Amanda Zhou / The Seattle Times (TNS)
With the Biden administration announcing student loan debt relief, don’t fall prey to scammers trying to take advantage.
The details on how to apply for relief are not yet available, but scammers will likely take the opportunity to email, text and call people offering false information.
Be wary of calls or text messages advertising too-good-to-be-true offers to erase student debt in minutes. The Office of Federal Student Aid says you should never have to pay for help with your federal financial aid or student loans, and people should be wary of anyone asking for personal information.
The U.S. Department of Education hopes to launch an application to apply for loan forgiveness in early October. Applicants should fill out the forms before Nov. 15 and can expect relief within four to six weeks. The payment freeze on student loans is expected to be extended one last time, until Dec. 31.
Here are some tips from the U.S. Department of Education and the Better Business Bureau on how to spot a scam.
Signs of a student loan scam
* The caller asks for an upfront or monthly fee for help and tries to get your credit card or bank account information.
* The caller asks for your Federal Student Aid ID username or password, or for you to sign a third-party authorization form.
* The call promises immediate and complete loan forgiveness or cancellation. Know that student loan relief companies do not…
