It’s reassuring to see an honest debate unfold about a federal initiative as sweeping as President Joe Biden’s decision to cancel billions of dollars in student loans. There’s plenty of room for disagreement about whether the initiative helps those who deserve it the most, needlessly stokes inflation, favors the wealthy or exceeds executive authority.
On one point, though, there should be no question. By announcing the plan Aug. 24, weeks before the Department of Education would be ready to start the application process, Biden did a big favor to an unsavory bunch.
The student loan forgiveness plan has become a juicy hunk of bait for scammers seeking to take advantage of borrowers, not least because federal bureaucrats have provided no guidance about how to proceed, apart from “hurry-up-and-wait.”
Con artists don’t sit around like the government. Once Biden announced the plan to cancel student loans for low- and middle-income debtors, they immediately cranked up their efforts to steal from those same marks. For a modest upfront fee, they promise to get their targets into the program early. Eligibility? Guaranteed!
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