Scammers Taking Advantage of New Federal Loan Forgiveness Program

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. Don’t get faked out.

To be notified when this new forgiveness program has opened up, click here, Department of Education updates.

Click here to check on the status of your federal loan servicer. It’s important to know why they are and that they have your most current contact details. This will ensure that you get the most recent information on the cancelation and pause.

Remember that there’s a whole separate program you could be eligible for: the Public Service Loan Forgiveness (PSFL) program. You could qualify for federal student loan forgiveness after you have 120 qualifying payments if you’re eligible. You have until October 21, 2022; for this, the limited waiver offers additional credit for the time that previously didn’t count. Check out the PSLF Help Tool to learn more.

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