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
    76-100 of 17242 signatures
    Number Date Name Location Leave additional comments ...
    17167 1 year ago Janel Holland CA
    17166 1 year ago Leah Serb CA
    17165 1 year ago Joan Arnold WA When I went to college, I had a "student defense loan" from the government and 10% per year up to 50% was forgiven for teaching in public school. We should reinstitute that program and the same for ...
    17164 1 year ago h Drda FL Odd but corporations & big business (like Trump et al) can take great & abusive advantage of bankruptcy laws but not students.
    17163 1 year ago Anonymous FL Consolidating was a SCAM, I am now paying higher interest..8%. Please Help!
    17162 1 year ago Anonymous WA
    17161 1 year ago susan r VT
    17160 1 year ago Helgaleena Healingline WI
    17159 1 year ago Betsy Shapiro VT I have a parent plus loan for my 2 children. I am a widow. I pay 8% interest on them. SO high...really! This is awful. I can buy a house at 4 %. Please lower all interest rates to at least 4-5...
    17158 1 year ago Anonymous CA
    17157 1 year ago Michele Langston AR
    17156 1 year ago Anonymous MD This predatory practice should have been prohibited by the Government. If action is not taken there will be devastating impact of this country's economic status
    17155 1 year ago Samantha Miller OH
    17154 1 year ago Emma Walker-Thomas NY
    17153 1 year ago Lillian Dakouris CA
    17152 1 year ago w smith NY
    17151 1 year ago w smith NY
    17150 1 year ago Gary Richmond CA
    17149 1 year ago Catherine Knott IN
    17148 1 year ago Anonymous NJ please help. please.
    17147 1 year ago Thomas Barnes AZ
    17146 1 year ago Cammie Edgar MT
    17145 1 year ago Anonymous NM
    17144 1 year ago Asano Fertig CA
    17143 1 year ago Kathleen Clinton MD
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