Protect Yourself From Scams (Student Loan Debt Relief)

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Biden-Harris Student Debt Relief Update - Protect Yourself From Scams

Over the past weeks, you signed up to receive regular updates on the Biden-Harris Administration's student debt relief plan.

As we prepare for the student debt relief application window to open later this month, the Department of Education is sharing critical information on how to protect yourself from scammers trying to take advantage of student loan borrowers.

Here's a list ofDo's and Don'tsto protect yourself against scams as you prepare to apply for debt relief.

• DON'Tpay anyone who contacts you with promises of debt relief or loan forgiveness.You will not need to pay anyone to obtain debt relief.The application will be free and easy to use.
• DON'Treveal your FSA ID or account information or password to anyone who contacts you. The Department of Education and your federal student loan servicer willnevercall or email you asking for this information.
• DON'Tever give personal or financial information to an unfamiliar caller. When in doubt, hang up and call your student loan servicer directly. You can find your federal student loan servicer's contact information atStudentaid.gov/manage-loans/repayment/servicers.
• DON'Trefinance your federal student loans unless you know the risks. If you refinance federal student loans eligible for debt relief into a private loan, you will lose out on important benefits like one-time debt relief and flexible payment plans for federal loans.
  
  
• DOcreate an FSA ID atStudentAid.gov. You willnotneed it for the debt relief application but having an FSA ID can allow you to easily access accurate information on your loan and make sure FSA can contact you directly, helping you equip yourself against scammers trying to contact you. Log in to your current account onStudentAid.govand keep your contact info up to date. If you need help logging in follow thesetips on accessing your account.
• DOmake sure your loan servicer has your most current contact information. If you don't know who your servicer is, you canloginto StudentAid.govand see your servicer(s) in your account.
• DOshare these messageswith your networks and encourage others tosign upatwww.ed.gov/subscriptionsto be notified when the Student Loan Debt Relief application becomes available.
• DOreport scammers to the Federal Trade Commission by visitingreportfraud.ftc.gov.

Having the most up-to-date and accurate information is your best protection against scammers.

You will hear directly from the Department of Education or Federal Student Aid when the application for debt relief is available. if you qualify for debt relief without needing to fill out an application, you will also hear from the Department or FSA directly. For additional information, visit ourFAQpage on student debt relief.

To read more about the Biden-Harris Administration's efforts to protect borrowers against scams,click here.