Consumer complaint received 2025-10-20 00:00:00
Product: Student loan — Private student loan
Issue: Getting a loan — High pressure sales tactics or recruiting
Company: Meritize Financial Inc.
State: MD

Complaint narrative:
This is an add-on from my previous CFPB complaint : Complaint ID : XXXX In XX/XX/XXXX, I enrolled in a program with XXXX ( formerly XXXX XXXX ) that was marketed as a career accelerator in Governance, Risk, and Compliance ( GRC ). I was persuaded to take out a {$35000.00} Meritize private loan at 15.5 % interest, which began accruing immediately. The $ XXXX price tag was framed as a discount from $ XXXX by XXXX. 

XXXX recruiters used high-pressure and deceptive sales tactics to secure enrollment, including promises of $ XXXX $ XXXX per month salaries, six-figure jobs within 4080 days, and comparisons to XXXX and XXXX. These claims were made verbally and captured in a 25-minute marketing video. Students were told they would be guaranteed placement through real internships and partnerships, which turned out to be simulated exercises, not real work. See more in the 25-minute video and its transcription within the attachments. 

The loan was presented as pay after you get a job, but this was misleading ; interest accrued immediately. Students were rushed through documents and not given time to review terms. Many students, XXXX XXXX are now struggling with debt for a program that did not deliver what was promised. 

After enrolling, XXXX slashed the same programs price from {$35000.00} to between {$1000.00} and {$17000.00} while denying refunds to earlier students. This drastic price difference shows the initial cost and loan structure were deceptive and exploitative. 

XXXX also operated a pyramid-style XXXX XXXX referral program, where affiliates with large social media followings were paid thousands of dollars in commissions to recruit new students. ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ). Participants were pressured to maintain recruitment tiers based on enrollments, hallmarks of a pyramid scheme used to inflate the companys credibility. 

When I realized the program was misrepresented, I requested a refund on XX/XX/XXXX, under Section 11 ( d ) of the contract, which states that customers are only responsible for services rendered prior to termination. I had completed roughly 25 % of the course at that time. XXXX denied my request, citing a hidden 7-day refund policy that was never disclosed before signing. Even still, a 7-day refund timeframe is not enough time to gauge whether the program is a good investment or not. I later participated in DC Office of the Attorney General ( OAG ) mediation, but XXXX again refused to issue a refund and deleted internal messages that could have served as evidence. The CEO, XXXX XXXX, an attorney, directly corresponded during DC OAG mediation and refused to issue a refund, indicating willful awareness of the deceptive conduct. 

I have filed complaints with CFPB ( Complaint ID : XXXX ), FTC, Texas OAG , and DC OAG, and am in contact with over 20 other former students who report identical experiences, deceptive recruiting, predatory loans, and denial of refunds. These actions collectively demonstrate violations of the Texas Deceptive Trade Practices Act and unfair lending standards.

Company response to consumer: Closed with explanation