Fraudsters targeting those who want to consolidate student loans

The government offers loan consolidation for free; you do not have to pay for it

InvestigateTV - If you are one of the 45 million people holding student loans, experts warned con artists are targeting those looking to potentially consolidate their outstanding debts.

Federal agencies like the Federal Bureau of Investigation (FBI), Federal Trade Commission (FTC), Federal Communications Commission (FCC), StudentAid.gov, and others have issued recent warning like these about student loan scams.

Robert Farrington with The College Investor said if you need to consolidate any student loans, scammers may reach out and offer their services for a fee. He urged consumers to be wary of any emails, texts or phone calls making that promise.

Farrington said borrowers can consolidate for free at StudentAid.gov. Simply go to the website, scroll to the bottom, and choose “consolidate my loans”.

For more information on student loan scams, StudentAid.gov published an article on red flags to avoid.

Rachel DePompa

Rachel DePompa

Rachel DePompa is NBC12's On Your Side Investigator. Before joining WWBT in March of 2008 Rachel worked in Roanoke, Bristol and Harrisonburg.