DETROIT (CN) - A federal class action claims Northstar Education Finance dba Total Higher Education breached contract by rescinding $44 million worth of interest rate cuts for student borrowers who were current or less than 60 days delinquent on their payments. "Northstar did not reserve the right to unilaterally breach its contractual obligations ... simply because of a financial downturn," the class says.
Northstar is accused of rescinding its "bonus" rate cuts of 0.75% "because it was facing financial difficulties."
Plaintiffs are represented by Jason Thompson of Southfield.
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