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
    1-25 of 17242 signatures
    Number Date Name Location Leave additional comments ...
    17242 1 month ago Keesha Bolt SC
    17241 3 months ago Donald Leisman NH
    17240 3 months ago Julie Martin WI
    17239 3 months ago Diane Cowan AL My loans are forgiven due to disability and these companies are still calling
    17238 4 months ago Margaret Davies CA
    17237 4 months ago Jeff Bence PA
    17236 5 months ago Judith Pierce NY
    17235 6 months ago Michael Seager OH
    17234 7 months ago Kathy Diick WA
    17233 8 months ago Solmaz Sadeghi CA
    17232 8 months ago Mary Haley CA
    17231 8 months ago Skye Beltz PA
    17230 8 months ago susan r VT
    17229 9 months ago Neal Hambright VA There was a time when educational debt was included in a bankruptcy.
    17228 9 months ago Donna Gardner IL
    17227 10 months ago Christina Miller VA What's happened to student loans over the years is uncalled for. Consolidation of the loans ended 2 months before I earned my degree meaning the monthly payments are excessively high. In today's wor...
    17226 10 months ago Aimee Krasovich CA
    17225 10 months ago Amber Maurina WA Even college educated people can be prayed upon when it comes to their hopes and dreams of a free future. Please crack down on irresponsible companies who make false claims!
    17224 10 months ago Heather Teague TX
    17223 11 months ago Melissa Doughty ME
    17222 11 months ago Inga Jaeger IA
    17221 12 months ago Carlos Echevarria CA
    17220 12 months ago Valerie Shannon FL Student loans are really bogging down my life. I wanted to rise above my drug addicted parents and live a normal, happy life.
    17219 12 months ago Marianne Deering GA original loan $6K now at $14K got behind after job loss...never could recover - now they are threatening to garnish my meager wages....
    17218 12 months ago Erica Boston-West CO As a caregiver; I put my education on hold. Unfortunately, after 21 years of trying to make ends meet and paying a little here and there for my loans- I am still in debt; no education to show for t...
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