October 3, 2019
By Jeanette Settembre, Fox Business
The fraudsters, who made off with at least $20 million, were required to pay up under a 2018 settlement with the FTC, the organization announced in a press release Monday.
The FTC alleged that Los Angeles-based companies using names like Alliance Document Preparation LLC, and Post Grad Aid, bilked millions of people trying to reduce or eliminate their student loan debt. They used social media platforms like Facebook to market their fake relief programs and misrepresented that they were affiliated with the U.S. Department of Education or the loan servicers. The defendants falsely claimed that consumers who paid an upfront fee of up to $1,000 were qualified or approved for permanently reduced monthly payments or loan forgiveness.
The FTC is sending 39,734 checks to people who lost their money, totaling $136.48 each on average. The checks will expire after 60 days, the FTC said, noting: “The FTC never requires consumers to pay money or provide account information to cash a refund check.”
Borrowers have reported receiving emails, letters and phone calls offering them financial relief from their federal student loans. In most cases, these companies don’t offer any relief at all and just take people’s money. One of the most common ways fake companies try to swindle those saddled with debt is by claiming they’ll get rid of student loans without the person having to pay it back, for a small fee. The only legitimate reasons for not paying student loans may include permanent disability, identity theft or in some cases, school closure.
America’s $1.6 trillion student loan crisis has some presidential candidates proposing to cancel student debt and make public college free. And state legislatures are cracking down on student-loan companies.
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No Debt But Love 
There are some bad people out there. I am glad the victims are getting some help and some justice.
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INDEED there are some predators out there. Hopefully, discretion will be used and advised. I sound like a crime show into. Lol
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nice post
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Thank you for your support!
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A veces los comentarios se quedan en el tintero. Me llamó la atención la cantidad de billones de de dólares en préstamos estudiantiles. Eso dice de lo caro que resulta hacerse profesional. Luego viene lo de la estafa. Tardaron en darse cuenta las autoridades en darse cuenta.Y también los estafados. Por lo menos se hizo justicia al devolver ese importante suma de dinero. Un excelente artículo y qué bueno que te puedo responder en español. Lucho una barbaridad con el traductor. Es un placer leerte. Amplio mis conocimientos. Saludos.
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Gracias por responder y soportar la batalla con el traductor. Jaja! 🙂 A través de tus publicaciones y tus comentarios, estoy mejorando mi español. Es una situación de ganar-ganar para los dos. Me alegra que los estudiantes se despierten a esta situación. Mis hijos no tendrán préstamos estudiantiles, los apoyaré de todas las formas posibles. Incluso si eso significa decirles que persigan un oficio. Las personas que trabajan como plomeros, camioneros y electricistas se ganan la vida.
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As parents, for our children we would make any sacrifice. My greetings
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Well written, meaningful post:)
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