The student loan relief program provides forgiveness for eligible borrowers, with the potential to cancel up to $20,000 in federal student loan debt. Regrettably, scammers are targeting individuals with student loan debt in anticipation of the official launch of the authentic program. So, what do you do if you're scammed?
If you think you’ve been scammed, you should quickly take steps to prevent further damage. Contact your financial institution and credit card company to close accounts if you gave a scammer your bank account or credit card information.
You'll also want to contact your student loan servicer if you gave the scammer any student loan information. For example, the scammer may have pushed for your FSA ID and password!
As long as you don’t respond or give the scammer any information you don’t necessarily have to take immediate action but it is helpful to report the potential scammer to authorities. You can either contact the Federal Trade Commission or your state attorney general to file a complaint with the details of the situation. So, hang up if you get a suspicious call, and don’t reply if you receive a fishy email or letter.
Individuals making less than $125,000 and married couples making less than $250,000 are eligible for up to $20,000 in debt cancellation. According to the White House, the Department of Education will forgive up to $20,000 for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients.