Were You Enrolled in The Access Group's EasyPay 2 Step Extended Repayment Plan?
Last Updated on May 1, 2020
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At A Glance
- This Alert Affects
- Students who enrolled in the Access Group's "EasyPay 2 Step" extended repayment plan.
- Damages
- Compensatory damages, attorneys' fees, etc.
- Company(ies)
- The Access Group, Affiliated Computer Services.
- Date
- In early 2012, Access Group transferred its student loans to Affiliated Computer Services for servicing. ACS currently handles all payment processing with respect to Access Group loans.
Students who participated in The Access Group’s “EasyPay 2 Step” extended repayment plan may have legal recourse in light of allegations that the lender and its loan servicer deceived borrowers.
Under The Access Group’s EasyPay 2 Step extended repayment plan, student loan borrowers are only required to make interest-only monthly payments of a fixed amount for a period of two years, followed by monthly payments of principal and interest for the balance of the 25-year loan term.
It has been alleged that The Access Group set the interest-only payments in an amount less than the total amount of interest that should have been paid, and that as a result, the unpaid interest was then added to the loan principal at the end of the extended repayment plan, allowing The Access Group to profit by charging interest on the interest. It is further alleged that this practice violated student loan borrowers’ Promissory Notes and Easy Pay Plan applications, which called for all interest to be paid during the extended repayment plan.
Student loan borrowers who enter into such repayment plans as the EasyPay 2 Step extended repayment plan, that allow them to pay interest only for a period of time but who later discover that their scheduled monthly payments were insufficient to cover their accrued interest so that, at the end of the interest-only period, the accumulated interest was capitalized (i.e., added to their loan balance) may have a legal claim against their student loan lender or servicer, including The Access Group or Affiliated Computer Services, Inc.
The following student loan borrowers are affected by this allegations: Those who (1) entered into the EasyPay 2 Step extended repayment plan that allowed you to make monthly payments on interest only for a period of time, (2) believed that your payments during this period fully covered the interest that accrued on your student loan so that no interest accumulated over time, (3) later discovered that the monthly payments required by your student loan lender or servicer were less than the interest that accrued each month so that some amount of interest accumulated over time, and (4) this accumulated interest was capitalized (i.e., added to your loan balance).
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