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"Student Loan Division" Scam

Started by anya416, May 02, 2017, 08:06:33 am

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anya416

Student Loan Division
1133 Worcester Avenue
White Plains, NY 10606 USA

A very official letter comes in the mail with the above address, an eligibility code, your estimated loan balance, and expiration date of your eligibility for this loan relief program.

Once you call and give your eligibility code, they log in to your FSA ID page to "access your loans", and in this process you either give them your current password or create a new one with them so they can gain access (red flag #1).

They claim they work with the Department of Education (red flag #2 after doing my research). When I expressed hesitancy to give my password he ask if I had researched this company before calling (shame on me, I didn't) and that I could google them and find they are a legit company. He urged me to do my research, which gave me confidence that he was legitimate.

They look through your loans and give you all true information about how loan repayment actually works (based on what I've read on the actual government website) so it gives you more confidence.

At this point I asked if there was a fee, and he said there is a fixed fee of $42 per month for 4 years that is worked into your loans, and is still cheaper than what you would be paying without their consolidation help.

NOW FOR THE KICKER!

In order to get my loan package together and finalize everything, he "just needed the first 5 digits of my social security number".....


..... but every other thing in my life always asks for the last 4... so if I give him the first 5, that last 4 is easily accessible....


At that point I said I'm going to need to do more research before giving any more information away and he said "absolutely, let me email you my contact information for when you're ready to speak with us again"... never sent me his contact information.

I logged into the the FSA ID webpage that I gave him my password to, and right there was the last 4 digits of my social security number, just ready for that first 5 to be given away.

BEWARE! I've grown up with technology and am hyperaware of scammers, but when it comes to student loans I'm in over my head. Graduating with massive student loan debt and feeling overwhelmed with the options of what to do after, I feel like a very vulnerable target for these companies to take advantage of.