Student Financial Aid Services Comments on Consumer Financial Protection Bureau Settlement Agreement

Jul 23, 2015, 14:59 ET from Student Financial Aid Services, Inc.

SACRAMENTO, Calif., July 23, 2015 /PRNewswire/ -- Student Financial Aid Services, Inc. (SFAS), a company dedicated to expanding students' access to college, today released the following statement in response to the settlement agreement announced by the Consumer Financial Protection Bureau:  

"SFAS did nothing illegal or wrong – and the CFPB provided no evidence to support any of its claims regarding alleged illegal or unethical activity. SFAS settled these unsubstantiated allegations to avoid protracted litigation. SFAS is not aware of a single consumer complaint to the CFPB about its services. In fact, the company has received overwhelmingly positive feedback that its services have helped secure the financial aid necessary for more than 2.2 million students to pursue the dream of college. The company's commitment to this goal is reflected in its decision to transfer the domain to the Department of Education after more than a year of collaborative discussions. In addition, SFAS has helped tens of thousands of low-income students on a pro bono basis with services that help navigate government applications that are every bit as complicated and confusing as tax forms."

About Student Financial Aid Services, Inc.
Student Financial Aid Services, Inc. assists students and their families in applying for and securing financial aid so that clients can achieve their college dreams. Established in 1991, SFAS is the nation's oldest fee-based provider of preparation and assistance services related to the Free Application for Federal Student Aid (FAFSA). The company's Student Aid Advisors support and assist financial aid applicants, as authorized under the Higher Education Opportunity Act. More than 530,000 clients have completed a survey of their experience. The survey results indicate that 98% were satisfied with the company's professionalism and 93% would recommend the service to others.


SOURCE Student Financial Aid Services, Inc.