THE last thing that borrowers struggling with student debt need is to pay for something they could get free. But that has happened to borrowers who have been misled by shady student debt relief companies.
The companies, preying on holders of the $1.3 trillion outstanding in student debt, offer to help borrowers obtain lower student loan payments or a reduction in debt. Their pitches may show up in web searches for terms like student loan forgiveness. But in reality, the companies are charging for federal loan assistance programs that borrowers can enroll in on their own, without any fees. Often, the sites imply they are affiliated with the federal Department of Education.
The Consumer Financial Protection Bureau this week acted t…
Read the full article at: http://www.nytimes.com/2016/04/02/your-money/fraudulent-student-debt-relief-firm-shut-down-by-consumer-bureau.html