1 min read

New bait for scammers 

Student loan forgiveness is welcome news for many people with college debt, but it's new bait for scammers.
Just days after President Joe Biden announced a plan to forgive some federal student loans, scammers jumped into action with phone calls like this:"I'm just giving you a call in regards to your student loan. I do have you pre-qualified here for the updated forgiveness program and possibly even loan discharge. It is imperative that we go over the details as soon as possible just because it does look like your status will expire soon."

Scam calls like that were circulating even before the loan forgiveness plan was announced, but now they will get more attention.

Here's what you need to know:

  • You don't need to do anything or pay anyone to sign up for the new program.
  • No one can get you in early, help you jump the line or guarantee eligibility. Anyone who says they can — or tries to charge you — is a scammer.

There is currently nothing you can do right now.The U.S. Department of Education is still working on the details of the loan forgiveness plan, which will be announced in a few weeks.