Too good to be true? Ad promises to eliminate or reduce student loan debt

Posted at 3:08 PM, Nov 03, 2016
and last updated 2016-11-03 19:58:16-04

SAN DIEGO - An ad promising to eliminate or reduce billions of dollars in student loan debt is targeting local students.

The post is getting a lot of attention on social media and on college campuses, and San Diego State University student Josh Gold told 10News, "Most people would totally fall for that."

Gold will owe thousands of dollars in student loans when he graduates college. He and his roommates said a post being shared on social media would definitely get their attention.

The post, which looks just like a real news article, says: "President Obama Forgives $7.7 Billion Dollars of Student Debt."

However, the president did no such thing.

At the bottom of the post there is a phone number for students to call to see if they qualify. 10News called that number but didn't have any luck getting in touch with anyone.

Scroll down even further on the post, and some of the comments warn people to stay away, saying that companies like these charge hundreds of dollars and don't deliver on promises to reduce or eliminate student loan debt.

Student Aiden Kennedy said, "It looks like one of those too-good-to-be-true Facebook spam-type things."

Kennedy knew right away there was more to this one.

He asked, "Who's covering these loans, if they're all disappearing?"

Gold added, "Who doesn't want to solve something that's going to be looming over their head for however long it takes you to pay it back?"

Legit or not, the lesson here is ask a lot of questions.