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Student Loan Assistance Center, or SLAC Inc., had to refund almost $250,000 to Washington customers after the state’s attorney general sued the California company in 2016, alleging it violated consumer protection laws.
In October 2017, SLAC was included in a publicized crackdown on student debt relief fraud by the Federal Trade Commission and 12 attorneys general — a joint enforcement effort called “Operation Game of Loans.”
Enforcement actions: The company, also known as SLAC Inc. and Goslac.com, refunded the money to 422 Washington consumers under a court-ordered consent decree. The company, which was required to pay $5,000 for costs and attorneys’ fees, did not admit to the alleged offenses.
All contracts between Student Loan Assistance Center and Washington consumers were voided. The company must obey Washington laws limiting initial debt-adjustment fees to $25 and 15% of a consumer’s payment to a creditor.
“Thousands of Washingtonians are overburdened with student debt,” Attorney General Bob Ferguson said in a news release. “These firms unfairly preyed on students who sought help managing their loans.”
The action in Washington left Student Loan Assistance Center free to operate in any other state.
What the company claims to provide: Counseling, document processing and preparation services for student loan consolidation and forgiveness
Based: Norco, California
Management: Adam Owens, CEO; Mindy Fincher, secretary; Scott Brown, CFO
Sources: Washington state attorney general, California secretary of state, King County Superior Court, New Jersey Superior Court