March 29, 2024

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 take caution when it comes to questionable companies and possible fraudsters.

“Student loan debt relief scammers target borrowers with false offers of loan forgiveness or savings from consolidation,” DATCP Secretary Randy Romanski said in a news release. “There are many resources consumers can access without paying a fee. I encourage borrowers to utilize the resources at DFI for information about repayment services and report any fraud to our team at DATCP.”

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“With student loan payments resuming in February 2022, it is more important than ever for borrowers to explore their student loan repayment options and make a plan for repayment today,” said DFI Secretary Kathy Blumenfeld in the release. “Borrowers should take time now while payments are still paused to look into repayment options such as income-driven repayment plans, which lower monthly payments, and check their eligibility for student loan forgiveness. Not waiting until the last minute to make a plan is important and will help ensure a smooth return to repayment.”

Student loan borrowers should be wary of phone calls, emails, letters, and texts claiming…

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