Disclaimer: This information is accurate and true to the best of my knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
Sadly, scammers tend to prey on a person's most fragile area of life, and that is no different when it comes to student loans—plenty of folks are capitalizing on Biden's recent decision about student loan forgiveness to take advantage of people who are in a vulnerable position.
They are trying to take students' money by asking them to pay for a loan cancellation. Of course, this is only one scam among many, so don't fall for it!
Too many callers are swiftly taking advantage of President Biden's announcement of student debt cancellation to scam consumers: if someone warns you about a deadline or claims you have to pay for debt forgiveness, you are being scammed—there is no deadline and you do not have to pay for legitimate student debt loan forgiveness. Innocent consumers do not deserve to be taken advantage of like this.
It's sad that some people out there will manipulate others in order to collect money unfairly, but this is unfortunately a reality.
These corrupt individuals might even target you if you don't have any student debt to your name! It's important to make sure you don't fall for anyone's fraudulent schemes.
If you receive a suspicious call, you should hang up immediately and contact your student loan provider directly.