CFPB to provide $95 million to refund consumers victimized by Premier Student Loan Center | Consumer Protection Agency

The CFPB will distribute more than $95 million in restitution to more than 87,000 consumers harmed by the Consumer Advocacy Center Inc., d/b/a Premier Student Loan Center, and companies that connected to it (Premier). Premier operated its student loan assistance business through a number of subsidiaries and under a number of names, including those that suing True Count Staffing Inc., d/b/a SL Account Management; and Prime Consulting LLC, d/b/a Financial Services.

The CFPB—along with plaintiffs the State of Minnesota, the State of North Carolina, and the Los Angeles City Attorney’s Office on behalf of the People of the State of California— sued the Prime Minister and related companies and individuals, and alleged that they violated the Consumer. Financial Protection Act of 2010 and the Consumer Fraud Act by making false statements about their student loan assistance services. Prime charged and collected unfair fees before consumers received any adjustments to their student loans or made payments on a modified loan. The CFPB’s claims are also related to Prime automatically placing loans in forbearance and providing false information to loan servicers to qualify consumers for lower monthly payments.

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Refunds to affected customers by Premier Student Loan Center

The CFPB will distribute $95 million in restitution to 87,285 consumers affected by Prime. Payments will be sent on December 13, 2022, through RUST Consulting. For more questions, get in touch or (833) 539-2839.

Learn more about the issue and refund (click the link for “Consumer Advocacy Center Inc., d/b/a Premier SLC)

About the CFPB Penalty Fund

Obtaining redress for consumers is a top priority in any enforcement action, and when the CFPB enforces the law, we may need to It is a judgment that the person or company compensates the victims of this damage by providing the customer’s refund from its own funds. In some cases, when the person or company doesn’t have enough money, however, the CFPB uses a victim assistance fund — also known as the Civil Indemnity Fund — to pay victims who didn’t receive it. full compensation for their harm through back pay. by the accused in their case.

Learn more about the grant and other benefits

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