New York Attorney General Letitia James issued a consumer alert on Wednesday, Sept. 2, saying fraudsters are taking advantage of changes to federal student loan repayment options to target people seeking lower payments or financial relief.
According to James’ office, recent changes by the Trump administration include eliminating the Saving on a Valuable Education, or SAVE, payment plan and phasing out existing income-based plans. The changes have created confusion about repayment rules that scammers are exploiting, James added.
James warned borrowers to be especially skeptical of unsolicited calls, emails, and online advertisements promising complete loan forgiveness or quickly eliminating student…