With all the uncertainty surrounding student loans, scammers are preying on individuals who are looking for lower payments or student loan forgiveness.

American student loan debt is sky-high, with some estimates putting the total number over $2.19 trillion—that’s higher than all U.S. credit card and auto loan debt combined. President Joe Biden and his administration made numerous attempts to alleviate the burden of student loans,

Student loan forgiveness has been in the forefront, but the potential elimination of the student loan interest deduction warrants close attention, too.

SoFi shares exactly what a principal-only student loan payment is and how to be sure you're doing it right. Making principal-only payments on student loans can accelerate the payback period and reduce overall borrowing costs.