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Beware of Scammers Trying to Capitalize on Student Loan Forgiveness

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Shady callers are acting quickly on President Biden’s announcement last week to cancel up to $20,000 in federal student debt for millions of borrowers. As Americans await more details about the plan, these callers are already dialing consumers, misleadingly warning them that time is running out.The debt cancellation program is providing grist for scammers seeking to separate people from their money, their personal information or both, consumer advocates say. The calls may be targeting student borrowers — or they may be fishing expeditions preying on consumers even if they don’t hold education debt.“Scammers read the news, too,” said K. Michelle Grajales, a lawyer with the Federal Trade Commission.In a voice mail message reviewed by The New York Times, a female caller claimed to be from “student support.” The person who received the call does not have student loans. But the caller said the individual was “prequalified” for “updat …

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