Don’t Be Fooled by “Too Good to be True” or “Doomsday” Promises with New Changes to PSLF

Every time the government makes an announcement about student loans, scammers crack their knuckles and get to work trying to find new ways to exploit the news. It’s a sad reality, but it’s one we see over and over again—at Navigate, our inboxes are practically overflowing with people offering phony advice and “too good to be true” claims about how they can help borrowers.

We also see all sorts of articles from supposedly reputable sources that forecast all sorts of worst-case scenarios, ignore the facts, and rely on conjecture, just to get you to click on them or—even worse—pay them for more bad advice! We recently saw an article, which claimed in the title that the Biden Administration would specifically exclude physicians from loan forgiveness programs, which is patently untrue. 

Sifting Out the Good Opportunities from the Scam

When making decisions about your financial future, it’s important to stick to sources you trust. Always examine the source of information and how it came to you: if someone is coming to you without invitation claiming they can save you money, be wary. Be especially suspicious if someone claims they can help you for free, that means you are the product. Someone can do a lot of harm with even just your FSA ID, so keep that information close and take note if you’re asked for it. 

There are big, exciting things coming out for student loan borrowers right now—like the PSLF Limited Waiver Opportunity—things too important to let scammers ruin them. If you have any questions, you can always go to studentaid.gov for up-to-date information about federal student loans, including Covid-19 emergency relief, or changes to PSLF. There is a lot happening in the student loan world right now and it can be difficult to keep up. If you are ever unsure, need some fast facts, or want to know how something will affect your situation, give us a call and we’ll help you sort it out.