Arete Financial Group

STUDENT LOAN REVIEW

Arete Financial Group

Arete Financial Scam

CONSUMER RED ALERT
November 13, 2019

FEDERAL TRADE COMMISSION WINS RESTRAINING ORDER AGAINST ARETE FINANCIAL GROUP

READ MORE BELOW ON THIS FAST BREAKING STORY

What’s Next For Arete Financial Group & its web of companies?

Arete Financial Group,  AreteFinancial.com, American Financial Support Services Inc.; Arete Financial Group (also doing business as Arete Financial Freedom); Arete Financial Group LLC; CBC Conglomerate LLC (also doing business as 1file.org); Diamond Choice Inc. (also doing business as Interest Rate Solutions); J&L Enterprise LLC (also doing business as Premier Solutions Servicing); La Casa Bonita Investments Inc. (formerly known as La Casa Bonita Investments LLC, also doing business as Education Loan Network and Edunet); and US Financial Freedom Center Inc. 

FTC Stops Student Loan Debt Relief Scheme that Allegedly Bilked Consumers out of Millions

Operators of alleged scheme claimed to be affiliated with the federal government and falsely promised to help reduce or even eliminate consumers’ student loans, agency says

The Federal Trade Commission obtained a temporary restraining order halting an operation that bilked consumers out of millions of dollars by pretending to be affiliated with the U.S. Department of Education and falsely promising student loan debt relief.

The FTC’s complaint against Arete Financial Group and several related companies alleged that the defendants used radio and television ads, as well as online ads and telemarketing calls in which they pretended to be affiliated with the Department of Education, to promise to enroll consumers in student loan forgiveness, consolidation, and repayment programs to reduce or eliminate their monthly payments and principal balances.

“Arete Financial Group charged illegal upfront fees and made false promises to consumers struggling with student loan debt,” said Andrew Smith, Director of the FTC’s Bureau of Consumer Protection. “To avoid scams like these, consumers should never pay an advance fee to a company promising to deliver debt relief.”

The defendants allegedly charged illegal upfront fees as high as $1,800 when consumers agreed to use the defendants’ services. However, instead of delivering on the sweeping benefits they promised, operators of the scheme usually contacted a consumer’s loan servicer to place the consumer’s loans into temporary forbearance or deferment status, without the consumer’s authorization or knowledge, according to the FTC’s complaint.

The defendants are charged with violating the Telemarketing Sales Rule and the FTC Act.

READ THE FULL PRESS RELEASE ON  ARETE FINANCIAL GROUP – FTC

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About STUDENT LOANS

How do student loans work?

How do Student Loans Work?

Most college students will have to borrow one or more student loans before they graduate, because there aren’t enough government grants to cover all college costs. There are more than $100 billion in new student loans made each year and more than $1 trillion in student loan debt outstanding.

Given that most student loan debt is unavoidable, it is important for college students to understand how student loans work.

What is Student Loan?

 

What is a Student Loan?

A student loan is borrowed money used to pay for college costs.  It is repaid over time based on the lender's repayment terms. In addition to repaying the amount borrowed, most borrowers also have to pay a fee, called interest.

 

What is student loan interest?

 

What is Interest?

Interest is a fee charged for the use of someone else’s money. It is typically charged once a month based on the unpaid loan balance.Most new student loans have fixed interest rates, which do not change over the life of the loan. A variable interest rate will change periodically, such as every month, quarter or year.

who provides student loans?

 

Who Provides Student Loans

Student and parent loans come from private lenders, such as banks and other financial institutions, state governments and colleges. Generally, students should always borrow federal first, because federal student loans are cheaper, more available and have better repayment terms.

How much can you borrow on a student loan?

 

How Much Can You Borrow?

A loan limit specifies the maximum amount you can borrow. Some student loans allow you to borrow up to the full cost of college, reduced by the amount of the other student financial aid. Other student loans have lower fixed annual and cumulative loan limits.

Student loans may be good debt, because they are an investment in your future. But too much of a good thing can hurt you. So, borrow as little as you need, not as much as you can.

Arete Financial Group
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Arete Financial Group- FTC

CONSUMER WARNING The Federal Trade Commission has taken Arete Financial Group, the student debt relief company to court. The Federal Trade Commission has blocked the operations of a group of companies allegedly portraying themselves as being affiliated with the U.S. Department of Education, charging that they promoted student loan debt-relief services but did not follow through as promised. Arete Financial Group and related companies violated the Telemarketing Sales Rule and FTC Act, the FTC said in a complaint filed under seal Nov. 4 in the U.S. District Court for the Central District of California. A temporary restraining order was granted, halting operations falsely promising student loan debt relief, the FTC said in a news release Tuesday. The order temporarily prohibits certain business activities, including misrepresenting facts about loan services, freezes the defendants’ assets and appoints a temporary receiver authorized to take control of the defendant companies.
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