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
    26-50 of 17242 signatures
    Number Date Name Location Leave additional comments ...
    17217 1 year ago Robert Predmore MA
    17216 1 year ago Mary Lynn Hansen CA
    17215 1 year ago John Fisher PA
    17214 1 year ago Maklikah Salaam GA I need student debt forgiveness! I have worked over 35 years as an educator with nothing to show but $80,000.00 still in student loans. I'll never be able to pay them I am retired and over...
    17213 1 year ago Albert Fusco PA WHATS TO SAY, THAT HASN'T ALREADY BEEN SAID
    17212 1 year ago Gayle Denys WA
    17211 1 year ago Anonymous GA
    17210 1 year ago Jaime Stevens FL
    17209 1 year ago karen landis WA
    17208 1 year ago Diana Mejia CA
    17207 1 year ago Anonymous AZ
    17206 1 year ago Sa Meyers CA
    17205 1 year ago Trotter OR
    17204 1 year ago Angie Pope GA Something must be done regarding this predatory behavior. It's sickening to think that you'll spend the rest of your earthly life paying for a 4, 6, or 8 year degree.
    17203 1 year ago Christina Thodos IL
    17202 1 year ago Doug Landau FL
    17201 1 year ago j j FL
    17200 1 year ago Todd Cail OH
    17199 1 year ago Anonymous AR
    17198 1 year ago Linda Haynes NM
    17197 1 year ago Davida Kagen WA
    17196 1 year ago theodore #1230 danielson FL
    17195 1 year ago Vivian Arroyo NY
    17194 1 year ago Anonymous CA
    17193 1 year ago Karen Jackson CT I am 100,000.00 in debt with a degree single divorced mom of 3 kiving on welfare. I cannot and have not been able to pay on my student loans for over ten years. Like the banks and companied gildman ...
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