White House on lookout for scams ahead of student loan forgiveness applications

The White House announced Wednesday its plan to protect borrowers from scammers as the administration gears up to roll out its application for student loan forgiveness.

Driving the news: The efforts include "educating borrowers about how to protect themselves against scams and accelerating efforts to share scam complaints with states," the White House said.

• One of the "most critical ways to prevent scams" is "developing a clear, simple, and secure site for borrowers to apply for debt relief and have the most up to date information from trusted sources," the White House said.
• The administration also said that it plans to release student debt relief "Do's and Don'ts" to help borrowers avoid potential scams.
• The White House also said it will work across the government and with states to "analyze trends in scam complaints in real-time, sharing this information with states to combat scams."

The big picture: The effort comes as the Biden administration plans to launch the application for student loan forgiveness this month.

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