Some student loan borrowers having trouble repaying their loans are getting desperate, causing them to look for help in the wrong places. Federal regulators announced another crackdown this week on firms that charge illegal up-front fees, and ongoing monthly fees, selling debt relief services to these borrowers that are generally available for free. Three cases announced this week by the Federal Trade Commission add to similar cases already announced by other federal regulators, revealing the extent and persistence of the problem.
Complaints against some of these firms can be found online dating back to 2013.
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