NJ Division of Consumer Affairs Warns of Student Loan Relief Scams
The pause on interest and payments for federally held student loans will end on May 1, 2022, after the 90-day extension was announced by President Biden in December.
In the meantime, the NJ Division of Consumer Affairs and Consumer Financial Protection Bureau have warned of scams targeting student loan borrowers. Scammers may be trying to take advantage of pandemic-related circumstances and the government relief packages by contacting borrowers. If borrowers are contacted asking for personal information or money in exchange for suspending your loan, this is a scam.
Scammers have also approached borrowers claiming they are eligible for loan forgiveness through a “Biden Loan Forgiveness” or “CARES Act Loan Forgiveness” neither of which are real programs and are scams.
To learn more about debt relief scam, click here.