YORK, Pa. — President Joe Biden on Wednesday announced detailed plans to deliver on a campaign promise to provide $10,000 in student debt cancelation for millions of Americans — and up to $10,000 more for those with the greatest financial need — along with measures to lower the burden of repayment for their remaining federal student debt.
These kinds of policy changes always lead to texts, emails, and calls about how this company or that company can "help you" with your loan.
Whatever you do, don't click anything, and don't give random callers your information.
"The Department of Education is not going to call you, text you, they may send an email, you need to make sure you're only looking at .gov emails," Ja'Net Adams, money expert and founder of Debt Sucks University told FOX43. "Do not get scammed by these people who say they're going to do something for you, because you're likely to lose money."
She says right now, StudentAid.gov is the website you want to go to for all your loan information. Whatever question you have about how much you owe, who you owe it to, and when is on this site.
The White House says, eventually, there will be a form on this site for borrowers to fill out where they'll have to confirm their loan information and income in order to qualify for that $10,000 student loan forgiveness.
As of Thursday morning, that's not available yet, so anything that says otherwise, could be a scam. If you are trying to get in touch with your loan providers about this right now, you might not get through for a few days.
Just keep in mind, for most people that $10,000 of debt will not be erased right away, but should be by the end of the year.
Because the student loan payment pause was due to expire in just a few days, student loan companies have probably already sent out letters telling you to pay up.
"People at the beginning of this month started receiving repayment letters from their student loan companies, they're very eager to get your interest payment and your loan payment again," Adams said. "Understand you don't have to pay anybody."
Well, you don't have to pay anybody right now. The student loan payment pause is in effect until the end of the year. Starting in January, people who still have student loans after the $10,000 forgiveness will have to start paying again.
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