23,000 Student Loan Borrowers Will Get $19 Million To Resolve Debt Relief Fraud Claims

The announcement comes as consumer advocates are warning borrowers and administration officials of theStudent Loan Debt Relief Settlement

The Consumer Financial Protection Bureau , a federal agency tasked with overseeing the financial services industry,that 23,000 borrowers will receive compensation to resolve claims of predatory practices by student loan debt relief companies. A CFPB lawsuit had alleged that between 2015 and 2017, five student loan debt-relief companies “violated the Consumer Financial Protection Act and the Telemarketing Sales Rule by making deceptive representations about their services,” including misrepresenting “that [borrowers’ student loan] interest rates would be reduced, their credit scores would improve, and that the U.S. Department of Education would become their servicer,” according to a CFPB statement released on Monday.

The CFPB also alleged that several debt relief companies violated federal law by illegally collecting advance fees for debt relief services or marketing debt-relief services to millions of consumers using credit report information that was illegally obtained.

When does help become enabling? They took out a loan, knowingly. They understood the costs.

Yet war gets more money, I get it but, what about education? We got to invest more than that to ease education cost

Get a fckn job!!

Get a job!

I am still paying my student loan.. shouldn’t they be more responsible after the education?

dihargai 300.000 idr....? mampus aja kalau begitu....

Would LOVE to know what the 3 women in the photo majored in. If they would work a 2nd job instead of standing there holding a sign for free, they may actually be able to pay their own student debt. Appears they haven't missed a meal. 🤔🤷🏼‍♂️SelfResponsibility

JoeBiden is a loser

About $800 each.

sickk! 23,000 people are 19 mil richer!

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