MADISON, Wis. — President Joe Biden’s Wednesday student loan debt forgiveness announcement could mean relief for more than 40 million Americans, but the Better Business Bureau says it’s also music to another group’s ears – scammers.
“Scammers are going to take advantage of that and they’re not going to wait to take advantage of it,” said Tiffany Schultz, the regional director of the BBB serving Wisconsin.
According to Schultz, stick to ed.gov and studentaid.gov for information on how and when you could get your $10,000 in debt erased.
“And of course, that information is going to be revolving and there’s going to be updated information as we get the details on this program,” she said.
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According to studentaid.gov, nearly eight million borrowers could get relief automatically because income data is available to the U.S. Dept. of Education.
But scammers are looking for those who are unsure or curious.
“So, what may happen is that you may receive an unsolicited phone call saying that this person is from the government and they tell you all you need to do is fill out this form and include a processing fee and we’ll take care of forgiving $10,000 on your student loans,” Schultz said.
The first spontaneous phone call, email,…
