Monday’s need-to-know money news

Today’s top story: Feds, 11 states crack down on student loan scams. Also in the news: Adding a loan to your shopping cart, 5 top benefits of a Roth IRA, and setting your holiday spending budget in October.

Feds, 11 States Crack Down on Student Loan Scams
Cracking down.

Should You Add a Loan to Your Shopping Cart?
A new option at the register.

5 Top Benefits of a Roth IRA
What you should know.

Get Christmas budget set for holiday spending in October
The holidays will be here before you know it.

Don’t pay for student loan help

Customer Support liarI just got another recorded call from a woman who cheerfully told me that my student loans had been “flagged” to qualify for a new federal program, just approved by Congress, to help me pay my debt. The fact that I’ve never had a student loan is, surely, just a minor detail.

People fall for these scams all the time, paying good money to get help they could have found for free. Right now, there’s a free student loan hotline you can call to get your questions answered and find out about your options. It’s available today, tomorrow and Thursday from 9 a.m. until 10 p.m. Eastern. Check it out at The Borrowers Hotline.

If you miss the hotline window, you can find answers to your questions at the U.S. Department of Education and at Student Loan Borrower Assistance, a site run by the National Consumer Law Center.