10 Page Class Action Settlement Notices have been mailed out to all eligible class members. If you were a student enrolled at Silver State Helicopters on February 4, 2008 and you received a loan from Student Loan Express, you should receive this notice on or before January 11, 2009. If you have not received it, please send an e-mail to the settlement administrator at firstname.lastname@example.org. Include your full name, current address, loan number, and social security number and say, "Please e-mail me a copy of my class action settlement notice."
There are 4 versions of the settlement notice. The first version is for students that all parties agree are in the class. The second vesion is for their co-signers. As to these students and their co-signers, as the notice says, "You do not need to take any action at this time in order to receive the benefits available under the settlement."
The third version is for students as to which the parties are uncertain as to whether or not the student was still enrolled at Silver State as of February 4, 2008. The fourth version is for their co-signers. These students and their co-signers must file a proof of claim by February 13, 2010 to receive the benefits under the settlement.
Here is how you can tell if you are required to fill in a claim form:
1. Section 1 of your Notice, "Why did I get this Notice," will say, "The Court sent you this Notice because you are a former student of Silver State, and your student loan is owned by SLX, but the parties have not been able to determine whether you were still enrolled at Silver State on February 4, 2008.
2. Section 13 of your Notice, "What do I have to do to participate in the settlement?," will say, "To qualify for settlement benefits, you or your co-signer must send in a claim form. A claim form is enclosed with this Notice. It must be completed and returned under penalty of perjury so that it is received by the Settlement Administrator by February 13, 2009."
3. A claim form will be attached to the Notice.
It is important that you read the Notice carefully!
The heart of the settlement agreement is a schedule which provides debt forgiveness based on the total number of FAA Certifications Received at Silver State.
0 Certifications = 75% debt forgiveness
1 Certification = 60% debt forgiveness
Most of my clients fit in one of these 2 categories.
2 Certifications = 47.5% debt forgiveness
3 Certifications = 30% debt forgiveness
4 Certifications = 20% debt forgiveness
Additional benefits of the settlement agreement as outlined in the Notice include the following:
"All interest that would have accrued on your loan between February 4, 2008 until shortly after final approval of the settlement will be forgiven."
Lower Interest Rates
"Interest on your restructured loan will accrue at the lower of either (a) your existing interest rate or (b) an new interest rate that is 3% lower that your existing rate, but that cannot be lower that 6%. Your new interest rate will remain a variable interest rate."
Early Repayment Refund
"If you timely pay off your restructured loan within five years of when the first payment is due, you will receive a refund equal to 2.5% of your original loan amount reduced by the debt forgiveness under the settlement."
Effect On Your Credit Report
"SLX has agreet to request that credit reporting agencies (Equifax, Experian, Innovis and TransUnion) remove any previous reports by SLX or its agents about your loan. But, if you fail to make your lower monthly payments after the settlement is approved or exclude yourself from the settlement, then SLX may make additonal reports."