In early July, the Biden administration canceled nearly $56 million in student-loan debt, mostly connected to institutions engaging in misconduct, including promising jobs or falsely claiming credits would transfer to universities.

Student-loan forgiveness has become an increasingly popular scam targeting young adults, and as an October deadline looms, consumer advocates are warning people to watch their wallets.

Tami Barrett, Lincoln and greater Nebraska branch manager with the Better Business Bureau, expects to see an uptick in fraudulent activity this fall as the current COVID-19 pause in federal student-loan payments draws to a close on Oct. 1.

“A lot of people think it’s just older people,” said Barrett. “But actually the (Federal Trade Commission) and the Better Business Bureau reveal that 44% of people who get scammed are between the ages of 20-29 years old.”

By comparison, just 20% of people between 70-79 have lost money to fraud.

People with student loan debt present a giant target for scammers. According to the U.S. Department of Education, 43 million student-loan borrowers in the U.S. owe a total of $1.6 trillion in student loans.

The average U.S. household with student loans owes more than $57,000, with women and people of color holding the most debt.

Barrett said scammers are likely to offer free extended forbearance and fake “President Biden loan-forgiveness plans.”