Clients of Student Loan Resolve in New Jersey will be getting their money back as the student loan consolidation company turns out to be an illegal business.
A lot of people want their student loans for college consolidated.
Whether federal or private student loans, student loan consolidation is not an uncommon service.
Yet, it seems that fraudulent student loan consolidation companies are as common as the services consumers seek.
Asbury Park Press has the story.
Student Debt Consolidator to Refund NJ Consumers
A Texas loan consolidation services company, Student Loan Resolve, will refund more than $119,000 to customers who used the service, the state said Friday.
The amount of money Student Loan Resolve must return to their clients is staggering.
It seems to suggest that the fraudulent student loan consolidation service has been in business for quite some time.
That is to say, there is hope since the state Division of Consumer Affairs won its case.
Ninety-five clients from New Jersey will have their money back as part of the settlement.
Student Loan Resolve will no longer be able to conduct business in New Jersey.
Under Law Protection
Consumer fraud laws are part of the what made the settlement possible.
These laws are specific provisions that ensure student loan consolidation is carried out under no illegal circumstances.
While it is good to know as consumers that such laws exist, the recent development is still worrying.
The State may have to reinforce more stringent laws when it comes to student loan consolidation. After all, such is the case when popular commodities are in question.
Furthermore, laws, no matter how strict, always have gaps and cracks. Does this mean that the discussion should move from law enforcement to student loan consolidation?
What makes student loan consolidation such an in-demand service? The sought-after student loan assistance rests on one’s need to manage several loans at once.
If one only had to take out fewer loans with higher loan limits, would student loan consolidation cease to be a coveted service?
Laws can only do so much. It seems the root of the problem is companies preying on how much student loan consolidation is wanted by so many consumers.
If the State somehow manages to reduce the need for student loan consolidation, they may be able to hit two birds with one stone.
Go for the Best
Having said that, student loan consolidation will always be a necessity.
While laws and finance re-work themselves, it is better to focus on the options available right now.
There are several good student loan consolidation companies which can perform the services you need without any antics.
These student loan consolidation companies have been around for a long time.
They are your best shot at working through your student loans.
Do not hesitate to avail of top services.
The prices may sometimes hurt, but no price is too high when your future is on the line.
Watch this video from the Bank of America for more information on student loan consolidation:
What are your thoughts on this recent development? Let us know in the comments below!