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Am I victim of predatory lending for student loans?

Los Angeles, CA |

I went to The Art institutes for 3 years straight out of high school. I did not graduate (long story), but while going to school, I was forced to take out private loans to continue school because I was not eligible for federal loans anymore. I do have federal loans, and every 6 months I'd get from $2,000 - $4,000 to help pay for school, I also got $15,000 in grants. My total federal loans after 3 years totaled to be around $35,000, plus $15,000 grant money. I figure $50,000 would be about right knowing this school was expensive enough. When it came down to private loans, I had no idea how much I was taking out, I was just told to sign and money would be disbursed towards me education. I was 20 years old at that time, honestly had no idea private and federal loans were different.

I later found out every 6 months for 2 years, I was getting $25,000-$35,000 in private loans. These amounts were on TOP of my federal and grant money. Does this sound normal?I was also going to school part time since, so there had to be some money that was never used?

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Attorney answers 1


This is normal in the private loan business. You can try suing the school but I do not see a good chance based on the way you described.