Beware of the commercials, Facebook ads or letters promising to eliminate your student debt or cut your payments to nearly nothing. If these promises sound too good to be true, it’s because they probably are. 

There are a growing number of private companies offering student debt relief, when in fact they do little more than fill out federal paperwork on your behalf. These companies often claim to be acting on behalf of the U.S. Department of Education with a limited time offer. Government officials have found cases of these companies charging up to $1,500 to borrowers for services the federal government offers for free to anyone with a federal student loan.

Look out for these warning signs: 1. You have to pay for help; 2. You have to sign a “third party authorization”; 3. It’s being advertised on Facebook, on the radio or at the top of search results; 4. You are asked to provide your Federal Student Aid (FSA) ID number; or 5. You are promised immediate loan forgiveness or debt cancellation.

If you’ve been contacted by one of these companies, or paid one for its services, it’s important to report it to regulators immediately.