Commission refunds over $316,000 to victims of new fake student loan scheme

*The Federal Trade Commission (FTC) of the United States is sending restitution cheques to 10,000 consumers who fell victim to another student loan debt relief scheme in the country

Isola Moses | ConsumerConnect

The United States Federal Trade Commission (FTC) is sending restitution cheques to consumers who fell victim to another student loan debt relief scheme in the country.

ConsumerConnect learnt the American regulatory agency announced that approximately $316,000 would be sent to over 10,000 consumers who had paid an operator that deceitfully claimed to be able to lower or eliminate student loan debt in the US.

Agancy report indicates that Adam Owens, owner of SLAC (also doing business as Aspyre), Navloan, and the Student Loan Assistance Center, purportedly charged consumers a $699 upfront fee and a recurring monthly payment of $39 for assistance with their student loans.

However, the FTC charges that loan forgiveness was not a guarantee for any customer and that the fees that had to be paid changed from year to year.

Aside from giving consumers a false hope and fleecing them out of their money, the FTC said the defendants secretly paid people to submit positive reviews of the companies on the Better Business Bureau’s (BBB) Web site.

The settlement money that’s being collected is being used to directly reimburse the people who were taken advantage of.

The FTC has urged people who receive restitution cheques to deposit, or cash them within 90 days.

Officials are also reminding recipients of such a refund that they do not have to pay anything or disclose account information to receive their reimbursement.

Anyone asking for that information may be trying to scam you out of your money, said the regulator.

According to FTC, consumers who have questions about the reimbursements can contact the case’s refund administrator, Analytics, on 888-440-0371 for more information.

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