Confirmation of agreement
Date: Mon, 07/02/2012 - 21:04
I just received my packet from DCS. I have already made the 3% down-payment requested and am in the process of reading all previously discussed agreements for repayment. I have a question. They want me to agree to 18.5% capitalization by the lender of the outstanding principal and interest balance apon rehabilitation. Is this ok...legal? They are implying that this is applied due to collection costs.
Quote:They want me to agree to 18.5% capitalization by the lende
Quote:
They want me to agree to 18.5% capitalization by the lender of the outstanding principal and interest balance apon rehabilitation. Is this ok...legal? They are implying that this is applied due to collection costs. |
They are telling you that they will capitalize 18.5% of the collection fees into your balance. Yes it is very legal....it is federal law, The Higher Education Act. If you dont agree to it, you do not get a rehab.
