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Politicians warn about student loan scams

MONTPELIER, Vt. (AP) -- Vermont's congressman, attorney general and main student finance entity are warning consumers away from companies that promise to relieve student loan debt.

Attorney General William Sorrell says customers could end up paying a lot more for no real benefit in dealing with student loan burdens.

He spoke at a news conference Friday with the president of the Vermont Student Assistance Corp. and Congressman Peter Welch, who said many of the companies are simply scam artists.

Officials released a list of 15 companies. A manager at one of them, Mike Fernandez of the Miami-based Student Aid Center, agreed that consumers can perform for themselves the services his company offers. But he said many prefer to rely on his company's expertise.
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