As college graduates are navigating new life changes, scammers are eager to take advantage of their inexperience. Here are a few ways new grads can avoid common scams.
Know the terms of your student loans
One of the most common ways scammers target college graduates is with fake loan forgiveness opportunities. Grads can receive unsolicited email, phone calls or text messages stating that they can qualify for lowered payments through a debt forgiveness program.
Scammers may also contact college grads regarding student loan repayment in response to COVID-19. Scammers may claim that to take advantage of the program, grads need to complete a form or pay a fee when they may not need to do this. Click here to see the latest information on loan repayment.
Be wary of unsolicited messages about unpaid tuition
Scammers will also contact graduates or their parents claiming some of their tuition was left unpaid. If it isn’t paid immediately, the graduate’s degree will be revoked. Scammers may ask grads to send money via wire transfer or prepaid debit cards.
Government agencies, as well as most higher education facilities, will contact grads by mail initially. Grads can look up information, if they aren’t sure if a message is legitimate, by calling their school’s financial office.
Do research before accepting jobs or job interviews
Scammers are skilled at drawing new grads in by promoting unrealistic wages for generally labeled job positions, such as “virtual assistant” or “customer service rep.” They may ask for grads personal information, including their bank account and Social Security number, claiming they need it to set up direct deposit or file taxes. In other cases, scammers require grads to pay for training. In yet another version, grads may be “accidentally” overpaid with a fake check and asked to send back the extra funds.
Grads that are considering a job with a company should do research before completing an application or agree to an interview. Make sure the company has legitimate contact information, and the position is posted on their corporate website. Scammers often steal the names of real companies for their phony job postings.
Watch out for rental scams
According to a survey by Apartment List, 43 percent of people looking for a rental online have encountered a fraud listing. Scammers copy the photo and description of a real property. Then, they post it online with their own contact information and try to get a deposit and first month’s rent from the victim.
Scammers often lure victims by promising low rents, extra amenities and a great location. If the price seems much better than offered elsewhere, it may be a scam.
Click here to read more about scams targeting college students.