With federal student loan payments set to resume January 1st, Illinois Attorney General Kwame Raoul is warning people to be on the lookout for debt relief and debt consolidation scams.
Those payments have been on hold during the pandemic, but the resumption of payments in the new year could send more people looking for ways to reduce those obligations. However, Raoul notes that many offers claiming to do that are fraudulent.
Some warning signs include: asking you to sign a power of attorney form or to provide your Federal Student Aid ID number or password… promising immediate student loan forgiveness or debt cancellation… or pressuring you to make a fast decision on a tight timeline. Raoul says if you have questions, you can contact his Student Loan Helpline at 1-800-455-2456 or email StudentLoans@ilag.gov.
