CFPB to distribute more than $240,000 to consumers harmed by student loan debt-relief scam
November 13, 2023
This month, 845 former Student Aid Institute (SAI) consumers will receive checks in the mail in response to a lawsuit filed against Frank Ronald Gebase Jr., the founder, owner, and operator of Processingstudentloans, a student loan debt-relief company that illegally withdrew hundreds of thousands of dollars from the bank accounts of former SAI consumers without their authorization. The total distribution amount is $240,994.00, and the money will come from the CFPB’s victims relief fund .
Payments will be sent on November 13, 2023, through RUST Consulting. You can learn more about this distribution at: https://www.cfpb.gov/payments/gebase. If you have questions about receiving a refund, email gebase_info@rustcfpbconsumerprotection.org or call 1 (833) 915-0956.
Action against Frank Ronald Gebase Jr.
On March 30, 2016, the CFPB ordered Student Aid Institute (SAI) to shut down its debt-relief operations and rescind all of its consumer agreements for violating consumer financial protection law by charging unlawful upfront fees for student loan debt-relief services and making false promises to consumers about possible savings through loan forgiveness and reduced payments.
