Straight Talk: New college grads, watch out for these scams
This year’s class of college graduates is getting ready to start their new lives!
It’s a big transition that includes several important changes. Grads may be moving to a new city, finding a new place to live or searching for a new job. Graduation also often means new financial responsibilities, such as starting payments on student loans.
College graduates are navigating many life changes, and scammers are eager to take advantage of their inexperience. The following tips can help new grads avoid common scams.
Know the terms of your student loans
One of the most common ways scammers target college graduates is with fake loan forgiveness opportunities. You may receive an unsolicited email, phone call, or text message stating that you can qualify for lowered payments through a debt forgiveness program. To use the company’s services, just fill out a form and pay a fee. While some of these companies are real, other companies are fakes, only hoping to get their hands on your personal information and money.
Scammers may also contact college grads regarding student loan repayment hiatus in response to COVID-19. Scammers may claim that to take advantage of the program, you need to complete a form or pay a fee. In reality, you may not need to do this, so check your facts before giving anyone your information.
Be wary of unsolicited messages about unpaid tuition
Some con artists contact graduates or their parents claiming some of their tuition was left unpaid. If it isn’t paid immediately, the graduate’s degree will be revoked. Scammers may ask you to send money via wire transfer or prepaid debit cards.
Whether you are contacted by phone, email, or text message, be wary of anyone who contacts you out of the blue. Government agencies, as well as most higher education facilities, will contact you by mail initially. If you aren’t sure if a message is legitimate, do some research to verify the person’s claims. Ask to contact them later. Then, investigate by looking up information on the official website or calling your school’s bursar’s office. Don’t give in to pressure to decide right away.
Do research before accepting jobs or job interviews
Scammers may offer recent graduates high-paying, easy, entry-level jobs. Con artists are skilled at drawing new grads in by promoting unrealistic wages for generally labeled job positions, such as “virtual assistant” or “customer service rep
If you are considering a job with a company, you aren’t familiar with, do some research before you complete an application or agree to an interview. Make sure the company has legitimate contact information, and that the position is posted on their corporate website. Scammers often steal the names of real companies for their phony job postings.
Watch out for rental scams
Find a gorgeous apartment in a trendy neighborhood at an affordable price? There’s a good chance that it’s a scam. According to a survey by Apartment List, 43% of people looking for a rental online have encountered a bogus listing.
In many cases, scammers simply copy the photo and description of real property. Then, they post it online with their contact information and try to get a deposit and the first month’s rent from the victim.
If you are looking to rent a home or apartment, find out how much other rental properties in the area cost before you sign a lease. Scammers often lure victims by promising low rents, extra amenities, and a great location. If the price seems much better than offered elsewhere, it may be a scam. Also, be sure to see the apartment or house in person. Finally, read the lease agreement documents before you sign. Don’t be embarrassed to consult with friends or family members who may be more knowledgeable on the subject if you have doubts or questions.
This article originally appeared on The Repository: Straight Talk: New college grads, watch out for these scams
