Regulators Target Debt Settlement Companies Over Student Loans

For the first time a state regulator is suing debt settlement companies that allegedly take advantage of student loan borrowers. Illinois Attorney General Lisa Madigan filed two lawsuits on Monday: one against Broadsword Student Advantage, based in Texas, and the other against First American Tax Defense, based in Illinois. The suits allege that the unlicensed businesses charged borrowers as much as $1,200 for "bogus services" to help lower or eliminate their monthly payments to creditors, accord...