I took out a private student loan but school now offers federal loans. Can I convert private student loan to a federal loan?

Asked over 1 year ago - Flushing, NY

I attended the institute of culinary education in Ny in 2008. At that time they did not offer federal financial aid, just private student loans. But now they offer federal financial aid and pell grants. I had took out a private student loan back then for the school, total of ~$27,000. And I am now in debt having trouble paying it off. It angers me that they now offer federal financial aid, basically I would've went to school for much cheaper. Question is, is there anyway I can sue for financial fraud?

Attorney answers (1)

  1. Peter McGrath

    Contributor Level 13

    Answered . No. There doesn't seem to be fraud here. When you enrolled in the school it sounds like they didn't offer federal loans. You were aware of this, and took out a private loan. This was your decision. To be successful on a claim of fraud, you must show: (1) a false statement of a material fact, (2) knowledge on the part of the defendant that the statement is untrue, (3) intent on the part of the defendant to deceive the alleged victim, (4) justifiable reliance by the alleged victim on the statement, and (5) injury to the alleged victim as a result. You cannot sue merely because the school now offers a "better" financial aid program.

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