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
    101-125 of 17242 signatures
    Number Date Name Location Leave additional comments ...
    17142 2.2 years ago Anonymous NC
    17141 2.2 years ago Steven Hansen NE
    17140 2.2 years ago Marcia Weimer MO
    17139 2.2 years ago Jennifer Simmons FL Please lower interest rates for those who are actually trying to pay back their loans. I can't even afford the interest alone on my student loans! Help!
    17138 2.2 years ago Francisco J Salazar TX
    17137 2.2 years ago Wayne Langley TX
    17136 2.2 years ago Anonymous TX We also need to look seriously at the proposal to have payback through payroll deduction, which would encourage more paybacks and less need of these corrupt debt relief services.
    17135 2.2 years ago Anonymous GA
    17134 2.2 years ago Anonymous IL
    17133 2.2 years ago Kimberly Caudill NC
    17132 2.2 years ago Paulette Harvey PA I was scammed out of 1800 dollars by the edu. Student loan. But the US department of education was no help in getting my loan back on track. I feel as though I am working with loan sharks. Please he...
    17131 2.2 years ago Anonymous NY
    17130 2.2 years ago Jane Kissane TN
    17129 2.2 years ago Anonymous NM
    17128 2.2 years ago Anonymous NY The Richie and the must powerful country in the world and can not afford to provide Free Tuition for the students.
    After the slavery of black people this is the must shameful chapter of The Unit...
    17127 2.2 years ago Mark Shanahan MI
    17126 2.2 years ago Diana Olson MN
    17125 2.2 years ago James Michael "Mike" Henderson CA
    17124 2.2 years ago James Michael "Mike" Henderson CA
    17123 2.2 years ago Anonymous NM
    17122 2.2 years ago Aly Batista FL
    17121 2.2 years ago Loubov Mintas PA
    17120 2.2 years ago Jason Humphrey TX
    17119 2.2 years ago Anonymous CA
    17118 2.2 years ago William DeShawn OR
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