constantly evaluating and improving its systems and processes to protect our customers.
Bad actors and scammers are getting increasingly more sophisticated in targeting consumers. That includes making promises of debt forgiveness and debt relief for those with student loans.
Here’s how to spot them right away and what to do if you suspect you were scammed.
Warning signs
Beware of any promises that sound too good to be true. Promises of immediate debt forgiveness or cancellation or offers to negotiate “special deals” are a telltale sign of potential fraud.
Asking for money upfront is a clear sign of a scam. If you are asked to pay upfront fees or are requested to sign a third-party authorization form to negotiate on your behalf, it’s probably a scam. Be wary of any recommendation to stop making payments while they “negotiate” a deal. Stopping payments will likely result in delinquency, default, and can harm your credit.
Be skeptical of unsolicited phone calls, text messages, WhatsApp messages, and other forms of social media advertisements regarding debt relief.
- Never provide sensitive information over the phone unless you initiated the call. Verify the caller’s identity by hanging up and calling the organization’s official number.
- Be wary of links sent through text and email. Look for obvious spelling or grammar errors and check the email address of the sender.
For more information, check out these additional tips for safeguarding your identity and protecting your privacy.
Be suspicious of requests for payment outside of authorized payment channels.
Getting help
If you have federal student loans and believe you have been victim to a scam, immediately reach out to your federal student loan servicer to ensure there was no unauthorized activity on your account.
Fill out the Office of the Customer Advocate intake form to inform us of any suspicious Sallie Mae emails and/or attachments.
If you are a Sallie Mae banking customer, contact us at 877-346-2756.
If you paid a fee to the scammer, contact your bank or credit card company to stop the payment.
File a report with the Federal Trade Commission online. You should also submit a report to the Consumer Financial Protection Bureau.