Consumer complaint received 2024-05-13
Product: Student loan — Private student loan
Issue: Getting a loan — High pressure sales tactics or recruiting
Company: Nelnet, Inc. (TX)

Thousands of students were scammed by XXXX into taking out predatory private loans to attend for profit online schools such as the one I attended, XXXX  XXXX XXXX of XXXX. As a matter of fact, XXXX XXXX XXXX and their Parent company, XXXX were investigated by the attorneys general of several states and have been found to have acted in a fraudulent manner. 

Because of the numerous claims of fraud and misconduct perpetrated by XXXX XXXX XXXX, the Biden administration has just announced a blanket discharge for anyone enrolled at The Art Institutes from XXXX, XXXX to XX/XX/XXXX. My Federal loans in the amount of {$52000.00} will be discharged and my credit repaired. I am aware that XXXX was sued by XXXX state AGs regarding their predatory loans to attend these online for-profit schools and that XXXX XXXX were XXXX " preferred '' lending company in a " deal '' with these schools during the early XXXX 's. 

These private loans with a high risk of default were part of a package deal offered to " for profit online schools '', but loans made to students in states outside of the agreement, or those who were not in default for 7 months or more during a " specific '' time frame, were excluded. I am sure this was a big win for XXXX, but what a sham of a settlement deal for the rest of borrowers scammed into taking loans to at least XXXX for profit online schools. 

After the XXXX settlement, didn't XXXX also get out of the Federal student loan business due to scrutiny from lawmakers and borrower advocates? Didn't XXXX have to pay restitution to the Federal student loan borrowers for not informing students of IDR/IBR payments students could have enrolled in, but instead steered toward forbearance? 

Furthermore, hasn't XXXX been sued at least a half dozen times for other predatory loan practices and illegal collection practices? I am also aware of a '' pilot '' program by which XXXX is sending out " applications '' to select students who may have filed Borrower Defense claims against their schools and were approved. This application is a sham. Why do we need to prove anything? Navient knows who we are. Under the FTC " Holder Rule '' XXXX is liable for giving predatory loans in connection with online for-profit schools. 

But what is XXXX doing with the private loans it owned, but forced off their platform in consolidation with Firstmark Services LLC? XXXX owes Firstmark an explanation and restitution for the loans they forced consolidation on, and stuck Firstmark Services LLC with predatory loans to " wipe their hands clean '' of the mess they made. What happens to my predatory private loans in the amount of {$16000.00}? The loans they shoved onto Firstmark 's plate after getting out of the student loan business? 

Time is running out for XXXX to do right by students and Firstmark Services LLC who were scammed into taking out private loans to attend online for profit colleges who have committed misconduct and misrepresented themselves to the public to entice students to enroll. 

Senator XXXX XXXX has sent a letter to XXXX 's CEO asking to discharge these loans NOW! It's time XXXX do the right thing and discharge all these predatory private loans made to attend online for profit schools NOW!