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CFPB Sanctions Student Loan Servicer for Misleading Borrowers About Loan Forgiveness

The CFPB sanctioned student loan servicing company Edfinancial Services, LLC for allegedly making deceptive statements and misrepresenting the eligibility of student loan borrowers for loan forgiveness under the Public Service Loan Forgiveness waiver program in violation of the Consumer Financial Protection Act. According to the Consent Order, Edfinancial allegedly misled student loan borrowers with loans…

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California AG Recovers $22 Million from Online University

California AG Rob Bonta secured over $22 million in civil penalties from online for-profit school Ashford University and its parent company (collectively, “Ashford”) after a state court found that Ashford made false or misleading claims in order to persuade students to enroll, in violation of the state’s Unfair Competition Law and False Advertising Law. According to…

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Florida AG Secures Nearly $2.1 Million in Student Debt Relief

Florida AG Ashley Moody, joined by nine other state AGs, has settled with Argosy University, a private educational institution which abruptly shut its doors in 2019. The settlement secured nearly $2.1 million in private debt relief for Argosy students to pay off private loans received through the school. The states alleged that Argosy made misrepresentations…

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CFPB Announces Examination of Colleges Extending Private Loans Directly to Students

The CFPB announced it will begin examining the operations of post-secondary schools, including for-profit colleges, to review their practices in extending private loans directly to students. According to the CFPB, school loan programs will be examined to identify potential abusive practices, including placing enrollment restrictions on students who are behind on loan payments, withholding academic…

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