Make your visit at MichiganStudentLoanSettlement.com to know the information about Michigan Student Loan Class Action Lawsuit Settlement for charging Extra Interest from students.
Thousands of students in Michigan take student loans for education. If you obtained a student loan from Michigan Finance Authority (MFA) at anytime after June 30, 2010, then you might be eligible for compensation from the Michigan Student Loan Class Action Lawsuit Settlement between student borrowers and the MFA. The MFA has agreed to pay $11.5 million for settling a class action lawsuit over the termination of the MSF program.
A class action lawsuit was filed against the MFA claiming that the company illegally terminated the MSF program in 2010. As a result of termination, Michigan college students have to pay higher interest rates in student loans under the MSF program. Before termination, the interest rates on student loans were reduced to 0% after the borrower made 36 on-time monthly payments.
The MFA denies these claims but agreed to settle the class action lawsuit for avoiding the burden and expenses of ongoing litigation. The Class member includes people who owed a balance on a student loan by the MFA as of June 30, 2010 and eligible for benefits under MSF program offered by the MFA.
The class members will get cash payment ranging from $50 to $1,200 as per the original amount borrowed they from MFA. There are tiers based on the amount of money borrowed. Tier One includes loans between $10 to $14,999.99, Tier Two consists of loans between $15,000 to $29,999.99, Tier Three consists of loans between $30,000 to $59,999.99 whereas Tier Four and Tier Five includes loans between $60,000.00 to $119,999.99 and $120,000.00 or higher respectively.
The settlement benefits provided to class members of each tier are Tier One: $100, Tier Two: $200, Tier Three: $400, Tier Four: $700 and Tier Five: $1200. To get monetary benefits from settlement, class member don’t have to do anything. Class members who received Notice of this settlement by e-mail or postcard will get a check between $50 and $1200. Class members who did not get the notice should call the settlement administrator at 1 (844) 761-4088.
Website of settlement: MichiganStudentLoanSettlement.com
Proof of Purchase:Based on Michigan Finance Authority's records
Claim Form: No Claim Form
Potential Award: $50 to $1,200
Final Hearing: July 2, 2014
Claims Administrator
MFA v. Kiebler Administrator
CPT Group Inc.
16630 Aston St.
Irvine, CA 92606
1-844-761-4088
Class Counsel
Christopher Ridout
Caleb Marker
RIDOUT LYON + OTTOSON LLP
Defense Counsel
Molly McManus
WARNER NORCROSS & JUDD LLP
Thousands of students in Michigan take student loans for education. If you obtained a student loan from Michigan Finance Authority (MFA) at anytime after June 30, 2010, then you might be eligible for compensation from the Michigan Student Loan Class Action Lawsuit Settlement between student borrowers and the MFA. The MFA has agreed to pay $11.5 million for settling a class action lawsuit over the termination of the MSF program.
The MFA denies these claims but agreed to settle the class action lawsuit for avoiding the burden and expenses of ongoing litigation. The Class member includes people who owed a balance on a student loan by the MFA as of June 30, 2010 and eligible for benefits under MSF program offered by the MFA.
The class members will get cash payment ranging from $50 to $1,200 as per the original amount borrowed they from MFA. There are tiers based on the amount of money borrowed. Tier One includes loans between $10 to $14,999.99, Tier Two consists of loans between $15,000 to $29,999.99, Tier Three consists of loans between $30,000 to $59,999.99 whereas Tier Four and Tier Five includes loans between $60,000.00 to $119,999.99 and $120,000.00 or higher respectively.
The settlement benefits provided to class members of each tier are Tier One: $100, Tier Two: $200, Tier Three: $400, Tier Four: $700 and Tier Five: $1200. To get monetary benefits from settlement, class member don’t have to do anything. Class members who received Notice of this settlement by e-mail or postcard will get a check between $50 and $1200. Class members who did not get the notice should call the settlement administrator at 1 (844) 761-4088.
Highlights of Michigan Student Loan Class Action Lawsuit Settlement
Website of settlement: MichiganStudentLoanSettlement.com
Proof of Purchase:Based on Michigan Finance Authority's records
Claim Form: No Claim Form
Potential Award: $50 to $1,200
Final Hearing: July 2, 2014
Claims Administrator
MFA v. Kiebler Administrator
CPT Group Inc.
16630 Aston St.
Irvine, CA 92606
1-844-761-4088
Class Counsel
Christopher Ridout
Caleb Marker
RIDOUT LYON + OTTOSON LLP
Defense Counsel
Molly McManus
WARNER NORCROSS & JUDD LLP
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