A not-for-profit corporation is suing a St. Clair County man for $117,600 after he allegedly defaulted on $60,000 worth of student loans.
In a complaint filed Sept. 21 in St. Clair County Circuit Court, The Education Resources Institute Inc. claims Demian T. Warren has failed to make the required payments on four separate promissory notes.
According to the complaint, Warren received four $15,000 loans between April 1998 and March 2001 under the College First Student Loan Program. As part of the program, payments were deferred while Warren was enrolled as a qualified student.
The promissory notes were assigned to The Education Resources Institute, a not-for-profit corporation based in Massachusetts.
The not-for-profit says Warren began paying back the loans after his deferrment period ended but has not made a payment since Aug. 1.
The Education Resources claims Warren owes $117,600 in principal and interest. It is asking the plaintiff pay the entire amount along with attorney fees and court costs.
Attorney Richard P. Sulkowski of Weltman, Weinberg & Reis in Chicago is representing The Education Resources Institute.
St. Clair County Circuit Court Case No. 10-L-488.