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United States v. Meadows

United States District Court, M.D. Florida, Jacksonville Division

January 10, 2018

UNITED STATES OF AMERICA, Plaintiff,
v.
STEPHON B. MEADOWS, Defendant.

          Pro Se Defendant Stephon B. Meadows

          REPORT AND RECOMMENDATION [1]

THIS CAUSE is before the Court on Plaintiff's Motion for Entry of Default Final Judgment (“Motion”) (Doc. 8). Plaintiff asks the Court to enter a final default judgment in the amount of $10, 532.47, plus continuing interest.[2] (See Id. at 5.) Specifically, the requested judgment includes $2, 715.34 in unpaid principal and $5, 958.05 in interest for Claim No. 2011A18217 (“Loan 1”), $135.77 in unpaid principal and $297.85 in interest for Claim No. 2011A18219 (“Loan 2”), and $625.61 in unpaid principal and $749.85 in interest for Claim No. 2011A18223 (“Loan 3”), plus additional pre-judgment interest from June 10, 2017, and costs of $50.00 for service of process. For the reasons stated herein, the undersigned respectfully recommends that the Motion be GRANTED and that judgment be entered in favor of Plaintiff and against Defendant in the amount set forth herein.[3]

         I. Background

         Plaintiff filed this lawsuit on September 27, 2017, seeking to collect the amount Defendant owes on three defaulted student loans, plus attorney's fees and costs.[4] (Doc. 1.) Exhibits A, B, and C to Plaintiff's Complaint are Certificates of Indebtedness executed on June 26, 2017, by a loan analyst at the United States Department of Education. Exhibit A states in part:

On or about 03/23/1987, the BORROWER [Defendant] executed promissory note(s) to secure loan(s) of $2, 500.00 from UNION TRUST BANK - INDIANAPOLIS, IN. This loan was disbursed for $2, 500.00 ON 03/27/1987 AT 8.0% interest per annum. The loan obligation was guaranteed by MARYLAND HIGHER EDUCATION LOAN CORPORATION, and then reinsured by the Department of Education under loan guaranty programs authorized under Title IV-B of the Higher Education Act of 1965, as amended, 20 U.S.C. 1071 et seq. (34 C.F.R. Part 682). The holder demanded payment according to the terms of the note, and credited $0.00 to the outstanding principal owed on the loan. The BORROWER defaulted on the obligation on 08/01/1988, and the holder filed a claim on the loan guarantee.
Due to this default, the guaranty agency paid a claim in the amount of $2, 730.97 to the holder. The guarantor was then reimbursed for that claim payment by the Department under its reinsurance agreement. Pursuant to 34 C.F.R. § 682.410(b)(4), once the guarantor pays on a default claim, the entire amount paid becomes due to the guarantor as principal. The guarantor attempted to collect this debt from the BORROWER. The guarantor was unable to collect the full amount due, and on 06/23/1994, assigned its right and title to the loan to the Department.
Since assignment of the loan, the Department has credited a total of $0.00 in payments from all sources, including Treasury Department offsets, if any, to the balance.

         (Doc. 1-1.) Exhibit A also indicates that interest continues to accrue in the amount of $0.59 per day. (Id.)

         Exhibit B states in part:

On or about 08/28/1987, the BORROWER [Defendant] executed promissory note(s) to secure loan(s) of $2, 500.00 from SIGNET BANK - INDIANAPOLIS, IN. This loan was disbursed for $125.00 ON 09/29/1987 AT 8.0% interest per annum. The loan obligation was guaranteed by MARYLAND HIGHER EDUCATION LOAN CORPORATION, and then reinsured by the Department of Education under loan guaranty programs authorized under Title IV-B of the Higher Education Act of 1965, as amended, 20 U.S.C. 1071 et seq. (34 C.F.R. Part 682). The holder demanded payment according to the terms of the note, and credited $0.00 to the outstanding principal owed on the loan. The BORROWER defaulted on the obligation on 08/01/1988, and the holder filed a claim on the loan guarantee.
Due to this default, the guaranty agency paid a claim in the amount of $136.55 to the holder. The guarantor was then reimbursed for that claim payment by the Department under its reinsurance agreement. Pursuant to 34 C.F.R. § 682.410(b)(4), once the guarantor pays on a default claim, the entire amount paid becomes due to the guarantor as principal. The guarantor attempted to collect this debt from the BORROWER. The guarantor was unable to collect the full amount due, and on 06/23/1994, assigned its right and title to the loan to the Department.
Since assignment of the loan, the Department has credited a total of $0.00 in payments from all sources, including Treasury Department offsets, if any, to the balance.

         (Doc. 1-2.) Exhibit B also indicates that interest continues to accrue in the amount of $0.03 per day. (Id.)

         Exhibit C states in part:

On or about 10/09/1987, the BORROWER [Defendant] executed promissory note(s) to secure loan(s) of $750.00 from MORGAN STATE UNIVERSITY at 5.00% interest per annum. The institution made the loan under the Federally-funded National Defense/Direct Student Loan, now Perkins Student Loan, programs authorized under Title IV-E of the Higher Education Act of 1965, as amended, 20 U.S.C. 1087aa et seq. (34 C.F.R. Part 674). The institution demanded payment according to the terms of the note, and the BORROWER defaulted on the obligation on 07/024/1989, and the ...

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