Complaint Review: mountain america credit union - salt lake city vacinity Utah

Not sure if Mountain America know the post secondary school regulations. They disbursed education loan money as a "lump-sum" amount, (post-secondary regs. state that no more than 3 months tuition can be taken from a student at a time)this lump-sum amount was far more than that needed to complete first 3 months and against my request to hold an account to be drawn from as needed for tuition. They had stated that this is how they disburse your funds to this particular school with no other options but "all at once". In all fairness, the school involved was also at fault for taking my edu. funds in this manner. The school also offers discounts for buying block-time rates but has no refund policy for edu. funds applied to said block-time which is also in conflict of post-secondary regs. which state that a refund policy must be in place and made known to student.

Over 2/3 of my edu. loan went towards this discounted block rate and when trouble arose, I had no recourse or policy to regain funds applied towards this block rate. I was forced to "use-it or loose-it" despite my issues w/ the school and my desire to train elsewhere. I was held financially hostage, if I wanted to get ANY value of my dollars other than simply giving it all to the school, I HAD to continue w/ this school. Mountain America credit union would have nothing to do with "it" despite my plees for support and help and despite the fact that THEY disbursed my edu. funds inappropriately and had NOT required nessasary documents and accounting of where and how the money was to be spent beyond the first 3 month of training and with the required refund policy statements (of which there was none in the case of this block rate). Ignorance does not relieve you from responsability but to know all the contract laws and post-secondary regs. is a cousre study in and of itself. In addition to all that has been stated above, M.A.C.U. has repeatedly given conficting statements and billings.

Depending on the month, I get varying statements of "deferred"intrest payment due" or "full principal payment" due and most of them are of inconsistant amounts with what was originally set up or inconsistant with the very same billing of other months of the same type. I also receive notices of my loan going to "principal payment status" despite having been on that status for months now. DO NOT allow ANY lender to disburse YOUR edu. money for more than 3 months tuition and be VERY sure that you have been offered a refund policy for ANY edu. funds spent in ANY facett of training. DO NOT rely on your lender to KNOW the regs. and how to protect you as the borrower/student. If a lender or school can not or will not meet these required regulations then take your money/business/training elsewhere!!! In addition, there is a little thing (not so little) called the "American Law" which states that you can NOT sue for legal expenses to fight such underhanded tactics/people unless stated so in contract. In my case, not only did I NOT have this addressed in my contracts but the contract went so far as to say that I would be required to pay THEIR legal expenses in the event that MY case failed. This seems to me, now, as a giant red flag, warning warning warning. I discovered this information only after having problems and in the pursuit of legal recourse. It would have cost me more to sue these @#$^&*$ than what I was "out". I hope anyone reading this can learn from my ignorance and better protect themselves