Student Loan Assistance Companies Face Tough New Disclaimer

It looks like the Department of Education is trying to specifically target companies providing student loan assistance.

If a student loan assistance company is going to login to a government computer system on behalf of a client, they are going to see the following disclaimer.

If you look at my red arrow you’ll see what I think is the the gotcha part of the disclaimer for student loan assistance companies.

The bullet item says: “Any access by an employee or agent of a commercial entity, or other third party, who is not the individual user, for purposes of commercial advantage or private financial gain (regardless of weather that commercial entity or third party is providing a service to an authorized user of the system.”

The disclaimer then goes on to say, “If system monitoring reveals information indicating possible criminal activity, such evidence may be provided to law enforcement personnel.”

It would appear this disclaimer, which must be accepted now to get into the federal student loan system, would apply to both for-profit and non-profit student loan assistance companies.

Of course the bid downside here is it seems this just drives consumers back towards incompetent servicers or poorly educated DIY.

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3 Comments

1. 

   JoeB

   June 9, 2017 at 9:36 am

   Moral, if a consumer owes the “govt” (aka IRS) then any company that helps file taxes can 1. Charge $ 2. Charge UPFRONT is awesome!!
   (which of course everyone knows consumers can do themselves and the IRS is their to help them for FREE right?) and this is all Kosher!?!?!
   But let a consumer owe let’s say a DIFFERENT debt like say credit card or say STUDENT loan, and try to deal w the garbage doe or banks which they A. Have a RIGHT to choose not to do on their own B. can’t do it, Then NOW you are a SCAM if you charge at all!?!? (Upfront or not!)
   BS!!! Why? Obvious! Because the powerful banks scum lobby against it! Just like “robot dialing”! Ironic the Only ones that can do that legally are scum politicians! Epic! If u r a scum politician stealing & sucking up tax dollars Everything is a bs double f n standard. But hey, serves YOU well steve! Haha

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     Steve Rhode

     June 9, 2017 at 11:09 am

     I continue to have the discussion with regulators that I understand their motivations but sometimes the government student loan servicers do more harm than the worst student loan assistance scam.

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2. 

   nyquil762

   June 8, 2017 at 4:25 pm

   Wow, when we are sleeping they are thinking of ways to do what they do best. Good luck

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