I do not actually have any cases right now involving the College Network, but after hearing and reading news stories alleging hundreds of complaints against the Indianapolis-based company, I decided I better learn a little more about them. There are eight pages of complaints at the website lettertobarackobama.com. The Better Business Bureau, at the time I checked, reported 426 complaints about the College Network. It appears that they may not promise the same things to all the applicants. One thing appears clear, and that is the College Network asserts that they are not a school. This means the loans people take out are not student loans given special treatment by federal law, including being exempt from discharge in bankruptcy without substantial hardship.
If you have a loan originated by the College Network with ANY finance company, you should be aware that any claim or defense that you could raise against the College Network you can raise as a defense against your lender. In other words, you might have a defense to paying your student loans.
One finance company that has been reported to be used by the College Network, Inc. is Oak Rock Financial, LLC. Oak Rock's CEO, John Murphy was found guilty of defrauding the bank's investors to the tune of almost $100 million. He could have received 30 years in prison, but he actually got sentenced to 8 years one month. Note that when a scam artist defrauds wealthy investors and venture capitalists, that scamster gets prosecutor, but when big banks defraud millions of ordinary Americans, those banksters get off scott free.
Please contact my office by phone or email if you want to talk about it. Or you can find a NACA consumer lawyer in your area at www.naca.net. I would like to collect a list of all the finance companies used by the College Network and all the debt collection agencies used by those lenders.
Some names that have come up in the scope of my investigation are:
American Credit Exchange
Westcom Credit Union
Southeast Financial Credit Union
Lifeway Credit Union
Lockhart Morris and Montgomery
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