CRL Welcomes Consumer Financial Protection Bureau’s Action Against Bridgepoint Education Inc. To Refund Students More Than $23 Million
Today, the Center for Responsible Lending (CRL) welcomed the Consumer Financial Protection Bureau's action against Bridgepoint Education, Inc., a for-profit college chain based in San Diego, Calif., for deliberately misleading students into taking out private education loans that cost more than advertised. Under the action, CFPB is ordering Bridgepoint to discharge any and all outstanding private loans made to its students and refund loan payments already made by borrowers. The total loan forgiveness and refund is estimated to be more than $23.5 million, and Bridgepoint is required to pay an