The Federal Trade Commission will send $3.3 million in payments to student loan borrowers who were duped in a debt relief scam. Arete Financial Group and its related businesses pretended they would mitigate borrowers’ student loan debt in exchange for upfront and monthly fees, according to the FTC, which announced the restitution last week. In reality, Arete Financial pocketed the money, the agency said. It also pretended to be affiliated with the U.S. Department of Education in the scheme, the FTC said. More than 37,800 borrowers will receive checks.
