Statement from U.S. Education Secretary John B. King Jr. on CFPB action to shut down student debt relief scheme

Archived Information

Statement from U.S. Education Secretary John B. King Jr. on CFPB action to shut down student debt relief scheme

March 15, 2016

“I applaud today’s announcement by the Consumer Financial Protection Bureau that it has taken action to shut down Student Loan Processing, a company that was charging borrowers exorbitant fees for services they can access for free through studentloans.gov or by calling their servicers. We are working with the CFPB to make sure these borrowers know where to go to get help enrolling in an income driven repayment plan or consolidating their loans, for FREE.  We are also continuing to work with our enforcement partners to weed out bad actors and with other agencies and advocates to get the word out to borrowers: Don’t be fooled – You never have to pay for help with your student loans.”