How Student Loan Scammers Are Exploiting The Debt Crisis
Opportunities to get rid of crippling student loans in the United States sound irresistible, but they are almost always too good to be true. Bogus student debt relief is booming in this country, and it is not hard to see why. Student loan debt in the U.S. is now $1.2 trillion dollars and counting, and this negatively affects over 40 million Americans.
But what’s troubling is that student debt relief looks a lot like the wave of predatory mortgage lenders that preyed on homeowners during the 2008 housing crisis. These companies are known as student loan scammers. So how are these companies cashing in on borrowers? For starters they are convincing young and fresh (not to mention somewhat naive) graduates to pay large up-front fees, which can amount to as much as $1,200. Illegally.
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