American Student Financial Group, Inc (ASFG)

American Student Financial Group was a for-profit company that marketed student loan consolidation and debt relief services to consumers across the United States. The company claimed to help borrowers enroll in federal loan forgiveness or payment reduction programs by preparing and submitting application documents. However, in March 2016, the U.S. Federal Trade Commission (FTC) and the State of Florida charged ASFG with widespread deception. The regulators alleged that the company charged consumers illegal upfront fees of up to $1,200, falsely promised to substantially reduce or eliminate their student loan debt, and misrepresented an affiliation with the U.S. Department of Education. A federal court subsequently halted the operation, and the defendants were permanently banned from the debt relief industry.