The short answer is that if you get a voicemail about student loan forgiveness or hear about a special program offering “Biden student loan forgiveness” or “Biden student loan relief,” it’s probably a scam.Īnd know that the number of student loan scams will exponentially increase in 2023 once the White House decides to let repayments start again. Still, the economic hardship that many are facing is likely to lead to more student loan scams by fraudsters both during and after the COVID-19 emergency forbearance period. The good news is that there is a pause on federal student loan payments until Aug–unless the lawsuits are settled earlier than that. Download the Best Student Loan Forgiveness Calculator And as the pandemic has hurt so many people financially, the amount of people desperate to do something to get out from under the burden of student loans is certain to rise. While the government crackdowns did some good, fraudulent student loan forgiveness schemes have continued.įast forward to 2023, and outstanding student loan debt is now over $1.63 trillion. The Biden administration recently announced an initiative to prevent scammers from taking advantage of borrowers trying to access student loan cancellation. In 2017, the Federal Trade Commission (FTC) launched an initiative called “ Operation Game of Loans” to combat scammers in the United States. Student loan forgiveness scams have been a problem for many years. Student Loan Forgiveness Calculator (w/ New REPAYE).
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