Feds say they have stopped massive student loan scheme

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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