Wouldn’t you just know it? Within hours of President Biden’s student loan forgiveness going live, who shows up but scammers trying to get their piece of the action.
These scammers don’t have a loan they personally want forgiven, but they would like a crack at seeing how they can leverage the personal, private information of the millions of applicants who do.
Fortunately, the Federal Trade Commission (FTC) anticipated that something like this would happen and has advice on how applicants or parents of applicants can spoil the day for the scammers.
Scams to be on the lookout for
Ready?
Apply at StudentAid.gov/DebtRelief. The FTC says don’t go anywhere else other than the OFFICIAL loan forgiveness website. Nowhere else. At the moment, all applications have to be done online and it’s available in both English and Spanish. There will be a paper version, but it won’t be available for a while.
Don’t pay to apply. Applying for student loan forgiveness is f-r-e-e, FREE. If someone calls you up and says you need to pay an application or processing fee, hang up the phone because they’re a scammer.
Patience will pay off. The application process is expected to be as slow as molasses, so pack a lunch and sit tight. “As people file their applications, [the Department of Education (ED)] will review them on a rolling basis,” K. Michelle Grajales, an attorney in the FTC’s Division of Financial Practices, cautioned. “Follow the…