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10-01-2016 LSU Pregame

Illinois AG files suit against student loan companies

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Illinois AG files suit against student loan companies

(KTRS) – The Illinois Attorney General has filed lawsuits against five companies that are accused of scamming people who need to repay student loans. Attorney General Lisa Madigan says the scammers charge borrowers high upfront fees and promise that their debt will be decreased, or even forgiven. That never happens. Madigan says some of the […]

Illinois AG files suit against student loan companies

(KTRS) – The Illinois Attorney General has filed lawsuits against five companies that are accused of scamming people who need to repay student loans.

Attorney General Lisa Madigan says the scammers charge borrowers high upfront fees and promise that their debt will be decreased, or even forgiven. That never happens. Madigan says some of the scammers also charge for alternative payment plans that are already available to borrowers for free. Madigan says the companies – based in California, Illinois, Florida, Georgia and Texas – violate an Illinois law that bans charging upfront fees for debt settlement services.

The Illinois attorney general’s office also has a helpline for borrowers with student loans. It’s available at 1-800-455-2456.

 

The Associated Press contributed to this report

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By Colin Jeffery

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