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#1
06-26-2009, 01:39 PM
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trucking school loans
I went to truck driving school which cost $6900 A loan company named Paramount Capital gave me the loan to pay the school. I am about 4 months behind on payments now the company is calling me and threating to get my license suspened. My question is do they have the right to do that? Is this considered a federal loan?
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#2
06-26-2009, 01:43 PM
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No they cannot suspend your license.
Was it a stafford loan that you borrowed? Doesnt look like it. From paramounts caps website... Thank you for your interest in Paramount Capital Group, Inc. Since 1997 Paramount has purchased tuition receivable contracts from Trade, Career and Vocational Schools. Paramount is not a direct lender and does not make any loans directly to consumers. Looks like paramount bought whatever loan you had with the schoool....however this would not be a federal loan as they are not sold to companys like this.
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