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Consumer advisory: Don’t give money or information to scammers promising student loan forgiveness

https://www.consumerfinance.gov/about-us/newsroom/consumer-advisory-dont-give-money-or-information-to-scammers-promising-student-loan-forgiveness/

Numerous student loan borrowers recently submitted complaints to the Consumer Financial Protection Bureau (CFPB) about companies that promised them student loan forgiveness or loan forbearance in exchange for fees amounting to hundreds or thousands of dollars. Borrowers believed they were talking to their servicer or a company authorized by the Department of Education because they often knew private information such as the borrower’s loan balance or recent consolidation activity. This is fraud.

Consumer advisory: Co-signers can cause surprise defaults on your private student loans

https://www.consumerfinance.gov/about-us/newsroom/consumer-advisory-co-signers-can-cause-surprise-defaults-on-your-private-student-loans/

Today, we released a report that describes complaints we received related to the private student loan industry’s practice of placing borrowers in default even when their loans are current and in good standing. Take a look at our consumer advisory and sample letters for borrowers and co-signers.

Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19

https://www.consumerfinance.gov/about-us/newsroom/agencies-provide-additional-information-encourage-financial-institutions-work-borrowers-affected-covid-19/

The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications.