Almost 40,000 student-loan borrowers are in line for refunds in connection to what the Federal Trade Commission described as a student loan debt relief scheme. Details:
“Defendants promised consumers that in exchange for the payment of upfront fees and subsequent monthly fees, they would reduce or eliminate consumers’ student loan balances,” the FTC said in a statement. “However, Arete Financial regularly failed to reduce or eliminate consumers’ loan balances or monthly payments.”
The settlement requires the defendants to provide refunds and banned them from the student loan debt relief industry. The FTC has determined the customers who are eligible for refunds and they will be receiving a check. The amount of refund will depend on how much FTC is able to collect and how many people lost money.
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