Legal Question in Business Law in Michigan

Business

I applied for student loan and I recieved the money that I spent on school. And two month later the school canceled the loan and demanded the money back because of a mistake in the process. I was suppose to bay back the loan when I graduate and now I have a balace of nine thousand dollars and they are threatining to sent it to collections. My question is can they cancel the loan after they give me the money?


Asked on 6/14/08, 3:34 pm

1 Answer from Attorneys
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: Business

I don't quite understand this question, as student loans come from lenders, not the school. And, it doesn't make sense that they canceled the loan due to a mistake - usually the reasons for cancellation would be that they found out you weren't really in school, dropped out part way through the semester, etc.

Answering your question and determining your legal rights will take more review and investigation by a lawyer. If you need to retain someone, please contact me.

Thanks.

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Answered on 6/21/08, 11:33 pm


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