This week has been a big week for the student loan assistance niche. Not only were groups like the New York Times and Wall Street Journal publishing articles about this vertical but a tipster (send in your tips here) just pointed out the Scott Law Group in Washington State is on the hunt for harmed consumers. And let’s not forget the suit by the Attorney General of Illinois against a couple of companies.
The Scott Law Group is best known for their dogged pursuit of debt settlement companies and leveling some major lawsuits against them. They appear to be pretty tenacious. I’m not surprised they’ve now latched on to the student loan assistance niche, I’m surprised it too them this long to jump in.
According to the Scott Law Group site today, they are looking early on now for consumers who have been a “victim” of student loan assistance companies.
The Scott Law Group, P.S. has represented thousands of consumers in individual, mass tort, and class actions against more than sixty debt settlement companies charging illegal and excessive fees for debt settlement services, resulting in millions in recovery for victims.
If you have fallen victim to a student loan relief scheme and would like to speak with a lawyer, feel free to call the us at 888-955-3966 or contact us here. Consultations are free and confidential. – Source
The trade group Association for Student Loan Relief is already on this and plans to have a presentation at their October conference in where else, the Bellagio in Las Vegas. They say they will, “have a full presentation with state by state updates and how to handle state compliance and avoid issues just like this.” They are referring to the Illinois AG lawsuit.
The student loan assistance groups will get the attention of regulators much faster than the debt settlement days. Why? Because it appears some student loan assistance groups are implementing the exact same strategy they did with debt settlement including non-refundable advance fees, rolling phone numbers so consumers can’t reach them, providing only a bit of help, not being transparent about performance results, and of course the closing doors fast and changing names tricks. Some groups I wrote about within the last year are already gone.
A major news network is currently working on a piece about the industry right now and more reporters are taking notice. But in case anyone is the least bit interested, I did write this free guide to help companies. See How to Run a Clean Student Loan Assistance Program.