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
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    Number Date Name Location Leave additional comments ...
    17192 2.4 years ago Melissa Levin IL
    17191 2.4 years ago ln stein AZ
    17190 2.4 years ago Christin Hunter CA There are so many programs that offer loan forgiveness. For anyone becoming a teacher, there are federal forgiveness programs if you are going into Special Education, Math or Science.
    17189 2.4 years ago Hal Trufan NC
    17188 2.4 years ago D'Arcy Goodrich NE
    17187 2.4 years ago Richard Athans NY
    17186 2.4 years ago Linda Hubbard CA
    17185 2.4 years ago Rita Meuer WI
    17184 2.4 years ago Anonymous CA
    17183 2.4 years ago Anonymous LA Yep, I was a sucker. So desperate for some relief. I am 65 and ill. I cannot stop working because the student loan people are blood suckers. It has almost destroyed my life. Sometimes I just want to...
    17182 2.4 years ago Karen Anderson SD
    17181 2.4 years ago Frank Williams GA
    17180 2.4 years ago Janet Csolak MO
    17179 2.4 years ago Anonymous HI
    17178 2.4 years ago Melissa Holmes CA
    17177 2.4 years ago Katherine Bryan MI
    17176 2.4 years ago Lisa Daughtrey DC
    17175 2.4 years ago Keates KY
    17174 2.4 years ago Kris Aaron CO
    17173 2.4 years ago Kathy Marinelli KY
    17172 2.4 years ago Lauren Gedlinske MN
    17171 2.4 years ago Teresa Kelleher AZ
    17170 2.4 years ago Karyn Scarfo-Lucci NY
    17169 2.4 years ago Martin Kornbluh NY
    17168 2.4 years ago Paul Enebrad OR
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