National Consumer Law Center Press Release: New Student Loan "Debt Relief" Industry Targets Desperate Borrowers - Abuses Detailed

J Thomas Black
Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization
Posted on Jun 19, 2013

The National Consumer Law Center (NCLC) just released a press release concerning a new report that they issued on Student Loan "Debt Relief" companies. According to the press release, there are many consumer abuses going on by companies that hold themselves out as debt relief companies for student loan borrowers.

“There were a shocking number of inaccuracies and lack of transparency among the companies in our investigation,” said National Consumer Law Center attorney Deanne Loonin and author of Searching for Relief: Desperate Borrowers and the Growing Student Loan “Debt Relief” Industry. The full report is at: http://www.nclc.org/issues/searching-for-relief.html

One of the key findings is that these services charge high fees for services that are available for free. When I counsel consumers about student loan problems, I make sure that they understand that the federal programs can be accessed by individuals on their own for free. Many people are just overwhelmed, and want to hire legitimate help to deal with their student loan issues.

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