A group of scammers cheated student-loan borrowers out of $12 million by misleading them about repayment programs and 'loan forgiveness that did not exist,' a federal watchdog says
According to the FTC's complaint filed in California last month, SL Finance LLC, and BCO Consulting Services Inc. and SLA Consulting Services Inc. allegedly lured borrowers — many of whom were low-income with up to six figures in student debt — into paying hundreds of thousands of dollars in illegal fees by tricking the borrowers into thinking they were enrolling in a legitimate repayment program.
"As Americans struggle with massive student loan debt and uncertainty around the prospect of forgiveness, scammers are looking to cash in," Samuel Levine, Director of FTC's Bureau of Consumer Protection, said in a statement."These lawsuits to shut down student loan debt relief schemes continue the agency's crackdown on junk fees, unwanted calls, and financial exploitation.
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