How to protect yourself from fraudulent 'debt relief' calls when student loan forgiveness plans play out in the Supreme Court

Sunday, May 21, 2023 01.04

CHICAGO (WLS) — The fate of President Joe Biden's student loan forgiveness program remains in the hands of the Supreme Court, and consumer experts say student loan forgiveness scams are also on the rise today.

Founder and editor-in-chief of College Investors Handing out some red flags of student loan relief:

  • Be wary of any caller claiming to have ties to the US Department of Education. Third party companies have no such relationship. Don't believe promises of forgiveness or immediate loan cancellation.
  • Overall experts say you should hang up when suddenly you get a call from whoever calls you and says the president's name, and says they can help you with a student loan forgiveness program. If a pardon is granted by the Supreme Court, you will qualify through the US Department of Education.
  • Avoid any company that promises you a set payment or pardon. The company can't promise forgiveness or guarantee income-based payments because both will change based on your income.
  • Beware of promises that because your school is closed or being sued, you can get a pardon.

There are also other government student loan relief programs you can join.

College Investor has information about more scams Here.

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