The FTC is warning about scammers as the president hypes plans to cancel loans.
to cancel student loans since the 2020 presidential campaign and has rolled out a wide range of programs and proposals toward that end. While his actions so far have affected 4.3 million of the 44 million people with student debt, his“Hearing a lot about federal student loan forgiveness in the news? You’re not alone — scammers are, too,” reads an April 16from the FTC. “You might get a call from someone saying they’re affiliated with Federal Student Aid or the Department of Education.
“The president’s continued hawking of his ‘free college’ agenda is a contributing factor to the rise in bad actors looking to defraud Americans — there’s no question about it,” Foxx said. “Not only does he bear responsibility for this uptick, but he also bears responsibility for pinning taxpayers with the tab every time he announces a new iteration of his scheme.”
Biden and the Department of Education have also created the Saving on a Valuable Education, or SAVE, Plan to reduce the amount future borrowers repay drastically. The Penn Wharton Budget Model estimates that the plan will“Thousands of people per month are eligible, about 25,000 a month,” Biden said Feb. 21. “They’ll be getting a letter from me letting them know they’re qualified. And when they get that letter, your debt is going to be forgiven.
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