A group of scammers cheated student-loan borrowers out of $12 million by misleading them about repayment programs and 'loan forgiveness that did not exist,' a federal watchdog says

• The FTC said two companies cheated student-loan borrowers out of $12 million.
• It accused the companies of lying about repayment programs and debt relief that did not exist.
• It also claimed the companies falsely said they worked with the Education Department.

A federal watchdog just cracked down on two companies over accusations of lying to student-loan borrowers and scamming them out of millions of dollars.