Scam Alert: Student Loan Cancellation Help
The CFPB has issued a reminder that many student loan borrowers have an opportunity to receive full student loan cancellation or more credit towards cancellation. The U.S. Department of Education will conduct a one-time adjustment this summer but you may need to take steps to qualify. The deadline to act is April 30, 2024. The details are available as a printable flyer that can be shared with your customers or members.
Please be aware that scammers may attempt to charge for what borrowers can do for themselves for free. You don’t need to pay a fee to consolidate your loan, receive loan cancellation, or reduce your monthly payments. You can do it for free on the Department of Education’s website.
If borrowers need help, they should contact their loan servicer, or use one the resources listed in the flyer found at the Read More link below.
754
| Topic | |
| Delivery Type | |
| Role | - Compliance, Risk Incident Management
- Frontline Operations
|
| Organization Type | - Challenger / Neo Bank
- Financial Institution
- Government Agency
- Security & Law Enforcement
|
| Knowledge Level | - Advanced
- Beginner
- Intermediate
|
| News Details Button URL | https://files.consumerfinance.gov/f/documents/cfpb_opportunity-cancel-student-loan-debt_2023-03.pdf |