If you encounter a deceitful company, file complaints with the CFPB, the Federal Trade Commission and your state’s attorney general’s office. These agencies believe consumer complaints to police harmful student loan companies and, when possible, get borrowers’ a refund .
Student debt relief companies have popped up because filling out the required paperwork are often complicated and time-consuming, Smith says. But if you arm yourself with the proper information, you’ll skills to ask the govt for free of charge help and you won’t lose money on a scam that would be going toward your debt instead.
Borrowers should automatically view student loan assistance companies that pay to advertise their services with skepticism, says Robyn Smith, an attorney with nonprofit legal advocacy group the National Consumer Law Center. it always means they’re within the business for profit, and since you never need to pay to consolidate your federal loans or to modify repayment plans, that’s a symbol the services they provide might be a scheme to mislead you into paying for otherwise free assistance.
Former CFPB student loan ombudsman Rohit Chopra wrote during a 2015 letter warning Google that some companies could also be misrepresenting themselves in online ads. “While we’ve warned consumers about these scams, we are concerned that unscrupulous companies could also be using aggressive advertising through search products to lure distressed borrowers,” Chopra said.
Additionally, some companies use advertisements to make lists of potential customers to sell to other companies. These so-called lead generators often ask consumers to input personal information on web forms or call a telephone number for more details. They then sell the info they collect to student debt relief companies.
The Borrower’s Defense Against Repayment is a program introduced by the United States federal government to help student borrowers who obtained loans to complete their education at schools that later acted in any fraudulent or dishonest way. The program exists as an effort from the government to help such students continue their education.
In the case of the Art Institute, it’s proven beyond reasonable doubt and proved in court that Educational Management Corporation had committed several fraudulent acts during the operation of its Art Institutes. Under the circumstances, any individual who owes student loans from the Art Institutes becomes automatically eligible to receive art institute loan forgiveness under the borrower’s Defense program. Under this program, you can obtain total loan discharge.
Some illegal activities charged by DOJ include fraudulent recruiting and unlawful marketing. As a result, a lot of students from different walks of life felt the impact of these activities. Thankfully, a lot of these students have already received compensation through loan forgiveness under the Borrower’s Defense Against Repayment Discharge?
If you meet the eligibility criteria, make sure you get the compensation you deserve from the forgiveness program. You can be confident about the legitimacy of the Borrower’s Defense program. We can guarantee with all certainty that this program is legit!
For many students currently enrolled in other institutions and trying to complete their education, this is the best option. Especially under their current circumstances that render them unfit for the Closed program. If you decide to move forward with an application for the Borrower’s Defense Against Repayment, then you stand an excellent chance to write off your debts and benefit from the art institute loan forgiveness.
Before you apply, there is some crucial information you need to consider.