Conduent Education Services agreed to pay $3.25 million to resolve claims it violated New York lending laws with deceptive practices.
The settlement benefits student loan borrowers who submitted an application to consolidate at least one Federal Family Loan and Education Program (FFELP) loan into a direct consolidation loan between Jan. 18, 2012, and May 5, 2021, and who did not receive a loan verification certificate within 10 days of requesting one.
Conduent Education Services was a student loan servicing company that also operated under the name ACS Education Services. Conduent Education Services has faced repeated action from the government, including a 2019 settlement with the Consumer Financial Protection Bureau for loan serving violations and a 2022 settlement with the Department of Justice for false claims.
Consumers have also taken action against the loan servicer. According to a 2018 class action lawsuit, Conduent Education Services violated New York lending laws by failing to provide loan verification certificates within 10 days of receiving a request. This failure allegedly made it impossible for borrowers to prepay their loans “at any time” as Conduent Education Services promised they would be able to.
Conduent Education Services hasn’t admitted any wrongdoing but agreed to pay $3.25 million to resolve these claims.
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