Student Loan Debt Resources

Student Loan Forbearance Ends May 1, 2022

On Sunday, May 1​, 2022, the final extension of the federal student loan payment pause will conclude. To prepare for student loan payments resuming in May, join the Wisconsin Department of Financial Institutions (DFI) and the Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) for a free student loan debt relief workshop on Thursday, January 20, 2022, from 6 – 7:30 p.m. CST and on Friday, January 21, 2022, from 11:30 a.m. – 1 p.m. CST.

During these workshops, student loan borrowers will learn about current student loan debt relief scams to avoid and how to use the free Wisconsin Strong Student Loan Repayment Tool, created by Savi. Savi's student loan experts will answer questions about student loan repayment and explain how their tool can help borrowers navigate the complexities of federal student loan repayment plans, forgiveness programs, and lowering student loan payments. Using Savi's tool may help borrowers reduce their monthly payments and optimize their repayment plans. On average, users of this tool save $156 each month and have a lifetime savings of $28,308. Student loan borrowers can find additional free repayment resources on DFI's LookForwardWI.gov website.

Student Loan Debt Relief Workshop: How to Avoid Scams, Use Free Repayment Tools and Save Money

A picture of a black man readign a book, with the words Student Loan Debt Relief Worshop:.

Student Loan Debt Relief Workshop on Thursday, January 20, 2022, from 6 – 7:30 p.m. CST. – Register to attend here: https://bit.ly/3s5oKLP











A picture of a young woman working on a laptop  with the words Student Loan Debt Relief Workshop on the top .

Student Loan Debt Relief Workshop on Friday, January 21, from 11:30 a.m. – 1 p.m. CST.  – Register to attend here: https://bit.ly/30pcU3O










Student Loan Debt Relief Scams

Student loan borrowers should be wary of phone calls, emails, letters, and texts claiming relief from federal student loans or warning that student loan forgiveness programs are immediately expiring. These aggressive solicitations are used to scam borrowers with fees for services that are often free, and can be used by fraudsters to steal their money and identity.

Signs of a fraudulent student loan debt relief company:

  • Up-front fees – These types of fees are prohibited for loan service providers. Do not provide credit card numbers or bank account information.
  • Promises of immediate total loan forgiveness – Most government forgiveness programs require many years of qualifying payments and/or employment in certain fields before loans can be forgiven.
  • Requests for a borrower's FSA ID username and password – A borrower's FSA ID has the same legal status as a signature, it can be used to make changes to the borrower's account without their knowledge. Do not share a borrower's FSA ID.
  • High-pressure sales phrases – Fraudulent student loan debt relief companies often try to instill a sense of urgency by citing “new laws" or “discontinuing programs" as a way to encourage borrowers to contact them immediately.
  • Requests for a third-party authorization form or power of attorney – Debt relief scammers often want these authorizations to change the borrower's contact information so they won't be notified when the loan servicer stops paying the student loan bill.
  • Spelling or grammatical errors – Communications with misspelled words or grammatical errors often indicate the communication is likely from a scammer and should be deleted.

More information on Student Debt Scams https://datcp.wi.gov/Pages/Programs_Services/StudentLoanDebtRelief.aspx

If you have been the victim of a scam, report it by filing a complaint online, emailing datcphotline@wisconsin.gov, or calling DATCP's Consumer Protection Hotline at (800) 422-7128.

Resources for Student Loan Borrowers

Wisconsin Department of Financial Institutions (DFI)

DFI offers resources for students, parents and educators on College affordability and college financial planning:

College Planning WDFI-College Affordability

Look Forward to Your Future https://lookforwardwi.gov/


Wisconsin Student Loan Help Hotline

This Wisconsin Student Loan Help Hotline was created in partnership with the Wisconsin Coalition on Student Debt and Ascendium Education Solutions. Call the Wisconsin Student Loan Help Hotline's toll free number (833) 589-0750 for your Student Loan questions.


Wisconsin Strong Student Loan Repayment Tool​

WIStrong.BySavi.com

The Wisconsin Strong: Your Financial Security™ program has joined forces with the student loan experts at Savi to help Wisconsinites navigate the complexities federal of student loan programs and possibly qualify to lower student loan payments. Visit WIStrong.BySavi.com to learn about student loan repayment plans and forgiveness programs.