The Student Loan fraud is the same deception as the Home Mortgage fraud. If you didn't get a check at the time of the Loan's inception, you never got a loan from the "Lender". The Borrower's signature funded the loan and the "Lender" merely input the Borrower's Promissory Note (which is Legal Tender) into an account unknown to the "Borrower", then transferring the Promissory Note Deposit value to the student's account or in the case of a mortgage, payment is made from the unknown account to the property seller. Essentially, the Loan is loaned into existence and the Loan is funded by the Borrower. Ultimately, the Borrower is the Lender and the Lender is the Borrower. Author Thomas Schauf describes these transactions quite clearly in his books on banking fraud. Thomas Schauf is/was an Expert Witness CPA, supporting Borrowers in the proceedings fraudulently brought in Foreclosure against deceived home-buyers. Do some research and discover the Truth about any "Bank Loans".

Seems to me that what Randeau is saying in the comment below is that the students all prepaid their loans. And mortgage borrowers the same. So, if they prepaid their loans, there isn't any first payment due, since the loans were already paid off with the prepayment. Rather, those who make payments on their loans are really paying their loans off the second time. What this proves is that the banks that claim to be failing, or are said to be failing, are really lying to us all. It's a banking scam legalized by the US government.