Americans today struggle with more student loan debt than either credit card debt or automobile debt, according to the Federal Reserve Bank of New York. Unfortunately, this rising debt has also led to more scammers promising to drastically lower payments or even eliminate the debt altogether.
In addition, the number of robocalls continues to rise. In fact in January, a record 5.2 billion robocalls were received nationwide, according to YouMail, a company that helps block these calls. Along with health insurance and interest rate scams, student loan scams were at the top of the list.
And while all of the calls you might get concerning student loan debt are not scams, many will be just that. For consumers struggling with student loan debt, these calls may appear to be an easy way out. The promise of more affordable payments or even having the debt go away altogether is an alluring one. However, it is important to understand that there is no magic wand that will immediately make student loan debt disappear.