Report: Student Loan “Debt Relief” Industry Booming
Desperate Borrowers and the Growing Student Loan “Debt Relief” Industry
A student loan “debt relief” industry has sprung up in response to the demand for student loan borrower assistance and this report documents multiple problems as well as potential violations of consumer federal and state laws. Given the many misrepresentations uncovered, it is unlikely that these companies are providing quality services in return for the money they are charging. Such practices severely compound the pain of vulnerable consumers seeking to find resolutions to difficult student debt problems. The U.S. Department of Education should make it easier for student loan borrowers to access its borrower assistance programs, and federal and state authorities should ensure that these companies comply with the law so that consumers truly understand what services they are buying.
This report builds on NCLC’s advocacy, training, and public policy work to promote access to education, lessen student debt burdens, and make loan repayment more manageable. Learn more about NCLC’s Student Loan Borrower Assistance Project.
– See more at: http://www.nclc.org/issues/searching-for-relief.html#sthash.2fh4rZ9P.dpuf