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Student loan frauds

University freshers are being warned their student loans could be stolen if they reveal too much information on social networking websites.

The Student Loans Company says fraudsters target first-year students who reveal too much information, such as their date of birth, email address and mobile number, on social networking sites such as Facebook.  

Student Finance England (SFE) which administers loans and grants, is keen to make students aware of the risks they face from fraudulent attempts to hack into their accounts and access their loans and grants using “phishing” and “smishing” scams.  Directed specifically at students, these scams are particularly common around the time that student finance payments are made.  Aware that students are receiving their funding, fraudsters target them with official seeming emails and texts requesting them to disclose personal and account details.  All students, particularly freshers who may not have had previous experience managing their finances, can easily fall for this trickery. 

Student Loans Company will never: 

  • ask you to update or confirm your bank details.
  • ask you to verify your account details through email.
  • provide a choice of secret questions when you log in. We only ask the one question you set with us.
  • ask you to update information such as your date of birth or provide your email address password.

The Student Loans Company provides practical guidance for students and top tips on how they can safeguard their funds.

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