Even with student loan payments paused until the end of August, scammers are not giving up.
They are contacting college grads, promising a loan forgiveness program that most people won’t qualify for. Or they assure you that they can wipe out your loans by disputing them. But you should know they can’t get you into a forgiveness program you don’t qualify for or wipe out your loans.
Here’s what you should know if you have student loans.
There are specific federal loan forgiveness programs. The Public Service Loan Forgiveness and the Teacher Loan Forgiveness Program are two common ones. If you get a call from a scammer offering to help you pay off your loans, hang up and contact your loan service or the Department of Education directly.
And remember, don’t share your Federal Student Aid ID. Some scammers claim they need it to help you, but they use that information to steal your identity.
Lastly, you don’t need to pay for help. There’s nothing a company can do for you that you cannot do yourself for free.
If you have concerns about payments resuming in August, contact your loan servicer.
And should the government decide to extend loan forgiveness, that information will come directly from the Department of Education -- not from a random caller, text messages or emails. There have been reports that President Joe Biden is planning to provide $10,000 of student debt relief for those making under $150,000. The final plan and when it will be announced is still unclear.