"In reality, the defendants were pocketing students' payments," the press release said. The companies also allegedly told some borrowers that their loans would be forgiven, per the complaint, and that the payments those borrowers were making would be applied to their loan balances.
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. On Monday, the Federal Trade Commission announced that it had stopped two "student loan debt relief schemes," accusing the companies of cheating borrowers out of approximately $12 million by making deceptive claims about repayment plans and "loan forgiveness that did not exist," according to the press release.Īccording to the FTC's complaint filed in California last month, SL Finance LLC, and BCO Consulting Services Inc.
It often indicates a user profile.Ī federal watchdog just cracked down on two companies over accusations of lying to student-loan borrowers and scamming them out of millions of dollars. Account icon An icon in the shape of a person's head and shoulders.
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