Racine Sun

A pair of state government agencies are joining to host a free online student loan debt relief workshop later this month.

The Wisconsin Department of Financial Institutions (DFI) and the Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) are set to host the "Student Loan Debt Relief Workshop: How to Avoid Scams, Use Free Repayment Tools and Save Money" on Thursday, April 21.

The 90-minute event (6-7:30 p.m.) is designed to help student borrowers prepare for the Aug. 31 end of the federal student loan payment pause, a recent RaineCountyEye.com report said. Interested parties can sign up for the workshop by registering at eventbrite.com.

Among the lessons student loan borrowers will be briefed on during the workshop are current student loan debt-relief scams and instructions on how to use the free Wisconsin Student Loan Repayment Tool created by Savi that could help borrowers reduce their monthly payments and optimize their repayment plans, the report said.

"Using Savi's tool may help borrowers reduce their monthly payments and optimize their repayment plans, the report said. "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 Look Forward website."

"With student loan payments resuming in September, it is more important than ever for borrowers to explore their student loan repayment options and make a plan for repayment today," DFT Secretary-designee Cheryll Olson-Collins said in the report. "Borrowers should take time now while payments are still paused to look into repayment options such as income-driven repayment plans, which may lower monthly payments, and check their eligibility for student loan forgiveness. Not waiting until the last minute to make a plan is important and will help ensure a smooth return to repayment."

Borrowers with questions should call the Wisconsin Student Loan Help Hotline at 833-589-0750 or contact Federal Student Aid. Borrowers who have experienced a scam should report the incident by filing an online complaint, emailing datcphotline@wisconsin.gov, or calling DATCP's Consumer Protection Hotline at 1-800-422-7128.