SALT LAKE CITY — As the Biden administration announced that the government will cancel some federal student loans, experts are warning that scams involving debt relief will likely be on the rise.
The Better Business Bureau explained that as with any large government initiative, scammers likely see a new opportunity to get information or money out of people.
Experts have a few tips to help you protect yourself against scammers taking advantage of student loan forgiveness.
They recommend familiarizing yourself with your specific student loan and your relief program. Research who your loan servicer is by heading to official government websites for information.
It may be obvious, but you will never have to pay money for a free government program, BBB explains. Scammers may claim you'll get more or faster benefits if you give them money. A government agency will not ask that you pay a fee to access free services.
In general, unexpected calls, texts or emails claiming to be from the government are red flags. Government officials won't contact individuals unless you specifically give them permission to.
BBB said if something seems suspicious or too good to be true, it's likely a scam. If you have concerns about the legitimacy of a caller, it's always best to hang up and do your own research before you give out personal information. If something turns out to be a scam, report it to the BBB.
