Biden administration steps up protection against student loan forgiveness scams
The Biden administration is increasing efforts to protect borrowers from student loan forgiveness scams, while still not offering further details about the application itself.
The Biden administration is increasing its efforts to fight scams aimed at taking advantage of borrowers applying for its expansive student loan forgiveness plan, senior administration officials announced Wednesday.
The administration's forgiveness program will cancel up to $20,000 in student loan debt for borrowers making less than $125,000 or $250,000 for households. The plan, which is projected to cost $400 billion, could benefit as many as 40 million Americans.
Since the student loan relief scams and misinformation in text messages, phone calls and emails, and experts say it's getting worse.
