The Biden administration is increasing efforts to protect borrowers from student loan forgiveness scams, while still not offering further details about the application itself.
Since the relief was announced in August, the administration has released very little concrete information about what the application will look like or when it will be released. That vacuum has created an opportunity for scammers: As NPR reported last month, some borrowersstudent loan relief scams and misinformation in text messages, phone calls and emails, and experts say it's getting worse.
"The release they did today is a great step," Mayotte added."There's only two things we can do as a community [to prevent fraud]. One is to educate borrowers and the other is enforcement."In order to hold scammers accountable, the administration plans to increase collaboration between the Department of Education and other federal agencies, including the Federal Trade Commission and the Consumer Financial Protection Bureau.
"What we're trying to do here is to get as much relief as possible to the hard working former students who deserve this relief," Cordray added."We're moving at warp speed to get the application and the process going here." The administration's efforts to stop these types of scams fall heavily on the shoulders of borrowers themselves: Much of the announced plans focus on increasing efforts to educate the public on how to catch and report scams on their own.
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