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The Illinois attorney general accused National Student Loan Rescue LLC of charging high upfront fees to student loan debtors and failing to deliver on promises to provide debt relief.
The state filed a lawsuit in 2016 alleging that National Student Loan Rescue charged between $599 and $699 to file student debt and consolidation paperwork available for free on the Department of Education’s website.
The state also said the company failed to obtain a license as a debt settlement provider and misinformed consumers that the company would help “rescue” or “qualify” student loan debtors for forgiveness programs.
Enforcement actions: Under a court ordered consent decree, the company was banned from operating in Illinois and ordered to pay $12,000 in restitution.
The company admitted no wrongdoing.
What the company claims to provide: Debt management and settlement services
Based: Hinsdale and Lombard, Illinois
Management: Greg Kewin, officer; John H. Strange, officer; John Wachter, member
Sources: Illinois business records; Illinois attorney general’s office; Cook County Chancery Court