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JPMorgan says college-planning firm it bought lied about its scale. Consumers may have been misled, too - TL;DR CNBC

JPMorgan says college-planning firm it bought lied about its scale. Consumers may have been misled, too

Publishing timestamp: 2023-01-13 21:03:08


Summary

JPMorgan Chase shut down college financial aid platform, Frank, which it acquired in September 2021 for $175 million, alleging it was misled about the scale of startup. Consumers who used platform may have also been deceived. Lawmakers and consumer watchdog had previously expressed concerns over Frank's marketing claims. Free resources are available for families looking for help with financial aid, such as studentaid.gov, mappingyourfuture.org, and TISLA's freestudentloanadvice.org.


Sentiment: NEGATIVE

Tickers: JPM

Keywords: student loanspersonal financebusiness newsjpmorgan chase & co

Source: https://www.cnbc.com/2023/01/13/jpmorgan-says-college-planning-firm-it-bought-lied-about-its-size.html


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