October 5, 2022
There are four DON’Ts when it comes to federal student loan forgiveness. And you need to know this stuff because the Department of Education and White House say there are scammers looking to take advantage of you.
Number one. Don’t pay anyone who contacts you with promises of debt relief or loan forgiveness. You do not need to pay anyone to obtain debt relief for your qualified federal student loan. The application – when it’s available is free.
Number two. Don’t reveal your federal student aid ID or account information or password to anyone who contacts you about student loan forgiveness. The Department of Education and your federal student loan services will never call or email you asking for this information.
Number 3. Don’t ever give personal of financial information to someone you don’t know. When in doubt, hang up and call your student loan servicer directly.
And number 4. Don’t refinance your federal student loans unless you know the risks. If you refinance the federal student loans into a private loan, those will not be eligible for forgiveness or flexible repayment plans.
Read more from the Department of Education here.
Read more from the White House here.
