CFPB Takes Action to Shut Down Illegal Student Debt Relief Scheme

On March 15, 2016, the Consumer Financial Protection Bureau (CFPB) requested that a federal district court enter a final judgment and order that would shut down a student debt relief scheme that charged borrowers millions of dollars in illegal upfront fees for federal student loan services. If approved by the court, the proposed judgment would ban the company, Student Loan Processing.US, and its sole owner, James Krause, from any future involvement in debt relief and student loan services. The order would also require the company to pay refunds to thousands of harmed consumers and a civil money penalty.

Student Loan Processing.US also operates under the name IrvineWebWorks, Inc. and runs websites at StudentLoanProcessing.us, StudentLoanProcessing.org and slpus.org. The student debt relief company has been in operation since at least May 2011 and its customers are located throughout the United States. Learn more about the compliant and actions here.