Federal Government Sends Checks to Victims of Student Loan Debt Relief Program
The Federal Trade Commission sends checks totaling over $ 316,000 to 10,689 people who have lost money to a student debt relief program.
In one complaint first announced in March 2020, the FTC alleged that SLAC (which also used the name Aspyre), Navloan and Student Loan Assistance Center, and their owner, Adam Owens, falsely told consumers that for an upfront fee of $ 699 and a monthly fee of 39 $, the defendants reduce or permanently eliminate student loan debt. In reality, payments could change every year and loan cancellation was not guaranteed to any consumer. The FTC also alleged that the defendants paid consumers for positive reviews on the Better Business Bureau website and did not disclose those payments.
As part of a settlement with the FTC, the defendants agreed to release funds, which are used to send payments to affected consumers.
People who receive checks must deposit or cash their checks within 90 days as stated on the check. Recipients who have questions about their checks can call the Refunds Administrator, Analytics, at 888-440-0371. The FTC never requires people to remit money or provide account information to cash a refund check.
The FTC interactive dashboards for reimbursement data (link is external)
provide a state-by-state breakdown of FTC refunds. In 2020, the FTC’s actions led to more than $ 483 million in refunds to consumers across the country, but recently the United States Supreme Court ruled that the FTC does not have the power under section 13 (b) to seek pecuniary relief in federal court in the future. the The Commission urged Congress to restore the FTC’s ability to collect money for consumers.