FTC sends second payment to people who paid for student debt relief
The FTC is sending a second round of payments to people who paid money to Arete Financial Group.
The FTC sued Arete Financial and related companies, and the defendants agreed to settle. According to the lawsuit, the defendants pretended to be affiliated with the U.S. Department of Education, falsely promised to reduce or eliminate monthly student loan payments, and charged consumers illegal upfront fees and recurring monthly fees. The settlements required the defendants to pay money to provide refunds and banned them from the student loan debt relief industry.
The FTC first sent payments in June 2023, which resulted in more than $2.6 million in refunds. Because there is still money in the fund, the FTC is sending 18,509 checks totaling over $551,000 to people who accepted their first payment and paid Arete Financial more than $750.
If you get a check, please cash it within 90 days.
You can find answers to common questions about FTC refund payments on our FAQ page. If you have any other questions, please call the refund administrator at 1-855-678-0558.