Don't be Scammed. Concerns about Loan Forgiveness Scams

Sunday, August 28th, 2022 -- 10:18 AM

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. 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; Never pay money for a free government program; and Be wary of out-of-the-blue calls, emails or text messages claiming to be from the government.

Also, Watch out for phony government agencies or programs; Think something seems suspicious? Reach out to the agency directly; and Be careful, even if the information comes from a friend.

Feel free to contact us with questions and/or comments.