What to do about misrepresentation regarding a school loan?

2 years ago I was talked into a private student loan that was not with the company I signed for and was for more than the admissions person stated. I asked questions about the amounts on the loan and because I was anxious to start I believed her when she said “don’t worry about it” and signed. The loan was to be for $27,000 but it was for $43,000 (with a $13,000 service charge). School was insufficient for preparing me for work, at one point one of the instructors simply stopped teaching and a student had to teach. Do I have a case?

Asked on September 3, 2011 under Bankruptcy Law, Massachusetts

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

There is a difference between the alleged misrepresentations concerning the student loan that you obtained and the dissatisfaction that you have over the quality of the education that you obtained concerning the student loan that you obtained.

You need to carefully read the loan application and agreement that you presumably signed in that its terms control the obligations you owe the lender and vice versa in the absence of conflicting state law. If the loan agreement sets forth the terms that you feel that you were misled about, but you signed the agreement, under the laws of most states in this country, a party is presumed to have read and understood an agreement that he or she has signed absent fraud. Fraud in such cases is when the person's signature is forged.

If the school that you attended did not prepare you for work, you should consult with the dean of students about your dissatisfaction about the education you obtained.

From what you have written, you should consult with an attroney about your grievances about the student loan you obtained and the quality of education that the studen loan paid for.

Good luck.


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