Debt Relief

Help With Your Student Loans Is Always Free at StudentAid.gov

The FTC just banned a scammer who took more than $45.9 million from student loan borrowers. Here is how to spot the red flags and get real help for free.

Help With Your Student Loans Is Always Free at StudentAid.gov

A student loan scam took more than $45.9 million

If you have student loans, you may have gotten a call promising loan forgiveness for a fee. Please be careful. Those offers are often scams.

The Federal Trade Commission (FTC) recently acted against operators of a student loan debt forgiveness scheme. One operator, Dennise Merdjanian, will be permanently banned from the debt relief industry and telemarketing under a proposed order.

The FTC says she and other operators took more than $45.9 million from borrowers. They pretended to be connected to the U.S. Department of Education and falsely promised loan forgiveness.

The warning signs to watch for

Scammers in this case used a pattern you can learn to spot. Knowing it can protect your money.

Watch out for anyone who: claims to be affiliated with the U.S. Department of Education, promises to get your loans forgiven, or asks you to pay a fee for help with federal student loans.

Real federal student loan help never costs money. The FTC also reminds people that the government will never demand payment, make threats, or promise you a prize.

Where to get real help for free

You never need to pay a company to manage or forgive your federal student loans. Everything a paid company claims to do, you can do yourself at no cost.

The FTC has free resources on avoiding student loan scams at ftc.gov/StudentLoans. And you can get real help with your loans for free at StudentAid.gov, the official U.S. Department of Education site.

OpenFinancial is not a government agency and not a debt relief company. We just want you to keep your money and use the free official path.

Frequently asked questions

Do I ever have to pay for student loan forgiveness?
No. Help with federal student loans, including repayment plans and forgiveness programs, is free at StudentAid.gov. If a company asks you to pay a fee, treat it as a warning sign.
How can I tell if a caller is a scammer?
Be suspicious of anyone who claims to be affiliated with the U.S. Department of Education, promises loan forgiveness, or asks for payment. The FTC says the government will never demand money or make threats.
What should I do if I already paid a company like this?
Report it for free at ReportFraud.ftc.gov. Then go to StudentAid.gov to review your loans and options directly with the official servicer.
Is OpenFinancial the government?
No. We are a free resource that points you to the official, free path. We are not a bank, not a government agency, and we never charge you.

Sources

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