Consumer Protection Agency Sanctions Edfinancial Services

The Consumer Financial Protection Bureau on Wednesday sanctioned Edfinancial Services, a student loan servicer, for making deceptive statements to student loan borrowers and misrepresenting their forgiveness and repayment options to them. Edfinancial “deceived borrowers with Federal Family Education Loan Program loans about their eligibility for Public Service Loan Forgiveness,” the bureau said.

The bureau is ordering the company to contact all affected borrowers, provide them with accurate information and pay a $1 million civil penalty.

Edfinancial did not respond to a request for comment.

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