- Applications for President Joe Biden's student loan debt relief plan are due to open soon.
Scammers may try to take advantage of this moment,
The White House said that the program is expected to help about 40 million people.
Borrowers cannot yet apply for forgiveness,
But the application is expected to be available soon.
The White House shared its plan to crack down on student loan scammers across the country.
It is important for borrowers to know the signs of scams so that they stay safe
Be wary of anyone who contacts you unsolicited and claims to be from a trusted agency.
It would be better if you yourself contact the education department.
Never pay anyone for student loan relief.
Do not share your personal loan information,
Not specifically your FSA ID
Biden announced in August that his administration
For federal borrowers earning less than $125,000 (or households earning $250,000)
The student loan will cancel $10,000 in debt as well as $20,000 for Pell Grant recipients.