Did you know that over 70% of college students rely on financial aid? Unfortunately, some students find their financial futures are already in trouble when they are refused a student loan because of identity theft.
Here is an excerpt from MyIDCare’s blog post highlighting the impact of identity theft on young adults applying for student loans. To view full blog post click here.
Before applying for a student loan, it’s smart to take preventive measures against identity theft.
- Review the student’s credit reports for signs of any unauthorized activity.
Children don’t always have credit reports yet. If yours doesn’t, it’s a positive sign that no one has misused their identity. - Place a fraud alert on the reports so no new credit can be taken out without your knowledge.
- When applying for financial aid application, don’t respond to mail or email with unsolicited scholarship offers or “services” that offer to fill out the federal FAFSA or other loan paperwork for you. They are often from scammers looking to collect personal information for ID theft. Only apply for loans or financial aid only through official websites.
Read the full article here to learn how to help prevent this type of identity theft and what to do if you are refused a student loan