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
    226-250 of 17242 signatures
    Number Date Name Location Leave additional comments ...
    17017 1 year ago helen kedzierski NY
    17016 1 year ago steve arnold FL
    17015 1 year ago Florence Echtman PA
    17014 1 year ago Jane Simon MN
    17013 1 year ago Fabiola Sanchez AZ
    17012 1 year ago Norman West NY
    17011 1 year ago Carolyn Chambers KS
    17010 1 year ago Albert Williams MD Another goverment backed ripoff ?
    17009 1 year ago Michele Brimacomb FL
    17008 1 year ago Chris Chartrand NY
    17007 1 year ago Robert Irizarry TX I have been paying my student loans since 2007 tried to join the loan forgiveness program since I work for a public institution and have always gotten the run around. I thought that was for everyone.
    17006 1 year ago Gracie Vaden CA I have lost $700.00 with monthly payment saying they are Student Loan Rescue to help lower my student loan.
    17005 1 year ago Mitzi Frank OH
    17004 1 year ago Greg Jackson Jackson NY
    17003 1 year ago Jim Palkovic NC
    17002 1 year ago Jennifer Quick PA
    17001 1 year ago Anonymous MA
    17000 1 year ago Tina Hill Hill NC
    16999 1 year ago Deb Padilla MN
    16998 1 year ago Deb Padilla MN
    16997 1 year ago Deanna ostermiller WA
    16996 1 year ago Jeffery Smith FL
    16995 1 year ago Ina Butler MO
    16994 1 year ago Kristi Porter IA
    16993 1 year ago celeste perry HI
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