CFPB to issue $95 million in redress to consumers harmed by Premier Student Loan Center
The CFPB will distribute over $95 million in redress to over 87,000 consumers harmed by Consumer Advocacy Center Inc., d/b/a Premier Student Loan Center, and related companies (Premier). Premier operated its student loan debt relief enterprise through multiple corporate entities and under multiple names, including co-defendants True Count Staffing Inc., d/b/a SL Account Management; and Prime Consulting LLC, d/b/a Financial Preparation Services.
The CFPB—along with co-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 Premier and related companies and individuals, alleging they violated the Consumer Financial Protection Act of 2010 and the Telemarketing Sales Rule by making deceptive representations about their student loan debt relief services. Premier also charged and collected improper advance fees before consumers had received any adjustment to their student loans or made payments towards an adjusted loan. The CFPB’s claims also related to Premier automatically putting loans in forbearance and submitting false information to loan servicers to qualify customers for lower monthly payments.
Redress payments to consumers harmed by Premier Student Loan Center
The CFPB will distribute $95 million in redress to 87,285 consumers harmed by Premier. Payments will be sent on December 13, 2022, through RUST Consulting. For additional questions, contact email@example.com or (833) 539-2839.
Learn more about the case and redress payments (click link for “Consumer Advocacy Center Inc., d/b/a Premier SLC)
About the CFPB Civil Penalty Fund
Obtaining consumer redress is a top priority in any enforcement action, and when the CFPB enforces the law, we or a court may require the person or company to compensate its victims for this harm by providing consumer redress out of its own funds. In certain circumstances, when the person or company doesn’t have sufficient funds, however, the CFPB uses a victims relief fund – also known as the Civil Penalty Fund – to compensate victims who haven’t received full compensation for their harm through redress paid by the defendant in their case.
Learn more about the victims relief fund and other distributions