Student loan scams existed before President Biden made his executive order regarding federal student loan forgiveness. However, with the latest announcement of widespread student loan forgiveness, the number of scams has increased, significantly. It is important that borrowers know the warning signs to avoid being scammed.
Tag: bankruptcy with student loan debt
How Student Loan Borrowers Will Benefit from the Stimulus Bill
The recently passed $2.2 trillion stimulus bill provides several different forms of financial assistance for American consumers during the current coronavirus (COVID-19) crisis. The new bill also provides options for student loan borrowers who are struggling to keep up on their loan payments, which comes as good news for the over 44 million borrowers holding more than $1.5 trillion in outstanding student loan debt.
Borrowers who have federally owned student loans will not have to pay on their loans through at least September 30, including Parent PLUS Loans. This payment suspension will occur automatically and does not need to be requested by the borrower.