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College loan scams fish for targets on Facebook

College loan scams fish for targets on Facebook
PHOTO COURTESY OF SHUTTERSTOCK

If you're sitting on a stack of unpaid student loans, or you have a child who has racked up tens of thousands of dollars in student loan debt, you know how stressful that can be. You're not alone. More than two-thirds of college students graduate with an average $33,000 in student loan debt.

In fact, Americans now owe $1.2 trillion in student loan debt, according to the Consumer Financial Protection Bureau. Yes, that's trillion with a "T."

So, you know how tempting it is to hope that President Obama or a friendly company comes to your rescue, with promises of greatly reducing your debt. Or, perhaps it can completely wipe out the student loans you owe.

Scammers know that sounds tempting. Which is why you keep seeing ads that promise to do just that on social networking sites like Facebook. They say they'll sharply cut your student loans, or get rid of them entirely.

Don't be tempted. They are most likely scammers fishing for victims. Here are a few tell-tale signs you're about to be scammed.

Next page: How to avoid a student loan scam
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