A federal judge struck down President Biden’s student loan forgiveness plan on Nov. 10. The ruling is being challenged, but that hasn’t stopped scammers eager to capitalize on borrowers’ confusion and frustration, the Wall Street Journal reported. Scams targeting Americans impatient for debt forgiveness surged in the first 10 months of 2022, according to the Federal Trade Commission. The agency received 76,000 complaints of scams related to student loans through the end of October, compared with 46,243 for all of 2021. Scammers sprinkle details from the latest headlines to add urgency and authenticity, with some claiming they can fast-track applications and payments, federal officials said. “Scammers follow the news. So a seasoned scammer will weave in language from actual loan benefits and loan programs along with things that are purely fraudulent,” said Michelle Grajales, a staff lawyer for the Federal Trade Commission. “They might promise to get you $60,000 of loan forgiveness next month.”
