Tell the Department of Education to work with the Consumer Financial Protection Bureau and crack down on private companies taking advantage of Student Loan Borrowers.

We demand that the Department of Education work with the Consumer Financial Protection Bureau to crack down on student debt relief companies. With student loan defaults and delinquencies on the rise, distressed borrowers are often looking for ways to get help with their student debt. As a result, student loan borrowers are being aggressively targeted by fraudulent student loan debt relief companies. Based on a recent Student Debt Crisis and NerdWallet survey, student loan borrowers are paying over $600 for services that are otherwise free of charge and guaranteed to federal student loan borrowers under federal law. 

Therefore, we urge the Department to work in collaboration with the CFPB to issue Cease and Desist letters on a consistent basis, create policies that increase borrower awareness and education, protect borrowers from scams, and use their enforcement tools to shut down companies that are found guilty of misleading borrowers and violating federal law.

It is time for the federal government to reign in these private companies that take advantage of thousands of distressed student loan borrowers across the country. Companies that advertise student debt relief, forgiveness, and consolidation services that are completely FREE OF CHARGE need to be closely monitored and shutdown if found guilty of misrepresenting themselves or violating federal consumer protection laws. It has also been reported that private companies contracted by the Department of Education to service federal student loans often do a poor job of informing borrowers about their rights and options to help manage their student debt, leaving borrowers vulnerable to scams and deceit.

Student loan borrowers need to know that they do not have to pay for help with their federal student loans. Based on our recent Student Debt Crisis survey findings, NerdWallet has released this report.

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  • This petition has a goal of 17500 signatures
    1-25 of 17243 signatures
    Number Date Name Location Leave additional comments ...
    17243 5 months ago Carolyn Chambers KS
    17242 3.9 years ago Keesha Bolt SC
    17241 4 years ago Donald Leisman NH
    17240 4 years ago Julie Martin WI
    17239 4 years ago Diane Cowan AL My loans are forgiven due to disability and these companies are still calling
    17238 4.1 years ago Margaret Davies CA
    17237 4.1 years ago Jeff Bence PA
    17236 4.2 years ago Judith Pierce NY
    17235 4.3 years ago Michael Seager OH
    17234 4.4 years ago Kathy Diick WA
    17233 4.4 years ago Solmaz Sadeghi CA
    17232 4.4 years ago Wadane Ragland CA
    17231 4.4 years ago Skye Beltz PA
    17230 4.4 years ago susan r VT
    17229 4.5 years ago Neal Hambright Hambright VA There was a time when educational debt was included in a bankruptcy.
    17228 4.5 years ago Donna Gardner IL
    17227 4.6 years ago Christina Miller VA What's happened to student loans over the years is uncalled for. Consolidation of the loans ended 2 months before I earned my degree meaning the monthly payments are excessively high. In today's wor...
    17226 4.6 years ago Aimee Krasovich CA
    17225 4.6 years ago Amber Maurina WA Even college educated people can be prayed upon when it comes to their hopes and dreams of a free future. Please crack down on irresponsible companies who make false claims!
    17224 4.6 years ago Heather Teague TX
    17223 4.7 years ago Melissa Doughty ME
    17222 4.7 years ago Inga Jaeger IA
    17221 4.7 years ago Carlos Echevarria CA
    17220 4.7 years ago Valerie Shannon FL Student loans are really bogging down my life. I wanted to rise above my drug addicted parents and live a normal, happy life.
    17219 4.7 years ago Marianne Deering GA original loan $6K now at $14K got behind after job loss...never could recover - now they are threatening to garnish my meager wages....
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