The Pennsylvania Higher Education Assistance Agency (PHEAA) warned student borrowers to be mindful of harmful financial aid scams now increasing.

Pennsylvania Higher Education Assistance Agency said these financial aid scams could give borrowers a significant financial loss

Pennsylvania Higher Education Assistance Agency said that last year, financial aid stole an estimated worth of $5 billion from Americans in student-related tricks. Scammers use many communication methods to contact possible borrowers, including emails, social media, phone messages, and calls.

According to Pennsylvania Higher Education Assistance Agency, scammers are skilled in pretending to be a government representative and will use the same government websites and logos to scam their victims.

Pennsylvania Higher Education Assistance Agency encouraged student borrowers to visit the official Department of Education website for more information and inquiries about student loan debt programs and reimbursement plans.

Read Also: College Students In California Benefit From Expanded Middle-Class Scholarship Program, Increasing Financial Aid Opportunities

Here are some things you should look for to avoid being a victim of Financial Aid Scams from the Pennsylvania Higher Education Assistance Agency:

1. Claiming to be associated with your loan provider
2. Receiving unexpected calls, emails, or text messages claiming to be from the Pennsylvania Higher Education Assistance Agency or another government
3. Charging upfront fees for free programs or services
4. Demanding to sign a power of attorney
5. They pressure to decide swiftly
6. They request you to provide your personal information
7. Encouraging you to stop communications with your loan servicer

Pennsylvania Higher Education Assistance Agency said that if targeted by a scammer or think you may be a victim, Pennsylvania Higher Education Assistance Agency advised you to cancel your payments, contact your servicer, and submit a complaint report to the Federal Trade Commission, and Contact the Pennsylvania Higher Education Assistance Agency.

For more information on student loan financial aid scams, visit the Pennsylvania Higher Education Assistance Agency website.

Read Also: Social Security’s Supplemental Security Income Program Expands Outreach To Provide Critical Financial Assistance