Financially Fit in 5

5-Minute articles to make your finances
simple, easy, and care-free.

New “Back to School Scam” Targeting College Students

There’s a relatively new scam that’s bilking money from college students.  Scammers claiming to be IRS agents have been contacting college students asking for their “Federal Student Tax payment.”  The scammer knows the student’s name and the college they are attending.  There is no special college tax or any tax called a Federal Student Tax payment.  So far, students and their families have been taken for over 14 million dollars.

As a reminder, The IRS will never

  • Demand payment over the phone
  • Ask for credit or debit card info over the phone
  • Require you to buy a pre-paid debit card
  • Threaten to call the police

Especially vulnerable are students who are just starting out, and it just takes a moment to pass this along to your college student.  Should your student receive one of these calls, the best advice would be just to hang up and block the caller from their phone….and of course, let you, the parent know.

Thanks for reading this edition of Financially Fit in Five.