Repaying a hefty student loan can take years and a lot of hard work. With so many people impacted by the COVID-19 pandemic, last year the government put a pause on federal student loan repayments.
Now the Coronavirus emergency relief program is set to come to an end in just over a month and those payments will resume. Need to save money? Tap or click here for how to get a student discount at Apple (and you don’t need a student ID).
If that isn’t bad enough, scammers are also very aware that the repayment pause is ending. And they’ll be out in force trying to steal your money.
Here’s the backstory
In August, the U.S. Department of Education announced that the final extension to pause federal student loan payments would last until Jan. 31, 2022. After that date, repayments are expected to continue as before.
The relief measures put a suspension on loan payments, added a 0% interest rate and stopped collections on defaulted loans. Before it kicks off again, you should receive a notice at least 21 days before your payment is due, which will include the payment amount and due date.
But scammers are always on the lookout for new targets, and they have taken aim at those having to make repayments again. The Federal Trade Commission has issued a warning that students should be aware of scams pretending to help…