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What If I Suspect Loan Fraud ?
 There are a number of forms that a loan fraud can assume. Both individuals as well as financial institutions can fall victim to these fraudulent loans. The companies offering unscrupulous loan schemes usually target potential borrowers who are in desperate need for money. For instance, unemployed individuals, people with immediate requirement of funds for some emergency, and borrowers with bad credit histories are the most vulnerable among all those who become a victim of the prevalent loan frauds. More..
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Student Loan Fraud
Nowadays, the incidences of student loan frauds have become very common. Usually, in such scams, hefty student loans are drawn in name of a credible student. Once you fall victim to this kind of a scam, you will be considered accountable for the amount of loan taken out. It then becomes very difficult to prove that you were not the one who took out the loan amount. |
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In case of such frauds, following steps can be taken by the victim:
- Inform the concerned lender or the School that offered the Loan program about the possibility of fraud and get the loan stopped immediately.
- Make sure the scam is reported at the Department of Education. Use the general hotline number, 1-800-Mis-Used, for further assistance.
There are different kinds of student loan frauds. The three most common forms are:
- The stolen identity of the student is used by the criminal to draw loan amount.
- Unscrupulous deals are fixed between the lenders and the universities. This type of scam is becoming increasingly popular in the U.S. nowadays. Usually, in such cases, lenders offering student loan programs fix attractive deals with trade schools or universities, which in turn compel student s to choose one particular lender.
- Out of sheer negligence or ignorance, students end up using their genuine loan amount for some other purposes and eventually fail to repay the amount within the stipulated period.
In all the three cases, the failure of the student to repay the amount to the lender can have very serious consequences, such as bad credit history, wage garnishments, interception of tax refunds, lawsuits, ban on taking out loans in future, liability towards paying collection fee, and unexpected harassment from the lenders.
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