Advertiser Disclosure

Borrower Beware: Global Financial Support Inc.

You never have to pay for student loan help when plenty of free options exist.
Loans, Student Loans

Global Financial Support Inc. is one of more than 130 so-called “debt relief” businesses that we’ve placed on the NerdWallet Student Loan Watch List for illegal or questionable dealings.

You never have to pay this company or any other for student loan help. You can get legitimate student loan help for free through the Department of Education or your student loan servicer.

Why we flagged this business

The Consumer Financial Protection Bureau filed a lawsuit in 2015 against Global Financial Support Inc. and two related companies — Student Financial Resource Center and College Financial Advisory. The federal consumer agency accused the companies of sending deceptive letters to students and their families and offering fraudulent financial services that helped the businesses collect at least $4.7 million in fees from 76,000 customers. Litigation continues in 2018, as of this Watch List entry.

What about other ‘debt relief’ companies?

The Federal Trade Commission and the Consumer Financial Protection Bureau have been cracking down on “debt relief” companies that rip off student-loan holders, but the agencies struggle to bring action against every business. Such companies often charge borrowers to fill out free government applications, or pocket money paid to service loans. These scams can push borrowers into default on their student debt and leave their credit ruined.

NerdWallet started its Student Loan Watch List in 2017 to flag the student-loan businesses hit by enforcement actions, court judgments or liens, or bad ratings from the Better Business Bureau.

Sources: Iowa attorney general; Consumer Financial Protection Bureau