United States: Student loan officer settles predatory loan claims
To print this article, all you need to do is be registered or log in to Mondaq.com.
A student loan officer reached a settlement with 39 state attorneys general, resolving claims of unfair and predatory lending practices.
The New York Attorney General’s Office alleged the company steered borrowers toward expensive and burdensome loan agreements instead of more affordable repayment plans. The agreement includes the cancellation of approximately $1.7 billion in loans and the payment of $95 million in restitution. In addition, the company adopts a series of future loan servicing reforms.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
POPULAR ARTICLES ON: Finance and Banking of the United States