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I have a question about a Parent Plus Loan I have for my…

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I have a question about a Parent Plus Loan I have for my son's college

Lawyer's Assistant: Family law varies by state. What state are you in?

Mississippi

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Submitted: 10 months ago.Category: Legal
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Answered in 5 minutes by:
10/3/2017
Lawyer: legalgems, Lawyer replied 10 months ago
legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 13,864
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Customer reply replied 10 months ago
I applied for a Parent Plus Loan and the amount agreed upon was 2067.00. As it turns out they changed the loan to over 4000.00 without any signature or acknowledgement on my part. I did not find out that the loan was over double until I went to pay my own student loan and this loan was attached to it with that balance.
Customer reply replied 10 months ago
Is this legal?
Lawyer: legalgems, Lawyer replied 10 months ago
A loan is a contract so the parties need to be in agreement on the amount in order to habe rhe requisite meeting of the minds. If the loan documents staye a certain amount and additional money was funded the borrower can dispute the additonal amount. However if the borrower utilized the additional amount they will norally be obligated for it to avoid "unjust enrichment". If the amount is in error the court will expect a borrower to rectify it as soon as possible, generally once a statement is received.
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Customer reply replied 10 months ago
because it went to the College, this is saying it was ok? I never signed anything or knew about the difference until I questioned them?
Customer reply replied 10 months ago
They changed the program price after he started. Not crediting the first 3 months because the program changed. Then adding monies to the loan to cover the price of an extra 3 months. This is the money that was tacked on. I was never contacted through any of this. They waited so everyone would be rolled into active student status
Lawyer: legalgems, Lawyer replied 10 months ago
Normally the college will have a breakdown of the costs and offsets by loans and cash paid on the account. If the amount relected on the college statement is less then the borrower would not be obligated to pay money not disbursed.. there are fees and interest does accrue if it is not paid.
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Lawyer: legalgems, Lawyer replied 10 months ago
The promissory note discusses the time frame for returning any unneeded funds. If the guidelines are followed this may be done with no cost to the borrower.
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