21
August , 2017
Monday

Email This Post Email This Post

Student Loan Scam Gets an “F” From the FTC

Posted by Admin On May - 30 - 2017

The costs of student loans and fees can be overwhelming. You might see online ads that promise to help lower your payments or get your loans forgiven. But be wary of companies that make those promises, and never pay an upfront fee. Today, the FTC announced it had filed charges against Strategic Student Solutions, Student Relief Center, and related companies for lying to consumers about providing student loan debt relief and charging illegal upfront fees.

According to the FTC’s complaint, Strategic Student Solutions promised consumers loan forgiveness or payment reduction and credit repair services, but they didn’t deliver. They told consumers that their monthly fees would be put toward their student loans. They also charged consumers illegal upfront fees of up to $1,200.

Consumers found out later that they had not been enrolled in forgiveness or repayment programs, that none of their payments had been put towards their student loans, and their credit had not been repaired. In fact, consumers often ended up farther behind on their payments than when they first signed up for the companies’ services.

If you have paid money to Strategic Student Solutions or Student Relief Center, contact your loan servicer immediately. Depending on the type of loans you have, you may want to discuss a repayment plan or other options for your situation.

Remember, you do not have to pay for help with your student loans. Never pay an upfront fee for the promise of debt relief. Learn how to spot a debt relief scheme.

To report a student loan debt relief scam, file a complaint with:

·       the FTC at ftc.gov/complaint

·       the CFPB at consumerfinance.gov/complaint

·       your state’s Attorney General’s office.

You can leave a response, or trackback from your own site.

Leave a Reply

You must be logged in to post a comment.

Recent Comments

Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

Recent Posts