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Alert Details
This business has 1 alert.
Government Actions
The State of Minnesota v Academic Financial Advisors LLC dba Alumni Support Center
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On November 22, 2023, Academic Financial Advisors LLC dba Alumni Support Center entered into an Assurance of Discontinuance with the State of Minnesota. The Assurance of Discontinuance settles allegations that the business misrepresented its services or created confusion or misunderstanding regarding the services and marketed, sold, provided advice, offered to act, or acted as an intermediary between Minnesota consumers and the U.S. Department of Education, or its federal student loan servicers, related to the repayment of student loans without first being registered with the Minnesota Department of Commerce, as required by Minnesota state law. The Assurance of Discontinuance further alleges the business imposed charges or received payment for debt settlement services without first executing written debt settlement service agreements that complied with state law and without performing all of the services the business agreed to perform. Under terms of the Assurance, the business agreed to discontinue business, directly, indirectly, individually, or in conjunction with an person or entity in the state of Minnesota, including but not limited to collecting payments, marketing, selling, and providing goods or services related to the repayment of student loans, including but not limited to completion of application materials for student loan consolidation or repayment plans. Under the terms of the Assurance the business shall pay $179,067.10 in restitution and a civil penalty of $50,000.
This action is final.
Important Information
Additional Info
If a client requires additional assistance from Alumni Support Center regarding enrollment or file update, please call us directly at 888-980-2899 or by email at [email protected]. If your case requires a manager, please call (888) 557-9005 to talk to a manager.
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