Q: Is there any way to get out of paying an unreasonable loan?
I signed a student contract agreement that I didn’t realize stated that I could never cancel the program or withdraw. Additionally, they’re going to make me pay the loan even though the program hasn’t started yet and I will not be completing anything in the program.
A:
It is very hard - if not impossible - to get out of student loans/student contract agreements.
For example, student loans cannot be discharged even through Bankruptcy proceedings. Further, Louisiana law is clear that in contract disputes, the contract signed by the parties is the law between the parties. To prevail on rescinding (i.e. dissolving) the contract (and all obligations contained therein), you would have to prove a vice of consent such as error, fraud, or duress. Simply misunderstanding the terms of the contract would not be grounds to have the contract judicially rescinded.
A: There are too many unknowns to truly answer your question. Is it a federally recognized loan? Is it an accredited university? What language is contained in the contract? I recommend you sit down with a contract lawyer familiar with student loans and review the language. You may have some "outs" or the contract itself may have fatal flaws. It is not unlike posting a question for a doctor like "what's this thing on my arm?" It's hard to say without seeing it. Don't wait too long to get an opinion.
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