The Federal Trade Commission said these companies used large upfront fees and took advantage of the pauses in student loan payments to scheme clients.
The Federal Trade Commission said that it has stopped a student debt relief scheme that has allegedly stolen $12 million from borrowers.
The companies were said to have charged borrowers, many of whom are considered"low-income," large upfront fees. SL Finance LLC claims to have assisted nearly 9,500 clients, saving them an average of about $26,000. The company claims they can cut monthly payments by 30% - 80%.Among the complaints made by the FTC, the companies allegedly did not apply payments made by clients toward their student loans.
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