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As the cost of higher education continues to rise, students frequently rely on student loans to bridge the gap between the cost of school and what they can afford to pay. Unfortunately, the student loan market suffers from many of the same problems as the market for mortgage loans, creating a similar potential for abuse.
According to a 2008 study by the National Consumer Law Center, there are “several parallels to the mortgage market,” including predatory loan terms and inadequate disclosures of loan terms to borrowers.
In addition, some student borrowers have reported that their interest was miscalculated, their payments were misapplied, they failed to receive promised interest rate reductions for making their payments on time, or that they faced excessive or undisclosed fees. In particular, we are investigating the fees sometimes imposed upon borrowers during the student loan rehabilitation period, often known as “rehab.”
If you are having any of these types of problems with your student lender or student loan servicer, please contact us to take action. We are currently investigating the business practices of various student lenders and loan servicers.