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How to Avoid Student Loan Forgiveness Scams

Published September 8, 2022 

If you're one of the many people with student loans, you may be excited to hear that President Biden's administration has announced that up to $20,000 in federal student loans per person will be forgiven. However, scams involving this announcement are already on the rise.

Which loans will be forgiven?  


Single borrowers earning less than $125,000 per year and dual-income households earning less than $250,000 will be eligible for forgiveness of up to $10,000 on federal student loans per person and up to $20,000 for Pell Grant recipients.

Here are some things to watch out for:

  • Scammers may contact you by phone, email, or text message claiming to be from the Department of Education or another government agency. They may say that you need to provide personal information in order to have your loans forgiven.
  • Some scammers may even go so far as to say that you need to pay a fee in order to have your loans forgiven.
  • If you're contacted by someone claiming to be from the Department of Education or another government agency regarding loan forgiveness, hang up the phone, delete the email or text message, and report it to the Federal Trade Commission. 

Remember, the best way to avoid scams is to be informed. Don't give out personal information to anyone unless you are certain that they are who they say they are. If you have any doubts, hang up the phone or delete the email. You can also contact the Department of Education directly to get more information. The Department of Education will never call, text, or email you and ask for your personal information or payment in order to have your loans forgiven.  

 
By being aware of these scams, you can protect yourself and your personal information. If you think you may have been a victim of one of these scams, please report it to the Federal Trade Commission. 

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As an active part of the community for 92 years, Neighborhood Credit Union is a not-for-profit financial organization serving the state of Texas with branch locations in Collin, Dallas, Denton, and Ellis counties, as well as the city of Arlington. With assets topping $1 billion, Neighborhood Credit Union has a continuously growing membership of 60,000. For more information, call (214) 748-9393 or visit our homepage