New college graduates, watch out for these scams
From internship and employment scams to student loans schemes, recent college graduates need to stay vigilant to not get burned.
Better Business Bureau News
This year’s college graduates are getting ready to start their new lives! It’s a big transition that includes several important changes. Grads may be moving to a new city, finding a new place to live, or searching for a new job. Graduation also often means new financial responsibilities, such as starting payments on student loans.
College graduates are navigating many life changes, and scammers spreading misinformation are eager to exploit their inexperience. The following tips can help new grads avoid common scams during this time in their lives.
Know the terms of your student loans
One of the most common ways scammers target college graduates is with fake loan forgiveness opportunities. You may receive an unsolicited email, phone call, or text message stating that you can qualify for lowered payments through a debt relief or debt forgiveness program. All you have to do is fill out a form and pay a fee to use the company's services. Some of these companies are real, but they pitch their services with false claims and incomplete information. Other companies are fakes, only hoping to get their hands on your personal information and money.
Understanding the ins and outs of your student loan - what kind of interest you owe, when you need to start paying (in most cases, you won’t need to make a payment until six months after you’ve graduated), and for how long you’ll be expected to make payments - will protect you from these scams.
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