President Joe Biden has not canceled your student loan, but has not paid for your student loan forgiveness.
Here’s what you need to know — And what does that mean for your student loan..
According to the latest student loan headlines, Biden has not yet enacted a major student loan cancellation. Despite pressure from Senator Elizabeth Warren (D-MA) and Senator Chuck Schumer (D-NY) to cancel student loans up to $ 50,000, Biden has targeted student loans. I chose to focus on canceling. Since taking office, Biden has canceled more student loans than any other president. This includes canceling a $ 10 billion student loan. This includes $ 1.5 billion student loans canceled in this way and billions of dollars student loans canceled for student loan borrowers with completely permanent disabilities. (See here for how to apply for a student loan permit). Without the permission of a large student loan, you might ask, “Should I stop paying for a student loan?” If you don’t get a student loan forgiveness, you can also pay for a company that can help you with your student loan forgiveness. The lack of cancellation of large student loans has led to potential fraud, including student loans. Here’s what you need to know to avoid losing money:
1. Biden’s student loan is not allowed
If someone promises you “forgiveness of a student loan”, it’s a scam. Biden’s student loan exemption refers to a student loan exemption through the US Department of Education for federal student loans. Biden’s student loan forgiveness also refers to the cancellation of a student loan enacted by Biden under existing law. Again, “Bidden Student Loan Forgiveness” refers to the federal government’s forgiveness for federal student loans. No company can forgive your student loan. A typical scam is against a company (usually via email or advertising) that promises to cancel a student loan through Biden’s student loan forgiveness program. This is the problem: Biden’s student loan is unacceptable. The scam sounds like a public service loan licensing program created by Congress and signed by President George W. Bush in 2007 instead of Biden.
2. Don’t pay for student loan forgiveness
If the company wants to charge you to cancel your student loan, it’s a scam. Do not pay the company a prepayment to allow or cancel a student loan. This simply doesn’t exist. Student loan forgiveness is free. There are no fees for income-driven repayment plans. There are no fees for forgiving public service loans. There is no fee to forgive a teacher loan. All of these programs are available free of charge through the federal government. Contact the Student Loan Servicer for more information.
3. Student loan forgiveness: Do not hire a company affiliated with the US Department of Education
When it comes to student loan forgiveness, don’t hire a company that claims to belong to the US Department of Education. This simply doesn’t exist. The US Department of Education cancels student loans directly. The Ministry of Education does not have a contract with a third party to cancel the student loan. If your company claims a special relationship with the education sector, do not work with them. Again, you can get a student loan for free through the US Department of Education.
4. Student Loan Cancellation: Do not hire anyone to negotiate a student loan
Student loan cancellations cannot be negotiated. If someone claims that you can negotiate your student loan for you, they can’t. Unlike garage sales, student loans cannot be negotiated. The US Department of Education does not simply negotiate your student loan balance because you hired a “negotiator.” Any company that claims they can lower your student loan balance will mislead you. Don’t pay to negotiate your student loan.
5. Student loan forgiveness never expires
Student Loans: What to do if you’re scammed
If you are fooled by a company that promises to forgive your student loan, please contact your bank immediately. If you registered for auto-payment to pay to this company, please turn off auto-payment. You can also file a complaint in the following ways:
- Consumer Financial Protection Bureau (CFPB)
- Your State Attorney General
- US Department of Education
- Federal Trade Commission (FTC)
- Better business bureau
There are many options for student loan relief. Make sure you understand all the options. Here are some common ways to save money:
Student Loans: Related Materials
If Biden does not cancel your student loan, do three things:
5 Reasons Biden Didn’t Cancel Student Loans
Here’s where the Democrats support the cancellation of student loans
Biden’s student loan forgiveness means three things