BBB warns of student loan scams targeting recent graduates

(KION) As college graduates begin their first post-undergrad jobs, many of them will also need to start paying back their student loans. This time around, hackers may pose a threat as they try to pay them back.

"I know the old saying- if it's too good to be true, it most likely is not true," said college grad Justin Atkinson.

That is the harsh reality for the world's incoming workforce. Many college graduates have started the process of paying their loans, but online hackers and fake telemarketers are finding new and innovative ways to finesse them out of their money.

"The scammers are on top of all of this," said Steve McFarland, the CEO for the Better Business Bureau Los Angeles and Silicon Valley.

Popular social media platforms, like Instagram and Facebook, are now listing ads for the lowest money guarantee on your student loans, but the scary reality is that it does not stop there. Emails and calls may start coming in as well.

"These are scammers that are looking at reorganizing your debt, lowering it. Give us some money as a fee and we'll take care of it for you and get the lowest possible amount. We may even get some of it waived, just send us a hundred bucks, maybe two hundred bucks, and we'll get it all taken care of," McFarland said.

The Better Business Bureau reports that it has seen an uptick in scams in the past five years. The good news is that sites like ftc.gov have your back to make sure loans are legitimate.

"It's something that is very disheartening as a student getting out of college and graduating. Seeing something like that would really take a toll on the bank," Atkinson said.

If you or someone you know has fallen victim to a student loan scam, you can file a complaint with your local Better Business Bureau.