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This settlement is closed!
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The Michigan Finance Authority (MFA) has agreed to settle a class action lawsuit alleging it illegally terminated the Michigan Students First Borrower Benefit Program (MSF) and forced eligible borrowers to pay higher interest rates as a result. If you obtained a student loan to attend a Michigan college or university, you may be entitled to receive as much as $1,200 from the class action settlement.
The student loan class action lawsuit alleges that MFA illegally terminated the MSF in 2010. Under the MSF program, the MFA reduced the interest rates on student loans to zero percent after the borrower made 36 on-time monthly payments. The plaintiffs allege that borrowers were forced to pay higher interest rates due to the termination of the MSF program.
The MFA denies all of the allegations but agreed to settle the student loan class action lawsuit to avoid the risk and uncertainty of ongoing litigation.
Who’s Eligible
Class Members of the student loan class action settlement include any individual who as of June 30, 2010 owed a balance on a student loan that was owned by the MFA and potentially eligible for benefits under the Michigan Students First Borrower Benefit Program offered by the MFA or the Michigan Higher Education Student Loan Authority, provided that:
1) As of June 30, 2010, the loan had not yet qualified for the 0% interest benefit offered under the Michigan Students First Borrower Benefit Program because 36 on-time interest payments had not been made on such loan;
2) As of June 30, 2010, the loan had not been disqualified from the 0% interest benefit offered under the Michigan Students First Borrower Benefit Program by reason of a late payment; and
3) As of Feb. 4, 2014, the loan was not or previously had not been in default under applicable federal family education loan program terms.
Potential Award
$50-$1,200. The total amount Class Members are eligible to receive from the MSF class action settlement depends on whether the loan is still held by MFA and the amount of money initially borrowed.
Proof of Purchase
N/A
Claim Form Deadline
N/A. If you received notice of the MFA class action settlement, you do not need to take any action to participate. If you believe you are a Class Member but did not receive notice of the class action settlement, contact the Settlement Administrator at 1-844-761-4088.
Case Name
Michigan Finance Authority v. Kiebler, et al., Case No. 13-000166-MZ, in the Michigan Court of Claims
Final Hearing
7/2/2014
Settlement Website
www.MichiganStudentLoanSettlement.com
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
UPDATE: Payments from the Michigan Students First class action settlement were mailed to eligible student loan borrowers in mid-August 2014. Some viewers have expressed concern that the checks are fake, but this is a legitimate class action lawsuit and settlement. Learn more.
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22 thoughts onMich. Student Loan Benefit Program Class Action Settlement
WAKE UP PEOPLE – A couple hundred dollars is a joke of a settlement. I pay over $100 a month in interest that is supposed to be at 0%. I ate Ramon after college because I actually had a sense of pride for making 36 on time payments. How much money did the lawyer make? What are people doing that dropped out of the lawsuit? What are our options? This complete utter BS.
UPDATE: Payments from the Michigan Students First class action settlement were mailed to eligible student loan borrowers in mid-August 2014. Some viewers have expressed concern that the checks are fake, but this is a legitimate class action lawsuit and settlement. Learn more.
I tried calling the Michigan Court of Claims, after having looked up the case online (13-000166-MZ). The lady who answered was very nice, but said she’s received numerous calls. She said there was a case and a settlement, but she really doesn’t know if the checks sent are legitimate. According to the judgment, checks should be issued, but to whom and in what amounts seem to be a question.
I did also try calling the phone number on the check, but no one ever answered. I wouldn’t rely on any information coming from them, unless they can direct you to an official of some sort (like the MI Court of Claims) for more information.
The company, CPT Group, has an A+ rating on BBB.org, though they are not BBB accredited.
I don’t know if these are real or fake BUT I do know, if you call the phone number on a fake check, its going to be a fake number and OF COURSE it will tell you its legitimate. Look up CPT Group and call them directly
I think it is real. Look at this article.http://www.mlive.com/lansing-news/index.ssf/2014/08/settlement_checks_arriving_for.html. I would ask a real bank.
the check is real, i called the # on the check n spoke to a representative. check ur lender n loan type, then go to michiganstudentloanssettlement.com to view details
EDITOR’S NOTE: This comment has been removed for abusive language.
EDITOR’S NOTE: This comment has been removed for abusive language.
Also go to this website https://www.michiganstudentloansettlement.com/
it gives more information about the suit. I have been looking up the attorney’s,
the case number, even checked CPT Group, Inc with the BBB. So far everything
seems to be leaning towards a valid case, I shall keep researching before I make
a definite decision on cashing the check. I definitely don’t want to have my bank
account drained and have to do an interview on Dateline for being frauded, lol.
If anyone finds anything else, keep us all posted! Happy cashing *it was nice to
see a check in the mail out of the blue*
call this number 1-(844) 761-4088
it gives the information about the case