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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)Â Â Â Â Â 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)Â Â Â Â Â 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)Â Â Â Â Â 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
I received a check today as well. First, do any of you remember this lawsuit? I kind of do. But, I have been part of other class action suits, but never received money; which I knew ahead of time. They needed information. Just curious if any of you remember giving information about your school loans to anyone? Or, did they keep records for people and see they made a mistake, and refunded us? Many of you are scared to cash check? Me too. With all the identity theft going on…..you never know. My check is $50.24. Do I need the $$$, yes I do. But, not at the expense it will hurt me in future. Frustrated that I have called #’s on check and have been on hold for over an hour. Will continue to research this. If I find anything I will report. Please, anyone else do same. If this is for real, I appreciate the refund, but I wonder how many other companies over-charged me in fees.
Mine also was for 100.49. Was leary myself.
Yes, you may cash the checks. For further information, please visit:
http://www.michiganstudentloansettlement.com
You may also contact Caleb Marker, one of the attorneys for the borrowers, at 562-216-7387 with any questions.
Has anyone been able to cash the check at all? Any updates?
Yes, the checks are real and legitimate. I already cashed mine last week. No trouble with my bank and my account was not affected in a negative way.
I can’t even reach the CPT Group- the call rings then I get a busy signal. Legally, if there would be some obligation attached to the check, the issuer would have to inform you of this. However, those obligations may come in a separate mailing.
Mine was also 100.49. We are very leary and wondered if anyone found out if they are ok. I’ve called the issuing bank and they aren’t talking and CPT who said it’s real and ok.
I googled it (MFA vs Kiebler) and got the entire story of what is going on and why we are receiving this settlement. Seems to be ok to cash. My amount is $100.49. I was also wondering was it safe to cash. I just wanted to make sure that it is not a scam.
I recived a check for 100.49 is it ok to cash it
Just out of curiosity, how much were your checks for? I was wondering the same about cashing my check that I received today. Mine was $201
I wanted to ask the same, is it safe to deposit check? Also how do we know if we got the correct amount?
I received a check. is it okay to deposit into my account?