You’ve probably already heard about the new government plan that will forgive some federal student loans, once it’s up and running. Also in the news: the federal student loan payment pause has been extended to December 31, 2022. But scammers are watching the news, too, so know this: you don’t need to do anything or pay anybody to sign up for the new program — or the pause. Nobody can get you in early, help you jump the line, or guarantee eligibility. And anybody who says they can — or tries to charge you — is (1) a liar, and (2) a scammer.
The Department of Education is working hard on the details of the new plan: who’s eligible and how to apply to get your student loan debt cancelled. It won’t happen overnight, and they’ll announce it widely when the program opens up for debt forgiveness. Sign up for Department of Education updates to be notified when the process has officially opened.
Meanwhile, check on your federal loan servicer: be sure you know who they are, and that they have your most recent contact info. That will help you get the latest on the cancellation and pause.
And remember: don’t pay anybody who promises you early or special access, or guaranteed eligibility. Those are scams. If you spot one, tell ReportFraud.ftc.gov.
Article from the Federal Trade Commission.