Wednesday, May 15, 2019 9:08:50 AM
I tried something like this in 2002 when the airline school I was enrolled in during September 11th collapsed. There were hundreds of students that got burned. We had all borrowed between $100k and $200k to attend school and when the school closed all that money was gone, except we ALL owed it to the same bank, Key Bank.
Some of the students like myself were hours away from graduation, so I got my commercial multi engine license etc., but other were due to start the next week and got nothing. I got everyone together and tried to get everyone to now make any payments so I could negotiate with Key Bank on everyone's behalf. I told everyone that "we have all the power as a group as have what Key Bank wants, their money.", but pretty quickly about 95% of the students folded and started making payments so all the power was gone. I went and researched the law and negotiated with Key Bank on my own and got 100% of my student loan waived and as far I know, I was the only one to get any kind of waiver. I pull this stuff off all the time but most people don't know what's good for them.
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