The COVID-19 pandemic has disrupted the lives of so many people. Economic relief came in many different forms to financially assist those who were struggling. Since March 13, 2020, payments on federal student loans have been deferred. In other words, borrowers have not had to make payments on their federal student loans and they have not been accruing interest.
The deferral period will be ending on May 1, 2022. However, scammers have already started to take advantage of those worried about restarting their payments. According to the Better Business Bureau (BBB), there has been an increase in scams related to deferring loans or having them forgiven.
At this time, there is no legislation in place for additional deferment or forgiveness of student loans. So, if you receive any kind of student loan offer by phone, email, text, or an ad on social media, don’t fall for it. Most importantly, do not provide any information to these messages or click any links, as it could infect your device with a virus that gives hackers access to your computer and personal or financial information. If you have questions about your student loans, it’s best to contact your loan servicer directly.
We’re always looking out for ways to help you keep your money safe. Visit our blog post “7 common scams and how to spot them” for more scams to be on the lookout for.