Is a call about my student loan from a company I don't recognise a scam?
Likely yes. Student loan servicers are assigned by your loan authority — calls from unknown companies claiming to manage or refinance your student debt are often fraud.
Last reviewed: 1 August 2026
Explanation
Student loan scams take several forms: companies charge upfront fees to enrol you in income-driven repayment plans that are free through your loan servicer; they offer fake loan forgiveness schemes; or they harvest your personal details and FSA login credentials to redirect your correspondence and interfere with your account. In the US, the Department of Education assigns loan servicers — your loan servicer communicates with you through your official loan account and by letter. You should never pay a third party to access repayment programmes or forgiveness schemes that are administered by the government at no cost.
The most dangerous version of this scam is credential theft rather than the fee. With your loan portal login, a fraudster can change your contact details so official correspondence stops reaching you, redirect communications, and in some cases attempt to divert disbursements or apply for additional borrowing in your name. Because you stop seeing the letters, months can pass before you notice. Callers often time their campaigns around news about forgiveness programmes or repayment changes, when borrowers are expecting contact and are primed to believe the story.
Two habits neutralise the entire category. First, treat your loan servicer's identity as something you look up, never something a caller tells you — log into your official loan account and check who services your debt. Second, remember that everything these companies sell — repayment plan enrolment, consolidation, forgiveness applications — is available free through official channels. If you have already shared credentials, change your password immediately, review your contact details on the account, and alert your servicer so they can flag the account for fraud.
Common red flags
- Promises of immediate loan forgiveness or dramatic balance reduction
- Requests your FSA ID, login credentials, or Social Security number
- Upfront fee to access government repayment programmes
- Company is not your official loan servicer assigned by the loan authority
What to do now
- Do not provide credentials or fees to unsolicited callers
- Log into your official student loan account directly to check your servicer
- Contact your official servicer for free help with repayment options
- Report fraudulent student loan companies to the CFPB (US) or relevant national authority
Frequently asked questions
Are there legitimate student loan refinancing companies?
Yes — regulated lenders offer refinancing. The key difference is they contact you after you inquire, do not charge upfront fees, and never ask for government portal credentials.
I gave a caller my loan portal login — what should I do now?
Change the password immediately, check that your contact details and bank information on the account have not been altered, and contact your official servicer to flag the account. Monitor statements closely for the next several months.
Why did the caller know details about my loan?
Partial loan details circulate through data breaches and lead-generation lists. A caller knowing your balance or servicer name does not make them legitimate — verify by logging into your official account, never by trusting inbound contact.