Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Student loan borrowers are receiving payments in the mail this week from a class action settlement over the former Michigan Students First Borrower Benefit Program, which was cancelled in 2010 by the Michigan Finance Authority (MFA).
The checks are being sent from CPT Group, a class action claims administrator hired to handle the distribution of funds from the Michigan Students First class action settlement.
Payments were automatically mailed to eligible borrowers who, as of June 30, 2010, owed a balance on a student loan that was owned by MFA and were eligible for benefits under the Michigan Students First Borrower Benefit Program.
The class action settlement resolves allegations MFA illegally terminated the Michigan Students First interest-free loan program in 2010, forcing borrowers to pay higher interest rates than originally promised. Under the program, the MFA reduced the interest rates on student loans to zero percent after the borrower made 36 on-time monthly payments.
MFA denied the any wrongdoing but agreed to settle the class action lawsuit in April 2014. Under the settlement, Class Members were eligible to receive between $50 and $1,200. This amount is based on whether their loan is still held by MFA and the original amount of the loan initially borrowed.
TopClassActions.com alerted viewers about the Michigan Students First class action settlement in July. Viewers started reporting this week that they received checks worth an average payout of $100.
Some viewers have expressed concern that the checks are fake, but this is a legitimate class action lawsuit and settlement. Those with questions about the Michigan Students First class action settlement can contact the Settlement Administrator at 1 (844) 761-4088.
Further details on the case, including court documents, can be found at www.MichiganStudentLoanSettlement.com.
The case is Michigan Finance Authority v. Kiebler, et al., Case No. 13-000166-MZ, in the Michigan Court of Claims.
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
3 thoughts onClass Action Settlement Checks Arrive for Michigan Student Loan Borrowers
Hi Deaonna,
Here at Top Class Actions, we simply report on class action lawsuits and settlements around the country to bring awareness to you, our viewers. We do not actually file any lawsuits, nor are we even legal attorneys therefore cannot offer legal advice. We are also not part of the settlement administrator as they handle the entire claims process. For all inquiries regarding your claim, including questions about receiving your payment, you will need to contact the settlement administrator found here: http://www.MichiganStudentLoanSettlement.com.
i wanted to know if I was eligible for this settlement
I would like to know if I am eligaible for this settlement