CFPB v. Edfinancial Services, LLC

Edfinancial Services, LLC allegedly made various deceptive statements to FFELP borrowers, including in many instances telling borrowers that they were not eligible for the PSLF program even though borrowers could become eligible by consolidating their loans; that borrowers could not consolidate their loans; that borrowers’ past payments qualified when they did not qualify; and that qualifying jobs did not qualify for PSLF. The Bureau also found that, in numerous instances, when FFELP borrowers asked about forgiveness options available to them, Edfinancial’s representatives did not mention PSLF as an available option, according to CFPB.

Summary generated from official Consumer Financial Protection Bureau press release