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SSH Student Update

Students with loans with Student Loan Express

I have been receiving many phones calls, emails and letters inquiring about the letters that former SSH students that have Student Loan Xpress loans been receiving from AES regarding final settlement. These letters are confusing because they contradict prior letters from AES. The operative letter is the letter that references the “Holman Settlement” dated August 11, 2011. This letter is the correct letter that has each individual student’s settlement. The amount that each individual student must pay was based on the number of certificates received while attending SSH. The payment amount is made up of the following: 1. Loan amount, 2. Interest from the date the loan was funded through February 4, 2008 and 3. loan origination fee. For example, if your loan was $69,900.00 and you received zero certificates, 75 percent was deducted from the total of your loan amount plus interest through February 4, 2008 and the loan origination fee. If you are my client and you have any question regarding the settlement of your Student Loan Xpress loan, please e-mail my Senior Associate Attorney Georgeann Nicol. Her e-mail is [email protected] Georgeann is also the attorney handling the settlement of SLX loans for former students that are not part of the class action case.

Students with loans with KeyBank

KeyBank is still insisting on a settlement scheme based solely on flight hours. This scheme is far less favorable to the majority of our clients than the class action settlement approved in the Holman case for former SSH students with Student Loan Xpress loans. 4 of our former SSH students with low flight hours and with loans from KeyBank have settled their loans using KeyBank’s formula. The rest of our KeyBank clients are at a standoff with KeyBank, waiting for a better settlement offer or a favorable court ruling to come along. We are still waiting for an Appellate Court ruling on the dismissal of the Pinnacle Law Group’s proposed California class action case . We do not know when the Court will rule on the Appeal, but as soon as we know the results on the ruling, we will post it on the blog.

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MICHAEL JAY BERGER

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