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The Biden Administration recently announced that the federal government will cancel up to $20,000 of Federal student loans per person. This is good news for the millions of Americans with student loan debt. But unfortunately, it’s also an excellent opportunity for scammers. See our recent warning about student loan forgiveness scams.
As student loan holders navigate the new forgiveness program, con artists will undoubtedly be there to take advantage of any confusion. It happens with any big government initiative, including the COVID-19 vaccine roll-out, eviction moratorium and pandemic relief programs. Always be sure to do your research before sharing any personal information.
Tips to avoid student loan forgiveness scams
- Get to know the terms of your student loan and the relief program before acting. Always do your research before sharing personal information. Be sure to understand the ins and outs of your specific loan, as well as how student loan relief impacts you. Go straight to official government websites, such as ED.gov and studentaid.gov, for information.
- Never pay money for a free government program. Scammers often trick victims into paying for free government programs – or they claim you can get additional benefits, faster benefits,…
