what kind of attorney handles fraud within student loan company

Why do you need a student loan lawyer?

As a student loan fraud lawyer, I am available to represent whistleblowers exposing fraud committed by higher educational institutions and trade schools. Many of these facilities freely accept federal loans taken by students, while failing to comply with the rules and regulations mandated by the government. In egregious cases, some institutions often serve as little more …

What can I do if my student loan company fraudulently cheated me?

Student loan debt elimination fraud: Soliciting money from students with the promise that their loans will be discharged. How to Spot Student Loan Fraud. Upfront Payment. According to the Federal Trade Commission, requesting an advance fee for student loans is an illegal practice. Legitimate student aid businesses should not charge any fees ...

What is considered fraudulent behavior on the part of lenders?

Nov 02, 2017 · i’m a victim of student aid loan fraud by the stenotype institute school of court reporting the owner went to prision for fraud stealing student loan money from the students who had to quit school within a month of enrolling .students never recieved their money back and are in debt to nelnet in linolon nebraska who damaged our credit reports for student us dept of …

What to do if a family member steals your student loans?

Types of Fraud in Student Loans and Grant Applications. In recent years, whistle-blowers are calling out fraud in student loans. Usually, the prosecutors may have reason to believe that you have submitted a fraudulent claim through FASFA, or you have engaged in inappropriate behavior to obtain student loans or grants from the federal government.

Can I sue my student loan company?

While it is unlikely that you will be able to personally sue your student loan servicer, you may be able to enter a class action lawsuit. Each class action lawsuit is unique, so there are no guaranteed outcomes for plaintiffs.Aug 31, 2021

How do I dispute a student loan fraud?

Report the problem to the Department of Education Finally, you should report the fraudulent activity to the Department of Education. You can do so by calling the Office of Inspector General hotline at 1-800-MIS-USED (1-800-647-8733). Or you can file a complaint online.Apr 18, 2018

What federal agency oversees student loans?

The office of Federal Student AidThe office of Federal Student Aid is responsible for directly managing or overseeing an outstanding federal student loan portfolio comprised of billions of dollars in Title IV loans and representing millions of borrowers.

How do you fight student loans?

Qualify For A Federal Student Loan Forgiveness Program. ... Find State Assistance For Your Student Loans. ... Find Out If Your Employer Offers Tuition Reimbursement. ... Consolidate Your Federal Student Loans. ... Find A Repayment Plan That Matches Your Ability To Pay. ... Setup An Income-Based Repayment Plan With Loan Forgiveness.More items...•Oct 23, 2021

What is defense to repayment?

If your school misled you or engaged in other misconduct in violation of certain state laws, you may be eligible for “borrower defense to loan repayment,” sometimes shortened to “borrower defense.” This is the discharge of some or all of your federal student loan debt.

What is a student loan ombudsman?

A student loan ombudsman serves as an independent mediator who can help with loan balance and payment discrepancies; explain interest or default charges, loan consolidation and bankruptcy; identify repayment options; and review laws affecting your student loans.Dec 9, 2020

Who regulates private student loans?

The Department of Financial Protection and InnovationThe Department of Financial Protection and Innovation (DFPI) licenses and regulates student loan servicers operating in California.Jan 20, 2022

How do I look up my student loans?

StudentAid.gov is the U.S. Department of Education's comprehensive database for all federal student aid information....At StudentAid.gov, you can find:Your student loan amounts and balances.Your loan servicer(s) and their contact information.Your interest rates.Your current loan status (in repayment, in default, etc.)

What is the Student Aid Report?

Your Student Aid Report (SAR) is a paper or electronic document that gives you some basic information about your eligibility for federal student aid. It also includes your answers to the questions on the Free Application for Federal Student Aid (FAFSA®) form.

What happens if you Cannot pay student loans?

Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.

Do student loans go away after 7 years?

Do student loans go away after 7 years? Student loans don't go away after seven years. There is no program for loan forgiveness or cancellation after seven years. But if you recently checked your credit report and are wondering, "why did my student loans disappear?" The answer is that you have defaulted student loans.Jan 13, 2022

What happens when you dispute student loans?

The credit bureaus can take up to 30 days to investigate your dispute and will contact your creditor to handle this process on your behalf. If they rule in your favor, the negative item will be removed. Here are some situations where you can file a dispute with the student loans on your credit report.Feb 24, 2021

How can a student loan attorney help me?

Student loan attorneys can provide you with legal advice, represent your interests during negotiations or lawsuits, resolve delinquencies, protect...

Am I able to discharge a federal student loan without having to file bankruptcy?

In most situations, neither federal student loans nor private student loans are eligible to be discharged in bankruptcy. However, in some cases, yo...

What is the difference between federal student loans and private student loans?

While federal student loans are offered by the government, private student loans are offered by private-sector lenders. Interest rates for private...

What are the costs of hiring a student loan lawyer?

Our services are offered on a flat fee basis calculated as a percentage of the debt. Typically, we can settle our clients’ debt for 55-60 cents on...

What is the FDCPA?

The FDCPA specifically forbids these collection activities: The use of conduct which is likely to harass, oppress, or abuse a consumer regarding the collection of a debt. The use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person.

What is the phone number to contact a debt collector?

If a debt collector has been hounding you, to speak with a representative directly and immediately call 844-685-9200 for a free, no-obligation case evaluation. Our attorneys have experience in assisting those with student loans, fighting debt collectors, and standing up for consumers. If a debt buyer has violated the Fair Debt Collection Practices ...

What is the CFPB suing?

The CFPB and three states have sued Navient, the largest servicer for student loans , for alleged illegal activity which cost borrowers millions. According to a New York Times article, Illinois Attorney General Lisa Madigan said that the misdeeds could affect every customer and that damages could be billions of dollars.

What is the penalty for false claims?

If you make a false statement, forge a document, or fail to pay refunds, you face imprisonment for not more than 5 years, a fine not exceeding $20,000, or both.

What to do if you are charged with fraud?

If you or your loved one face fraud charges, you need an experienced criminal lawyer to help you. Fraud charges are severe, and you risk prison time and hefty fines.

What are the two main types of student loans?

There are two main categories of student loans: federal and private. Federal student loans, such as Stafford Loans are backed by the federal government and are highly regulated. We do not work with federal student loans. On the contrary, private student loans may be issued by well known banks, like Citigroup or Chase Bank.

Can you file for bankruptcy with a student loan?

In most situations, neither federal student loans nor private student loans are eligible to be discharged in bankruptcy. However, in some cases, you can have a federal student loan discharged if you experienced serious problems with your school, worked in public service, or have a severe disability.

What is loan fraud?

Loan fraud occurs when an individual falsifies their application for a loan. This can happen in situations involving personal or business loans. For example, if the borrower lies on their loan application, this will cause the bank or other lending institution to suffer monetary loss and setbacks in their business operations.

What are some examples of mortgage fraud?

Some common examples of mortgage fraud include exaggerating income, claiming you are employed when you do not have a job, and trying to avoid higher interest rates by claiming you will occupy the property when the intention is to buy it as an investment property.

What are the consequences of loan fraud?

Some possible consequences are fines, prison time, affected citizenship status, loss of future job prospects, damaged business reputation, and loss of future business opportunities. As such, victims of loan fraud can press criminal charges. They may also have a civil case to get an award of money damages.

What to do if you are a victim of loan fraud?

A lawyer can look through your records and help formulate your defense. If you are a victim of loan fraud, you will need to cooperate with the criminal investigation. You can also consult with a business lawyer to determine if you can get money damages as a result of the loan fraud.

What is predatory lending?

Predatory lending is when a financial institution offers a high interest rate loan to someone in exchange for valuable collateral, like the deed to the property.

What happens if you can't pay back a mortgage?

If the buyer cannot pay back the loan in full, which often happens due to the high interest rate, then the lender can take the property and sell it at a much higher value to make a profit. This can be considered fraudulent behavior on the lender’s part if the bank conceals or misstates the term of the loan.

Freeze Your Credit

If you suspect that you have been a victim of student loan fraud – or any type of financial fraud – or that your personal information has been compromised in any way, the first thing you should do is contact the major credit reporting agencies and freeze your credit.

Review Your Credit Report

Next, review your credit report to check for other instances of fraud that you may have missed. Unfortunately, sometimes you may find that the person who committed the crime that you uncovered may have accessed other forms of credit using your name and personal information.

Contact Your Student Loan Servicer

Next, contact the company that services the fraudulent student loan, alert it to the instance of fraud and ask about your options.

Contact Your School and Review Your Student Account

Whether you are a former student or still attending, request a meeting with a financial aid professional at your college to look at the paper trail and get a better idea of the type of identity theft that you are dealing with.

File a Police Report

Once you have a better understanding of what occurred and whether there are any other instances of fraud to report, file an identity theft report with your local police department.

Report the Fraud to the Federal Government

In addition to alerting local police, you should also fill out the Federal Trade Commission's IdentityTheft.gov report. This system will help you create a personalized recovery plan and can give you recommendations based on your individual situation.

What is CFPB complaint?

Complaints with the Consumer Financial Protection Bureau are taken very seriously by lenders. CFPB complaints help borrowers resolve their individual issues and shine a light on shady lender practices, which can lead to government lawsuits against lenders.

How long does it take to respond to a complaint with the CFPB?

They will have 15 days to respond to your specific complaint. According to the CFPB all but the most complicated complaints are expected to be resolved with 60 days. The good part about this process is that you are getting a third party involved in your dispute with your lender.

Can you take notes on a phone call?

Even if you are forced to communicate by phone, at the very least you can take notes of your phone calls. Track the time you called, who you spoke with, and what was discussed. If you are going to submit a complaint, you might be able to make it better by discussing it with others first.

What is the purpose of the CFPB?

The purpose of the CFPB is to protect regular people from being taken advantage of by financial institutions. Not only is filing a complaint with the CFPB easy but doing so can get you results AND the information can be used to help others.

How to communicate with a lender?

The best way to communicate with your lender is via email or letter. Phone may get the quickest results, but you have very little in the way of proof at the conclusion of a conversation (unless you have a recording). For this reason, lenders are hesitant to communicate via email or letter.

What Is Financial Fraud?

Financial, or finance, fraud is a fraudulent or deceptive business practice that occurs during a financial transaction. Financial crimes can happen in different ways, such as:

What Is Bank Fraud?

Bank fraud is knowingly attempting to or actually committing a scheme to defraud or deceive a financial institution. The person’s intent is to obtain assets, property, or money from the financial institution by:

Is Healthcare Fraud a Type of Financial Fraud?

Yes. Healthcare fraud involves filing false health care bills to obtain a profit and/ or reduce healthcare expenses. For example, an individual can make false states on a health care application to receive a discount or the financial benefit of insurance.

What Are Possible Defenses to Financial Fraud?

Insufficient evidence: The prosecutor or insurer cannot meet the burden of proof needed to prove fraud occurred.

Do I Need to Talk to a Lawyer about Financial Fraud?

Being convicted of financial fraud not only carries with it a serious criminal punishment, but it could also ruin your professional and personal life, as it will make you seem untrustworthy in the eyes of your peers and any potential clients or future employers.