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student loan fraud Source: Shutterstock.

The $1.5 trillion student loan crisis has claimed a new victim – the CUSO Student CU Connect.

After years of legal proceedings and a recent surprise settlement with the CFPB, the CUSO will close its business for good after agreeing in June to cancel and stop collecting $168 million in loan debt for thousands of students. These were high-interest, high-fee loans that students could not only not afford, but that they didn’t even want, didn’t understand and didn’t even know they had, according to the CFPB.

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Peter Strozniak

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