Scrutiny Levied On Student Loan Debt Relief Industry
Career College Central summary:
A new industry has sprung up that offers to help deal with student loan debt, and that has consumer advocates concerned.
A myriad of companies now offer to help reduce or even eliminate debt from government-backed student loans (for a price). They make it sound fast and easy, and guarantee relief. But what the ads don't mention is that the help they promise almost always comes from federal programs that you can access yourself for free.
The National Consumer Law Center recently studied the growing student loan debt relief industry and how some companies are taking advantage of desperate borrowers. Their investigation included secret shopper calls, an analysis of material available on company websites, a review of the actual contracts used and a look at online complaints.
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