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
    51-75 of 17242 signatures
    Number Date Name Location Leave additional comments ...
    17192 1 year ago Anonymous CA
    17191 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 ...
    17190 1 year ago Melissa Levin IL
    17189 1 year ago ln stein AZ
    17188 1 year 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.
    17187 1 year ago Hal Trufan NC
    17186 1 year ago D'Arcy Goodrich NE
    17185 1 year ago Richard Athans NY
    17184 1 year ago Linda Hubbard CA
    17183 1 year ago Rita Meuer WI
    17182 1 year ago Anonymous CA
    17181 1 year 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...
    17180 1 year ago Karen Anderson SD
    17179 1 year ago Frank Williams GA
    17178 1 year ago Janet Csolak MO
    17177 1 year ago Anonymous HI
    17176 1 year ago Melissa Holmes CA
    17175 1 year ago Katherine Bryan MI
    17174 1 year ago Lisa Daughtrey DC
    17173 1 year ago Keates KY
    17172 1 year ago Kris Aaron CO
    17171 1 year ago Kathy Marinelli KY
    17170 1 year ago Lauren Gedlinske MN
    17169 1 year ago Teresa Kelleher AZ
    17168 1 year ago Karyn Scarfo-Lucci NY
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