NY-AG v. ACS Education Services

ACS Education Services allegedly steered distressed borrowers away from available income-based repayment plans towards more expensive options, according to NY-AG. It appears that ACS deceived borrowers concerning the availability of Public Service Loan Forgiveness (PSLF). ACS also allegedly misinformed borrowers about their options, failed to provide borrowers who sought to consolidate their loans the necessary account information, failed to process IBR applications in a timely and accurate fashion, required some borrowers to reapply for IBR unnecessarily, misallocated payments by borrowers, made inaccurate reports to credit reporting agencies, did not inform private-loan borrowers about the possibility of the release of co-signers, overstated the monthly payments owed by some members of the armed forces, and charged some borrowers late fees higher than the legal cap, according to NY-AG.

Summary generated from official New York Attorney General press release