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.

Add me to the following list(s):
  • Student Debt Crisis Newsletter

  • This petition has a goal of 17500 signatures
    151-175 of 17242 signatures
    Number Date Name Location Leave additional comments ...
    17092 2.3 years ago Jamie Boullion MN
    17091 2.3 years ago Anonymous MO
    17090 2.3 years ago Mark Gauthier CA
    17089 2.3 years ago Juanita Solomon Solomon NC We seriously need help after being taken advantage of by some bad colleges
    17088 2.3 years ago Carolyn Downey OH
    17087 2.3 years ago Vidal Halperin CA
    17086 2.3 years ago Mark Makai CA
    17085 2.3 years ago Sarah miller CO
    17084 2.3 years ago Bonnie Hearthstone VT
    17083 2.3 years ago iris lopez TX
    17082 2.3 years ago Arya Stark CA
    17081 2.3 years ago Ashley Crowe LA
    17080 2.3 years ago Elaine Fischer VA
    17079 2.3 years ago Barbata Martin TX
    17078 2.3 years ago James Gouldmann MD
    17077 2.3 years ago Candice King TX
    17076 2.3 years ago Candice King TX
    17075 2.3 years ago nancy boilard ME
    17074 2.3 years ago Gerald Nadreau WI
    17073 2.3 years ago Kasson Massimino VA
    17072 2.3 years ago Natasha Houston MI
    17071 2.3 years ago KC Oliver VA
    17070 2.3 years ago Susan Cobb TX
    17069 2.3 years ago E Maren Souders OR
    17068 2.3 years ago Celeste Alston-Carter, PhD CA Please consider making valid links to true U.S. Dept.
    of Ed. Loan Forgiveness programs more clearly accessible; concerted effort.
    Next ->