FTC Sends Checks to
People Who Lost Money to Student Loan Debt Relief Scheme
The Federal Trade Commission is sending checks
totaling more than $316,000 to 10,689 people who lost money to a student loan
debt relief scheme.
In a complaint first
announced in March
2020, the FTC alleged 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 would permanently lower or
eliminate student loan debt. In reality, the payments
could change every year, and loan forgiveness was not guaranteed for any
consumer. The FTC also alleged that the defendants paid consumers for positive
reviews on the Better Business Bureau website and failed to disclose those
payments.
As part of a settlement with the FTC, the
defendants agreed to pay funds, which are being used to send payments to
affected consumers.
People who receive checks should deposit or cash
their checks within 90 days, as indicated on the check. Recipients who have
questions about their checks can call the refund administrator, Analytics, at
888-440-0371. The FTC never requires people to pay money or provide account
information to cash a refund check.
The FTC’s interactive
dashboards for refund data provide a state-by-state breakdown of FTC
refunds. In 2020, FTC actions led to more than $483 million in refunds to
consumers across the country, but recently the United States Supreme Court
ruled the FTC lacks authority under Section 13(b) to seek monetary relief in
federal court going forward. The Commission
has urged Congress to restore the FTC’s ability to get money back for consumers.
The Federal Trade Commission works to promote
competition and to protect
and educate consumers. You can learn
more about consumer topics and report scams, fraud, and bad business
practices online at ReportFraud.ftc.gov.
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Contact Information
Contact For Consumers:
Analytics
Refund Administrator
1-888-440-0371
Media Contact:
Office of Public Affairs
202-326-2924
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