Product: Student loan

Formal Complaint Regarding Predatory Lending Practices, School Closure, and Harm to Credit Dear Sir/Madam, I am writing to formally request your immediate intervention in addressing the severe financial harm caused by predatory lending practices linked to XXXX  XXXX XXXX Launch Servicing, XXXX XXXX. These entities ' actions have not only violated various consumer protection laws, but they have also significantly harmed me and other students, both financially and personally. The abrupt closure of XXXX XXXX, misrepresentation of educational outcomes, and failure to provide financial relief have led to considerable distress, including damage to my credit, financial instability, and emotional hardship. 

Background and Breach of Contract Due to School Closure XXXX XXXX, located in XXXX XXXX, California, closed its doors on XX/XX/year>, without any prior notice or alternative solutions for the students enrolled, including myself. This closure represents a clear breach of contract as students had paid tuition in exchange for educational services and career advancement opportunities. The schools sudden closure deprived students of the promised education and left us without the ability to complete our academic programs or recover our financial investment. 

XXXX XXXX closure has caused ongoing hardships, including the inability to pursue alternative educational opportunities in a similar field. The consequences of this closure extend beyond financial loss ; they have also led to personal and professional setbacks, as I and many other students find ourselves unable to fulfill the career goals that were promised by the institution.

Predatory Lending Practices and Misrepresentation of Educational Value The loans issued for XXXX XXXX  were
structured in a predatory manner, with numerous deceptive practices. The terms of these loans, including inflated interest rates and excessive fees, were not adequately disclosed to students at the time of origination. Furthermore, XXXX XXXX misrepresented the value of the education it was offering, making false promises regarding career prospects and post-graduation employment outcomes. These misrepresentations were made with the intent to deceive students into taking on significant amounts of debt under the belief that they were investing in a worthwhile educational opportunity.

The following are key elements of the predatory practices I have encountered : Deceptive Loan Terms : The loans were structured with terms that trapped students in debt, including high interest rates and fees that were not fully disclosed at the time of signing.

Misleading Career Promises : XXXX XXXX provided misleading assurances regarding the potential for post-graduation employment and financial success, none of which materialized for most students, including myself.

Failure to Disclose Full Financial Obligations : XXXX XXXX and its servicing agents failed to provide clear and transparent financial information, including the total cost of the loan, potential consequences for non-payment, and available options for deferment or forbearance.

Failure of Loan Servicers to Respond to Deferment and Relieve Delinquency Despite multiple attempts to request deferment due to the school closure, I, along with many other affected students, received no adequate response from XXXX or Launch Servicing. This lack of response has caused significant harm, including : Unjust Delinquency Reporting : I have experienced ongoing delinquent reporting on my credit file despite submitting valid deferment requests, which XXXX and Launch Servicing have failed to address.

Financial Damage to Credit : The continued reporting of delinquency has resulted in severe damage to my credit score, leading to long-term financial instability. The damage caused to my credit has affected my ability to access other forms of credit and has worsened my overall financial situation.

Failure to Provide Payment Relief : Requests for payment relief or adjustment due to the closure of XXXX XXXX have been ignored, exacerbating the financial strain, as interest continues to accumulate without any opportunity to alleviate the burden.

Legal Action and Class Action Lawsuit A class action
lawsuit, led by attorney XXXX XXXX, was filed in response to XXXX XXXX illegal lending practices and the deceptive promises made to students. This lawsuit highlights the predatory nature of the schools actions, including misrepresentations regarding the quality of education, career outcomes, and financial transparency. Students who were affected by XXXX XXXX closure and the subsequent mishandling of loan servicing are pursuing legal remedies. You may contact attorney XXXX XXXX at ( XXXX ) XXXX or via email at XXXX for more information on the ongoing legal proceedings. Additional details are available on the XXXX XXXX XXXX website : XXXX XXXX XXXX. 

Requested Actions and Relief Given the aforementioned violations and the severe harm caused by these actions, I respectfully request the following actions from both the U.S. Department of Education and the Consumer Financial Protection Bureau : Investigation of Make Schools Breach of Contract and Deceptive Practices : I urge both agencies to investigate Make School for breach of contract and deceptive educational and financial practices, which misled students into taking on massive debts without delivering the promised value. 

Investigation into Launch Servicing and XXXX Failure to Address Deferment Requests : I request a formal investigation into the actions of XXXX and Launch Servicing, as their failure to respond to deferment requests has resulted in unnecessary delinquency reporting, damaging my credit and exacerbating my financial instability.

Relief for Affected Students : I request that you explore options for providing financial relief to affected students, including the suspension of loan repayment obligations while the investigation is underway, and consideration for loan forgiveness due to the schools closure and predatory lending practices.

Credit Repair for Affected Students : I request that steps be taken to reverse the negative credit reporting tied to delinquent loans and provide reparations for students whose credit scores were harmed by the school closure and loan servicers inaction.

I trust that both the Department of Education and the CFPB will take swift action to address these severe violations and provide meaningful relief to students who have been harmed. Thank you for your time and attention to this important matter.