Legal Question in Consumer Law in Virginia

Can I get out of this loan?
I took out a loan with Sallie Mae for $11,000 to pay for tuition. The company guaranteed us jobs after completing our certifications. The company has shut its doors before we could complete anything. I later found out that this company was NOT licensed by the DOE. I also found out it is against Sallie Mae's regulations to dispurse money to non-licensed training facility. The company was operated illiegally from day one, and Sallie Mae knew that this company was not licensed. They gave them the money anyways. Now, Sallie Mae says that I still owe them the money, even though I am not accepting a teachout. Do I have any legal stand to be able to get out of this? After illegal operation and breach of contract, I think I should. Any advice would be GREATLY appreciated.

Asked on 6/25/02, 11:49 pm

Michael Hendrickson Law Office Michael E. Hendrickson

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Re: Can I get out of this loan?

You should schedule a consultation with an attorney to review the relevant paperwork, including the loan document, who may then be able

to advise you on your most viable course of action.

Answered on 6/26/02, 4:45 pm

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