Student loan debt has reached historic levels in the U.S. Over 40 million Americans owe over $1.4 trillion in student loans. Student loan assistance scams take advantage of this growing debt by promising help that is "too good to be true." How the scheme works
People hear on the news that someone in their community has lost her home in a fire or a spouse to an illness. They want to help, so search the internet and find several social media pages that claim to be raising money for the victim. They donate through a particular page, but later find out that the person running it kept the money and did not pass it along to the victim of the tragedy. For example: • In 2016, a Minnesota woman pleaded guilty to stealing more than $20,000 that she had raised online to help the families of three drowning victims.