🚨 Beware of Misleading Student Loan “Forgiveness” Ads!
Everywhere you look these days, there’s a pop-up, text, or ad promising instant student loan forgiveness — sometimes claiming your balance could drop to $0 if you “act before October 19” or call a special number.
Sounds great, right? Unfortunately, these flashy offers are often misleading, predatory, or flat-out scams. They prey on borrowers’ hopes, using the same buzzwords as legitimate government programs but with none of the accountability.
🧩 What’s Really Going On
The only official source for student loan forgiveness or repayment programs is the U.S. Department of Education’s Federal Student Aid website — StudentAid.gov.
If a website or “specialist” reaches out through a .com or .org address (like StudentAidPortal.com) and claims they can erase your debt instantly, it’s not the real thing.
Right now, the only major programs offering forgiveness are:
- Public Service Loan Forgiveness (PSLF)
- Income-Driven Repayment (IDR) Adjustments
- Teacher Loan Forgiveness
- Total and Permanent Disability (TPD) Discharge
- Borrower Defense / School Closure Discharges
These are administered free of charge through your loan servicer — MOHELA, Nelnet, Aidvantage, EdFinancial, etc. No third-party company can fast-track your application or guarantee approval.
⚠️ Red Flags to Watch For
- A non-.gov website pretending to be “official.”
- Promises of “instant approval” or “limited-time forgiveness.”
- Upfront fees or requests for your FSA ID password.
- High-pressure sales tactics (“This offer ends today!”).
If you see these, don’t click — and definitely don’t share your personal or financial information.
🛡 What to Do Instead
- Verify everything through your loan servicer (check your official statement for their phone number).
- Visit StudentAid.gov to view verified programs and apply securely.
- Report suspicious companies or ads to the
- Consumer Financial Protection Bureau (CFPB): consumerfinance.gov/complaint
- Federal Trade Commission (FTC): reportfraud.ftc.gov
How To Avoid Student Loan Forgiveness Scams
💬 Final Word
Predatory ads target borrowers who just want relief — but relief should never come with deception. Before you click, call, or sign up, check the source. Real forgiveness doesn’t come from a pop-up; it comes from verified programs designed to help you succeed, not sell you something.
💬 If you found this helpful, explore more financial protection topics in our Money Basics series.
Jerry Williams
Host, The Pink Money Podcast | Financial Educator
With over 20 years of experience in the financial services industry, Jerry has worked as a financial and wealth advisor, guiding individuals and families to grow and protect their wealth. His mission has always been clear: provide actionable advice, demystify complex financial concepts, and help people make confident, informed decisions.
Jerry earned his BS from St. Edward’s University in Austin, Texas, and his Master of Science in Personal Financial Planning from the College of Financial Planning. Today, he uses that background to not only cover practical money topics but also to explore cultural conversations, personal growth, and the ways financial choices intersect with identity and community.
When he’s not podcasting, Jerry enjoys writing think pieces, curating Jerry’s Playlist (a celebration of music and culture), and encouraging listeners to think critically about the world around them.
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