Could this happen to students in the US? Maybe, maybe not. The student loan system in the US may have these holes sealed, and American's may be too smart to fall for the bait.
Men Arrested Over Student Money Laundering Scam Via Fake Student Loans Company Account
Three more people have been arrested in connection to a long-running £1m phishing scam which drained the bank accounts of hundreds of UK students.
Two men have already been jailed for their part in the fraud, while two more are due to stand trial this year.
The investigation dates back to August 2011, when Metropolitan Police officers were alerted to a criminal network who were contacting students on the Government loan scheme and asking them to update their bank account details on a bogus website.
The fraudsters then withdraw up to £5,000 from the accounts at a time, Scotland Yard said.
The system of rip-off in America is much slicker. First the bankers make laws that make stealing with both hands possible, like the Federal Reserve Act of 1913. Then the banks give the government bureaucrats and the schools a piece of the action. Administrators get rich, bureaucrats have jobs, and the whole scam looks like the government is helping students get a future. Also the tax payer is called in to backstop the bad loans.
It's All About The Future
Come to think of it, the whole thing is like an old "fortune telling machine." But in this case the deception is if you put money in, enough money, you get a future.
The scammers all have their hand in the treasury.
The situation is also like the Lance Armstrong scandal. The administration of the Tour De France knew about Armstrong a long time ago. His team mates and competition all knew. The doping agency knew also. They all kept their mouths shut because every body was making money. After all America didn't care a wit about the Tour until Armstrong started winning. The more he won, the more the television contracts were worth. Everybody shuts their mouth when the big scam is in. They just keep the scam going as long as they can by floating trial balloons and fake news reports.
The big trial balloon in the student loan scam is "we have a loan forgiveness bill in Congress. Just wait because help is on the way."