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Student loan forgiveness program welcomes sin from scammers

If you are in the running for possibly having up to $20,000 of your federal student loans forgiven, make sure you know to who you are giving your information.


The Better Business Bureau is trying to be proactive on possible scams after the Biden Administration announced the student loan forgiveness program last month. Those who made under $125,000 last year will be eligible to enroll between early October and the end of the year. According to USA Today, consumer protection groups say the timeline is too short, and the tight window could cause confusion for borrowers. Enter scammers, who were able to take advantage of other recent large government programs related to pandemic relief, such as the vaccine rollout, the eviction moratorium, and payroll protection loans.


The BBB is telling borrowers to learn the terms of their student loan and how the program could impact them. Wisconsin is one of over a dozen states treating the forgiveness program like earned income, meaning you will have to claim it on your taxes next year. The organization also warns you to be wary of out-of-the-blue phone calls, emails, or text messages about the available programs and not to pay anybody to take advantage of them.


Up to 27 million people who borrowed through the federal Pell Grant program could see the most benefit from the program, many of whom come from families making less than $60,000 a year.


The National Taxpayers Union, a fiscally conservative advocacy group, suggests the average burden for each U.S. taxpayer will be approximately $2,500.

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