June 21, 2013
Student borrowers are getting ripped off by private companies that offer to help them manage their loans but then charge hundreds of dollars for services the federal government offers for free.
That's according to a report released Wednesday by the National Consumer Law Center, a national non-profit that advocates on behalf of low-income individuals.
Nationwide, outstanding student debt tops $1 trillion, according to the Consumer Financial Protection Bureau, an agency that has taken a keen interest in education loans, and NCLC points to the "growing student loan debt relief industry" as cause for concern.
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