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

OF THE WISCONSIN DEPARTMENT OF AGRICULTURE, COMMERCE AND CONSUMER PROTECTION

The Wisconsin Department of Financial Institutions (DFI) and the Wisconsin Department of Agriculture, Commerce, and Consumer Protection (DATCP) announced that they are hosting a free online workshop on Debt Relief for students on April 21. The workshop will help student borrowers prepare for the end of the federal student loan payment pause, which the Biden administration recently extended from May 1 to August 31.

“With student loan repayments resuming in September, it’s more important than ever for borrowers to explore their student loan repayment options and develop a repayment plan today,” said Cheryll Olson-Collins. , designated secretary of the DFI. “Borrowers should take the time now while payments are still on hold to review repayment options such as income-driven repayment plans, which can lower monthly payments, and verify their eligibility for student loan forgiveness. It is important not to wait until the last minute to make a plan and this will help ensure a smooth refund return.

“As student loan repayments resume, borrowers should watch for dishonest offers of loan forgiveness or consolidation savings from debt relief scammers,” said DATCP Secretary Randy Romansky. “Borrowers with questions should attend this informational workshop to learn about the many resources consumers can access without paying a fee.”

Join the “Student Debt Relief Workshop: How to Avoid Scams, Use Free Repayment Tools, and Save Money” on April 21 from 6-7:30 p.m. by registering for free here.

In this workshop, student loan borrowers will learn about current student loan debt relief scams to avoid and how to use the free Wisconsin 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 loan repayment reductions. student loans. Using Savi’s tool can help borrowers lower their monthly payments and optimize their repayment plans. On average, users of this tool save $156 per month and realize lifetime savings of $28,308. Student borrowers can find additional free repayment resources on DFI’s LookForwardWI.gov website.

DFI and DATCP encourage student borrowers to create a repayment plan now to ensure a smooth return to repayment and to beware of fraudsters who take advantage of this transition period. Borrowers with questions are encouraged to call the Wisconsin Student Loans Hotline at (833) 589-0750 or contact Federal Student Aid. Student borrowers who have been the victim of a scam should report it by filing a complaint online, emailing [email protected], or calling the DATCP Consumer Protection Hotline at (800) 422 -7128.

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