MADISON (WKOW) – The Wisconsin Department of Financial Institutions (DFI) and the Wisconsin Department of Agriculture, Commerce, and Consumer Protection (DATCP) will host a free online workshop on debt relief for students on August 16.
According to a press release, the workshop will help those with student loans prepare for the end of the federal student loan payment break on August 31. It will take place from noon to 1 p.m.
“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 from debt relief scammers regarding loan forgiveness or savings from consolidation,” said DATCP Secretary Randy Romanski. . “Borrowers with questions should attend this informational workshop to learn about the many resources consumers can access without paying a fee.”
During the workshop, student borrowers will learn about current student debt relief scams and how to use the free service Wisconsin Student Loan Repayment Tool.
Experts will also answer questions about student loan repayment and explain how the tool can help borrowers navigate the complexities of federal student loan repayment plans, forgiveness programs, and reduced student loan repayments. Learners will also discover how to reduce 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 DFIs 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 scammed should report it by file a complaint onlineby emailing [email protected] or calling the DATCP Consumer Protection Hotline at 800-422-7128.