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FTC Stops Student Loan Debt Relief Schemes that it Says Bilked Students Out of Millions

By Isabel Thakur
Published in Financial Planning
May 09, 2023
1 min read
FTC Stops Student Loan Debt Relief Schemes that it Says Bilked Students Out of Millions

So, there was this crazy article I read recently about the Federal Trade Commission (FTC) stopping student loan debt relief schemes that conned students out of millions of dollars! Can you believe it?!

To break it down, these schemes promised to help students reduce or eliminate their student loans by charging them upfront fees. But in reality, they didn’t do anything to actually help, and the students were left with even more debt. The FTC called them out on their scams and sued them for their deceptive practices.

As someone who has had to deal with student loans myself, I can understand why these schemes would be appealing. But it’s important to do your research and be wary of any company that promises quick fixes for financial issues.

This article also highlights the larger issue of student debt in the US and the need for better regulations and support for those struggling to pay it off. It’s a complex issue, but one that affects many people, myself included.

Overall, it’s important to stay informed and cautious when it comes to dealing with student loan debt. Don’t fall for any quick fixes or promises of easy solutions, and remember that there are resources available for those who need help.

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Student loan cancellation update: Biden admin forgives 600,000 loans
Isabel Thakur

Isabel Thakur

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