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More than 7,100 student loan borrowers will receive $3.5 million in refund checks after a consumer protection agency said they were scammed by a student debt relief company in renegotiating ...
The Federal Trade Commission has announced it’s sending 27,584 checks to consumers victimized by student loan forgiveness scams—about $4.1 million in total.. The victims sent money to alleged ...
In August, the FTC and the Department of Justice (DOJ) announced that over 22,000 borrowers will receive refunds from a $9 million settlement for the Ameritech Financial student loan debt relief ...
Educational Credit Management Corporation (ECMC) is a United States nonprofit corporation based in Minnesota. Since 1994, ECMC has operated in the areas of student loan bankruptcy management and loan collection. ECMC is one of a number of guaranty agencies that oversee student loans for the United States Department of Education.
The student debt relief initiative could benefit as many as 40 million Americans, the White House said in a statement, adding that it is taking “ongoing and expanded efforts across the ...
Specifically, the organization calls for the return of standard consumer protections to student loans, including bankruptcy protections and statutes of limitations. The organization also calls for the removal of exemptions given uniquely to the student loan industry from Fair Debt Collection Practices Act, the Truth in Lending Act, and state usury laws. [1]
The settlement includes $182 million in debt relief and $16 million cash compensation for impacted borrowers along with help to improve their credit scores as a result of the illegal collections ...
As of 2021, approximately 7.8 million Americans from 18 to 25 carry student loan debt, with an average balance of almost $15,000. [64] For adults between the ages of 35 and 49, the average individual balance owed exceeded $42,000. The average debt for adults between 50 and 61 is slightly lower.