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'Minnesotans just want to be able to afford their lives, and the cost of student loans that too many borrowers have to take out is already too high.'

'Minnesotans just want to be able to afford their lives, and the cost of student loans that too many borrowers have to take out is already too high.'

Minnesota Attorney General Keith Ellison said in a press release on Wednesday that the companies, who are mostly based in California, allegedly violated consumer protection laws by misrepresenting their fees and services, as well as falsely promoting student-loan forgiveness.

"This is something I'm going to be paying for a good deal of my life, so I really want to get it in order now so I don't have to worry about it later," said Erobha. He said his servicer told him the process would take a few weeks. Several days later, his phone rang. "I get this call and they're talking about student loan consolidation and they sound very professional over the phone," Erobha said. Erobha assumed it was his loan servicer calling him back. He says the agent told him the consolidation would cost $800, so he paid it. But when the payment cleared his bank account, Erobha learned he...

"This is something I'm going to be paying for a good deal of my life, so I really want to get it in order now so I don't have to worry about it later," said Erobha. He said his servicer told him the process would take a few weeks. Several days later, his phone rang. "I get this call and they're talking about student loan consolidation and they sound very professional over the phone," Erobha said. Erobha assumed it was his loan servicer calling him back. He says the agent told him the consolidation would cost $800, so he paid it. But when the payment cleared his bank account, Erobha learned he...