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Lawsuits Call Out Companies For Student Loan Scams

Updated: Wednesday, July 16 2014, 02:45 PM CDT

Two lawsuits targeted two companies that Attorney General Lisa Madigan says scammed people repaying student loan debt.

The lawsuits, filed in Champaign and Cook counties, say First American Tax Defence LLC, based in Chicago, and Broadsword Student Advantage LLC, in Frisco, Texas, deceived students by charging upfront fees for phony services, or for services that were already free.

The companies are accused of charging students more than $1,000 each for those services.

"Unfortunately, with 40 million Americans holding $1.2 trillion in outstanding student loan debt, there are plenty of opportunities for scammers," Madigan said. "Too often, students do not know their options to repay or reduce their loan payments."

Both companies have declined comment so far. Madigan says students should never have to pay to learn how to pay student loans.

Lawsuits Call Out Companies For Student Loan Scams

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