Student Loan Debt Relief Scammers Target Worried Borrowers

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FROM THE WISCONSIN DEPARTMENT OF AGRICULTURE, TRADE & CONSUMER PROTECTION

The final extension of the federal student loan payment pause runs until Jan. 31, 2022. The Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) and the Wisconsin Department of Financial Institutions (DFI) encourage student loan borrowers to be cautious of offers from questionable student loan debt relief companies, to be aware of fraudsters taking advantage of this transition period, and to create a repayment plan now before their student loan payments are due.

“Student loan debt relief scammers target borrowers with false offers of loan forgiveness or savings from consolidation,” said DATCP Secretary Randy Romanski. “There are many resources consumers can access without paying a fee. I encourage borrowers to utilize the resources at DFI for information about…

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