(WXMI) — The Better Business Bureau is warning those with student loans to be wary of people claiming to help with student loan forgiveness.
As expected, scammers were quick to start calling people after the Biden Administration announced their plan to forgive up to $20,000 for certain government-backed student loans.
Scammers will call and pretend to represent a program that walks you through the process of student loan forgiveness — but you have to fill out their form to see if you qualify.
That's when they get your banking and other personal information.
The key here is to remember no such program exists. The process for student loan forgiveness doesn't start until sometime in October.
No scams have been successful in Michigan yet, but the BBB is hearing about them from would-be victims who've realized what was happening and hung up before giving away their personal information.
Tips to avoid these scams
Beware of unsolicited calls from Uncle Sam
The Government very rarely reaches out to people without a request from that person.
Communicate with the Department of Education — only
If someone reaches out claiming to be from the government, contact that agency to confirm they are trying to reach you.
Do not respond using the numbers/emails potential scammers give
Find the agency's number yourself. The DOJ is heading up all aspects of student loan forgiveness. You can start that conversation here.
Don't pay
The program being offered by the Biden Administration is a free service. Yes, everything the government does is covered by taxes; but you will not have to pay to have your student loans forgiven.
Don't believe scare-tactics
Scammers will tell you there's a limited time, you need to act fast, or you may even get in trouble for not acting now. Don't believe them. Stop communications right away.
Remember, scammers are adapting all the time, so it's important to stay vigilant and never give out personal information if you haven't verified who is communicating with you.
If you think you're being scammed— or are about to be— report the information to the Better Business Bureau to help keep others from falling victim.
Related: AG says scammers are trying to take advantage of loan forgiveness excitement
