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Student loan forgiveness plan - what to know
Applications will become available in early October, and within four to six weeks, you could see your balance decrease.
CHICAGO - We're getting a better timeline on President Joe Biden’s student loan relief.
Applications will become available in early October, and within four to six weeks, you could see your balance decrease.
The White House advises that those with student loans apply by November 15 if you want relief by the time the payment pause expires at the end of the year.
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But already, scammers are increasingly preying on borrowers eager for debt relief.
The Better Business Bureau says there are some red flags to look out for.
"Be careful you might be getting an email saying that they can help you. ‘Just click here.’ Those are usually the bait they want you to open up. What we want you to do is go to the Department of Education's website and get on their mailing list so you know when things are happening. When someone sends you something out of the blue, or that you got to act quickly, usually within 30 minutes, that's what we call the ‘tip off to rip off’ on those particular matters," said Steve Bernas with the BBB.
Applications will still be accepted after student loan payments resume on January 1, 2023.
If you need a reminder to apply, you can sign up for an email alert on the Department of Education's website.